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作者：Martinez Peria, Maria Soledad
作者单位：The World Bank
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作者：Peralta, S; Wauthy, X; van Ypersele, T
作者单位：Aix-Marseille Universite; Aix-Marseille Universite; Aix-Marseille Universite; Universite Catholique Louvain; Universite Catholique Louvain; University Saint-Louis - Bruxelles; Universite Catholique Louvain; Universidade Nova de Lisboa
摘要：We present a fiscal competition model with two policy instruments: the level of corporate taxation and the tightness of control of profit shifting by multinational firms (MNF). We show that a country may optimally decide not to monitor the MNF for two reasons. Firstly, this country becomes an attractive location for MNF activity despite a high corporate tax. Secondly, as the profits of the MNF become mobile, the focus of tax competition is shifted. Taxation then influences both an NMF's locati...
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作者：Hallak, JC
作者单位：University of Michigan System; University of Michigan
摘要：A substantial amount of theoretical work predicts that quality plays an important role as a determinant of the global patterns of bilateral trade. This paper develops an empirical framework to estimate the empirical relevance of this prediction. In particular, it identifies the effect of quality operating on the demand side through the relationship between per capita income and aggregate demand for quality. The model yields predictions for bilateral flows at the sectoral level and is estimated...
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作者：Uribe, M; Yue, VZ
作者单位：Duke University; National Bureau of Economic Research; New York University
摘要：This paper attempts to disentangle the intricate relation linking the world interest rate, country spreads, and emerging-market fundamentals. It does so by using a methodology that combines empirical and theoretical elements. The main findings are: (1) US interest rate shocks explain about 20% of movements in aggregate activity in emerging economies. (2) Country spread shocks explain about 12% of business cycles in emerging economies. (3) In response to an increase in US interest rates, countr...
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作者：Micco, Alejandro; Serebrisky, Tomas
作者单位：Inter-American Development Bank; The World Bank
摘要：The relevance of transport costs has increased as liberalization continues to reduce artificial barriers to trade. Is it worthwhile to implement policies designed to increase competition in transport markets? Focusing on air transport, this paper quantifies the effects of liberalization of air cargo markets on transport costs. Between 1990 and 2003, the United States implemented a series of Open Skies Agreements, providing a unique opportunity to assess the effect that a change in the competit...
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作者：Broner, Fernando A.; Gelos, R. Gaston; Reinhart, Carmen M.
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); International Monetary Fund; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：The impact of past gains and losses on international investors' risk aversion is an important factor in the propagation of financial shocks across countries. We first present a stylized model illustrating how changes in investors' risk aversion affect portfolio decisions and stock prices. We then examine empirically the behavior of international mutual funds. When funds' returns are below average, they reduce their exposure to countries in which they were overweight and vice versa. An index of...
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作者：Cook, David; Devereux, Michael B.
作者单位：Hong Kong University of Science & Technology; University of British Columbia
摘要：This paper provides a quantitative investigation of the East Asian crisis of 1997-1999. We stress two essential features of the crisis. First, the crisis was a regional phenomenon; the depth and severity of the crisis were exacerbated by a large decline in regional demand. Second, the predominance of the US dollar in the pricing of export goods in Asia (which we document empirically) led to a powerful internal propagation effect of the crisis within the region, contributing greatly to the decl...
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作者：Devereux, Michael B.; Mendoza, Enrique G.
作者单位：University System of Maryland; University of Maryland College Park
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作者：Qiu, LD; Zhou, W
作者单位：Hong Kong University of Science & Technology
摘要：Information asymmetry creates incentives for firms from different countries to merge. To demonstrate this point, we develop a model of international oligopolistic competition under demand uncertainty and asymmetric information. We show that when domestic firms but not foreign firms are completely informed of local market demands, information sharing enhances the profitability of a merger between a domestic firm and a foreign firm. We also examine how such a merger affects the non-merging firms...
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作者：Goldstein, Itay; Razin, Assaf
作者单位：University of Pennsylvania; Tel Aviv University; Cornell University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：The paper develops a model of foreign direct investments (FDI) and foreign portfolio investments (FPI). FDI enables the owner to obtain refined information about the firm. This superiority, relative to FPI, comes with a cost: a firm owned by the FDI investor has a low resale price because of asymmetric information between the owner and potential buyers. The model can explain several stylized facts regarding foreign equity flows, such as the larger ratio of FDI to FPI inflows in developing coun...
