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作者：Feltenstein, A; Lagunoff, R
作者单位：International Monetary Fund; Georgetown University
摘要：This paper examines alternative ways to prevent losses from bank insolvencies. We develop a model that compares two alternative institutions for bank auditing. The first is a system of central bank auditing of national banks. The second is carried out by an international agency that collects and disseminates risk information on banks in all countries. The international auditor is shown to perform at least as well, and sometimes better than, auditing by either central banks or voluntary disclos...
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作者：Chang, PL
作者单位：Singapore Management University
摘要：This paper broadens the protection for sale model of Grossman and Helpman (1994) by incorporating the Krugman-Dixit-Stiglitz model of monopolistic competition, given its importance in explaining the prevalence of intraindustry trade. Several new results arise in this paper. First, the endogenous import tariff will never fall below zero, even in unorganized sectors. Second, the endogenous export policy for organized sectors is not necessarily an export subsidy, and can be an export tax as in un...
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作者：Davies, RB
作者单位：University of Oregon
摘要：When a multinational firm invests in a country, potential host states compete for the firm by offering firm-specific tax reductions. Critics blast such incentives for transferring rents to the firm without affecting the investment decision. In fact, these incentives are tied to the firm's use of domestic inputs and therefore affect output decisions. With positive interstate spillovers, a federal subsidy is necessary to reach the national optimum without tax competition. Competition reduces sta...
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作者：Giavazzi, F; Favero, CA
作者单位：Bocconi University; Massachusetts Institute of Technology (MIT)
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作者：Saggi, K
作者单位：Southern Methodist University
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作者：Ottaviano, GIP; van Ypersele, T
作者单位：University of Bologna; University of Namur
摘要：With international externalities, different country sizes, imperfect competition, and trade costs, tax competition for mobile firms is efficiency-enhancing with respect to the free market outcome. Under both scenarios, the resulting inefficiencies in international specialization and trade flows vanish when trade costs are low enough. Otherwise, only international tax coordination can implement the efficient spatial distribution of firms. (c) 2004 Elsevier B.V. All rights reserved.
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作者：Kearns, J; Rigobon, R
作者单位：Reserve Bank of Australia
摘要：Using a model incorporating the endogenous relationship between exchange rates and intervention, we show how a change in central bank policy can be used as an identification assumption. Estimating this model with simulated GNM for daily data from Australia and Japan, we find that a US$100 million purchase appreciates the Australian dollar by 1.3-1.8% but the yen by just 0.2%. Almost all of the impact of an intervention occurs during the day it is conducted and we confirm that central banks typ...
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作者：Babiker, MH
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The 1997 Kyoto Protocol on climate change obliges the industrialized countries to initiate the international effort of abating anthropogenic greenhouse gas (GHG) emissions. If such an initiative is to be taken, the associated competitive effects may lead to significant relocation of developed countries' energy-intensive production. This paper examines this issue. I adopt an oligopolistic structure combined with increasing returns to scale production technologies to represent the strategic inte...
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作者：Brown, D
作者单位：Tufts University
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作者：Ganelli, G
作者单位：International Monetary Fund
摘要：In this paper we introduce an overlapping generations structure of the Blanchard (J. Polit. Econ. 93 (1985) 121) type in a New Open Economy Macroeconomics (NOEM) model. This allows us to study a wider range of fiscal shocks compared to the traditional Mundell-Fleming (MF) and to the baseline Redux models. We show that a debt-financed tax cut appreciates the short-tun exchange rate, but this result is reversed in the long run. A debt-financed increase of government spending, on the other hand, ...
