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作者：Bagwell, K; Staiger, RW
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：Trade negotiations occur through time and between the governments of many countries. An important issue is thus whether the value of concessions that a government wins in a current negotiation may be eroded in a future bilateral negotiation to which it is not party. We identify rules of negotiation that serve to protect the welfare of governments that are not participating in the bilateral negotiation. Our main finding is that the two central principles of GATT/WTOnondiscrimination (MFN) and r...
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作者：Morshed, AKMM; Turnovsky, SJ
作者单位：University of Washington; University of Washington Seattle; Washington State University
摘要：This paper develops a two-sector model in which intersectoral capital movements involve adjustment costs, expressed as capital lost in the transformation process. These costs have important consequences for the dynamics of capital accumulation and particularly for real exchange rate dynamics. Persistent deviations of the real exchange rate from its equilibrium are derived and for plausible values of the adjustment cost parameters are consistent with the observed degree of real exchange rate pe...
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作者：Kamin, SB
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Kaminsky, G; Lyons, RK; Schmukler, SL
作者单位：George Washington University; University of California System; University of California Berkeley; The World Bank
摘要：We examine the trading strategies of mutual funds in emerging markets. We develop a method for disentangling the behavior of fund managers from that of underlying investors. For both managers and investors, we strongly reject the null hypothesis of no momentum trading: mutual funds systematically sell losers and buy winners. Selling current losers and buying current winners is stronger during crises, and equally strong for managers and investors. Selling past losers and buying past winners is ...
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作者：Stein, EH; Streb, JM
作者单位：Inter-American Development Bank
摘要：This paper presents a rational political budget cycle model where devaluation acts as a tax on consumption due to a cash-in-advance constraint. Competent governments can signal their competency by reducing the rate of devaluation prior to elections. When voters also ignore the degree to which governments are opportunistic, i.e. the extent to which they are willing to distort the economy for electoral gain, an incompetent, opportunistic incumbent can reduce the rate of devaluation in the run-up...
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作者：Baier, SL; Bergstrand, JH
作者单位：University of Notre Dame; Clemson University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：The purpose of this study is to provide the first systematic empirical analysis of the economic determinants of the formation of free trade agreements (FTAs) and of the likelihood of FTAs between pairs of countries using a qualitative choice model. We develop this econometric model based upon a general equilibrium model of world trade with two factors of production, two monopolistically-competitive product markets, and explicit intercontinental and intracontinental transportation costs among m...
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作者：Bohara, AK; Gawande, K; Sanguinetti, P
作者单位：Texas A&M University System; Texas A&M University College Station; Bush School of Government & Public Service; University of New Mexico; Universidad Torcuato Di Tella
摘要：This paper empirically examines the alternative posed by Richardson [J. Intern. Econ. 34 (1993) 39] to the traditional view that trade integration may exacerbate inefficiencies. Richardson's hypothesis boldly predicts that trade diversion (and trade creation) may actually cause tariffs to decline! The hypothesis is fundamentally attributable to the presence of a political component in the governments' objective functions. A cross-sectionally rich data set on trade and tariffs from the Mercosur...
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作者：Rigobon, R
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Forbes, KJ
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper examines how the Asian and Russian crises affected different types of firms around the world. It constructs a new data set of financial statistics, industry information, geographic data, and stock returns for over 10000 companies in 46 countries. Results show that firms competing with exports from the crisis countries, or with direct sales exposure to the crisis countries, had significantly lower abnormal stock returns. Firms with higher debt ratios, however, did not experience lowe...
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作者：Ho, WM
作者单位：York University - Canada
摘要：This paper examines the effectiveness of foreign exchange intervention in a two-country, two-currency, general equilibrium model that allows for liquidity effects. Both sterilized and nonsterilized intervention operations have significant impacts on the allocation of liquidity in international financial markets. Whether intervention is successful in moving the exchange rate in the desirable direction depends upon the degree of sterilization of intervention and the intratemporal elasticity of s...
