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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：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：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：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：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：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, ...
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作者：Blonigen, BA; Ellis, CJ; Fausten, D
作者单位：University of Oregon; National Bureau of Economic Research; Monash University
摘要：We explore worldwide foreign direct investment (FDI) location decisions by Japanese manufacturing firms from 1985 through 1991. Our conditional logit estimates provide evidence that firms' location decisions are affected by membership in either vertical or horizontal keiretsu. Consistent with previous studies that stress agglomeration effects on firms' location decisions, we find that the stock of investment in a region by a firm's vertical keiretsu partners increases the probability of locati...
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作者：Milesi-Ferretti, GM
作者单位：International Monetary Fund
