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作者：Alfaro, L; Kanczuk, F
作者单位：Harvard University; Universidade de Sao Paulo
摘要：We construct a dynamic equilibrium model with contingent service and adverse selection to quantitatively study sovereign debt. In the model, benefits of defaulting are tempered by higher future interest rates. For a wide set of parameters, the only equilibrium is one in which the sovereign defaults in all states; additional output losses, however, sustain equilibria that resemble the data. We show that due to the adverse selection problem, some countries choose to delay default to reduce loss ...
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作者：Goldberg, PK; Verboven, F
作者单位：Yale University; National Bureau of Economic Research; KU Leuven
摘要：This paper exploits the unique case of European market integration to investigate the relationship between integration and price convergence in international markets. Using a panel data set of car prices, we examine how the process of integration has affected cross-country price dispersion in Europe. We find surprisingly strong evidence of convergence towards both the absolute and the relative versions of the Law of One Price (LOOP). Our analysis illuminates the main sources of segmentation in...
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作者：Mody, A; Murshid, AP
作者单位：International Monetary Fund; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：We examine the capital flows-domestic investment relationship for 60 developing countries from 1979 to 1999. In the 1990s, even as liberalization attracted new flows, foreign capital stimulated less domestic investment than in the preceding decade. With greater financial integration, governments accumulated more international reserves and domestic residents diversified by investing abroad. Foreign investors were also motivated by diversification objectives rather than by unmet investment needs...
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作者：Amiti, M; Pissarides, CA
作者单位：University of London; London School Economics & Political Science; International Monetary Fund
摘要：It is shown in the context of a new economic geography model that when labor is heterogeneous trade liberalization may lead to industrial agglomeration and inter-regional trade. Labor heterogeneity gives local monopsony power to firms but also introduces variations in the quality of the job match. Matches are likely to be better when there are more firms and workers in the local market, giving rise to an agglomeration force which can offset the forces against, trade costs and the erosion of mo...
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作者：Limao, N
作者单位：University System of Maryland; University of Maryland College Park
摘要：We analyze whether linking international cooperation in trade policy to environmental policy (or other issues with nonpecuniary externalities) promotes more cooperation in both policies, or whether cooperation in one is strengthened at the expense of the other. In the context of self-enforcing agreements, we show that if the policies are independent in the government's objective function, then linkage promotes cooperation in one policy at the expense of the policy that is easier to enforce und...
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作者：Krishna, K
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
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作者：Noguer, M; Siscart, M
作者单位：New York University; Columbia University
摘要：Does international trade promote income? Earlier studies could not provide conclusive evidence. This paper re-examines this question. Following previous work, we treat trade as endogenous and use geography to instrument for trade. We use a richer data set that allows us to estimate the impact of trade on income with much greater precision. We also show that geographical controls must enter the income equation to avoid bias. We find that countries that trade more reach higher levels of income. ...
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作者：Zhu, SC; Trefler, D
作者单位：Michigan State University; University of Toronto; University of Toronto; National Bureau of Economic Research
摘要：Developing and newly industrialized countries that have experienced the sharpest increases in wage inequality are those whose export shares have shifted towards more skill-intensive goods. We argue that this can be explained by technological catch-up. We develop this insight using a model that features both Ricardian and endowments-based comparative advantage. In this model, Southern catch-up causes production of the least skill-intensive Northern goods to migrate South (where they become the ...
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作者：Braconier, H; Norbäck, PJ; Urban, D
作者单位：Research Institute of Industrial Economics (IFN); Johannes Gutenberg University of Mainz
摘要：This study explores how wage costs for high-skilled and less-skilled labor in host countries affect the level of affiliate activities conducted by foreign MNEs. We find support for vertical FDI, in the sense that more FDI is conducted in countries where less-skilled labor is relatively cheap. In addition, we find that skilled-wage cost premia also affect FDI activities previously associated with horizontal FDI, i.e. local affiliate sales. Consequently, the potential effects of relative wage co...
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作者：Fink, C; Mattoo, A; Neagu, IC
作者单位：The World Bank
摘要：Communication costs are frequently cited as an important determinant of trade costs. We test this relationship by incorporating alternative measures of communication costs in a model of bilateral trade. We find that international variations in communication costs indeed have a significant influence on trade patterns. Furthermore, estimates using disaggregated data reveal that communication costs are more important for trade in differentiated products than for trade in homogenous products. (c) ...
