-
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 ...
-
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...
-
作者：Krishna, K
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
-
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. ...
-
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...
-
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) ...
-
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...
-
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...
-
作者：Giavazzi, F; Favero, CA
作者单位：Bocconi University; Massachusetts Institute of Technology (MIT)
-
作者：Saggi, K
作者单位：Southern Methodist University
