2004

最新文章

• Semi-parametric predictions of the intertemporal approach to the current account AI翻译
  作者：Letendre, MA
  作者单位：McMaster University
  摘要：This paper uses the method dynamic programming (DP) by GMM and Canadian data to estimate a dynamic model of a small-open economy. DP by GMM has several appealing features: it does not impose certainty equivalence, it accommodates multiple shocks and imposes few restrictions on the properties of the shocks in the model. Also, since it uses the actual shocks series to estimate approximate decision rules, it produces sample paths for the endogenous variables in the model. The model estimated fits...
• Crisis costs and debtor discipline: the efficacy of public policy in sovereign debt crises AI翻译
  作者：Gai, P; Hayes, S; Shin, HS
  作者单位：Australian National University; Bank of England; University of London; London School Economics & Political Science
  摘要：Recent debate on the reform of the international financial architecture has highlighted the potentially important role of the official sector in crisis management. We examine how such public intervention in sovereign debt crises affects efficiency, ex ante and ex post. Our results shed light on the scale of capital inflows and the implications for debtor country output of such a regime. The efficacy of measures such as officially sanctioned stays on creditor litigation depend critically on the...
• Why do countries combine the exemption system for the taxation of foreign profits with domestic double taxation relief? AI翻译
  作者：Fuest, C; Huber, B
  作者单位：University of Cologne; University of Munich
  摘要：Many European countries exempt foreign profits from domestic corporate taxation. At the shareholder level, however, all corporate profits are taxed, and double taxation relief is granted only for domestic corporate taxes. This paper attempts to rationalize this tax policy. In the presence of double taxation agreements which exempt foreign profits from domestic corporate taxation, countries may use shareholder taxes to tax these profits. The disadvantage of shareholder taxes is that they create...
• Foreign direct investment and intellectual property rights: evidence from Hollywood's global distribution of movies and videos AI翻译
  作者：McCalman, P
  作者单位：University of California System; University of California Santa Cruz
  摘要：Traditional thinking about intellectual property rights (IPR) suggests that as a country strengthens its IPR standards, firms will move their governance structures away from equity based institutions such as foreign direct investment (FDI) towards more market-based relations such as licensing agreements. This hypothesis is explored by examining the behavior of Hollywood studios in both the feature film and video markets in 40 foreign countries. The analysis reveals that the behavior of Hollywo...
• A strategic and welfare theoretic analysis of free trade areas AI翻译
  作者：Bond, EW; Riezman, RG; Syropoulos, C
  作者单位：State University System of Florida; Florida International University; University of Iowa; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：We construct a three-country model to determine how the formation of free trade areas (FTAs) affects optimal tariffs and welfare. We find that, at constant rest of the world (ROW) tariffs, the adoption of internal free trade induces union members to reduce their external tariffs below the Kemp-Wan [J. Int. Econom. 6 (1976) 95-97] level, and causes ROW's terms of trade to improve and its welfare to rise. When ROW also behaves optimally, its policy response to the formation of the FTA is to rais...
• Are regional trading arrangements trade creating? An application of extreme bounds analysis AI翻译
  作者：Ghosh, S; Yamarik, S
  作者单位：University System of Ohio; University of Akron; Tufts University
  摘要：In this study, we use extreme bounds analysis to test the robustness of the hypothesis that regional trading arrangements (RTAs) are trade creating. Extreme bounds analysis provides a more rigorous test of specification uncertainty than traditional econometric theory by incorporating prior information and using a systematic approach to testing the fragility of coefficient estimates. The results show that the trade creation effect of most RTAs is fragile. Using a least squares estimator where a...
• Information costs and home bias: an analysis of US holdings of foreign equities AI翻译
  作者：Ahearne, AG; Griever, WL; Warnock, FE
  作者单位：Federal Reserve System - USA
  摘要：We test extant hypotheses of the home bias in equity holdings using high quality cross-border holdings data and quantitative measures of barriers to international investment. The effects of direct barriers to international investment, when statistically significant, are not economically meaningful. More important are information asymmetries that owe to the poor quality and low credibility of financial information in many countries. While a direct measure of information costs is not available, ...
• Real GDP, real domestic income, and terms-of-trade changes AI翻译
  作者：Kohli, U
  作者单位：Swiss National Bank (SNB)
  摘要：Real GDP tends to underestimate the increase in real domestic income and welfare when the terms of trade improve. An improvement in the terms of trade is similar to a technological progress, but when computing real GDP, the national accounts treat the former as a price phenomenon and the latter as a real event. Calculations for 26 countries show that the divergence can add up to more than 10% of GDP in less than two decades. Our analysis has a solid theoretical foundation, being based on the G...
• Airbus versus Boeing revisited: international competition in the aircraft market AI翻译
  作者：Irwin, DA; Pavcnik, N
  作者单位：Dartmouth College; National Bureau of Economic Research; Centre for Economic Policy Research - UK
  摘要：This paper examines international competition in the commercial aircraft industry. We estimate a discrete choice, differentiated products demand system for wide-body aircraft and examine the Airbus-Boeing rivalry under various assumptions on firm conduct. We then use this structure to evaluate two trade disputes between the United States and European Union. Our results suggest that aircraft prices increased by about 3.7% after the 1992 US-EU agreement on trade in civil aircraft that limits sub...
• Endogenous exchange rate pass-through when nominal prices are set in advance AI翻译
  作者：Devereux, MB; Engel, C; Storgaard, PE
  作者单位：University of Wisconsin System; University of Wisconsin Madison; University of British Columbia; Centre for Economic Policy Research - UK; National Bureau of Economic Research
  摘要：This paper develops a model of endogenous exchange rate pass-through within an open economy macroeconomic framework, where both pass-through and the exchange rate are simultaneously determined, and interact with one another, Pass-through is endogenous because firms choose the currency in which they set their export prices. There is a unique equilibrium rate of pass-through under the condition that exchange rate volatility rises as the degree of pass-through falls. We show that the relationship...