-
作者：Feeney, J; Hillman, AL
作者单位：State University of New York (SUNY) System; University at Albany, SUNY; Bar Ilan University
摘要：Political-economy expositions of trade policy have traditionally described asset or factor ownership as not subject to change. Asset markets, however, allow individuals to change the composition of income sources. We consider an economy with stochastic productivity to show how the equilibrium composition of asset portfolios influences individual attitudes toward free trade. The model links financial market completeness and trade liberalization in the second half of the 20th century and provide...
-
作者：Allen, F
作者单位：University of Pennsylvania
-
作者：Freund, CL; Weinhold, D
作者单位：The World Bank; University of London; London School Economics & Political Science
摘要：We find that the Internet stimulates trade. Evidence from time-series and cross-section regressions shows a significant effect of the Internet on trade in recent years. Our results suggest that a 10 percentage point increase in the growth of web hosts in a country leads to about a 0.2 percentage point increase in export growth. For the average country in our sample, the Internet contributed to about a I percentage point increase in annual export growth from 1997 to 1999. We also find evidence ...
-
作者：Alfaro, L; Chanda, A; Kalemli-Ozcan, S; Sayek, S
作者单位：University of Houston System; University of Houston; Harvard University; North Carolina State University; International Monetary Fund
摘要：In this paper, we examine the various links among foreign direct investment (FDI), financial markets, and economic growth. We explore whether countries with better financial systems can exploit FDI more efficiently. Empirical analysis, using cross-country data between 1975 and 1995, shows that FDI alone plays an ambiguous role in contributing to economic growth. However, countries with well-developed financial markets gain significantly from FDI. The results are robust to different measures of...
-
作者：Chen, N
作者单位：University of London; London Business School; Universite Libre de Bruxelles; Centre for Economic Policy Research - UK
摘要：The first objective of this paper is to estimate border effects among European Union countries. In this context, the specification of the gravity equation, together with the choice of the distance measure, are shown to be crucial for assessing the size of the border effect. The second objective is to evaluate the determinants of the cross-commodity variation in national border effects. Contrary to previous findings reported in the literature, we show that trade barriers do provide an explanati...
-
作者：Maskus, KE
作者单位：University of Colorado System; University of Colorado Boulder
-
作者：Redding, S; Venables, AJ
摘要：This paper estimates a structural model of economic geography using cross-country data on per capita income, bilateral trade, and the relative price of manufacturing goods. We provide evidence that the geography of access to markets and sources of supply is statistically significant and quantitatively important in explaining cross-country variation in per capita income. This finding is robust to controlling for a wide range of considerations, including other economic, geographical, social, and...
-
作者：Sanguinetti, P; Tommasi, M
作者单位：Universidad Torcuato Di Tella; Universidad de San Andres Argentina
摘要：This paper evaluates the trade-off between the advantages of risk sharing and the perils of common pool problems in federal fiscal arrangements. Under the assumption of asymmetric information we evaluate two alternative regimes of intergovernmental transfers. In one regime, the central government pre-commits to a certain level of transfers that compensate vertical fiscal imbalances and provide some limited ex-ante insurance. In the other regime, it accommodates expost the fiscal needs of the d...
-
作者：Dewit, G; Leahy, D
作者单位：Maynooth University; University College Dublin
摘要：This paper examines optimal trade policy in a two-period oligopoly model, with a home and a foreign firm choosing capital and output. Demand uncertainty, resolved in period two, gives rise to a trade-off between strategic commitment and flexibility in the firms' investment decisions. Finns' investment timing is endogenous and can be manipulated by the home government, which sets a subsidy before firms decide when to invest. We show that when the government wishes to manipulate investment timin...
-
作者：Aizenman, J; Marion, N
作者单位：University of California System; University of California Santa Cruz; University of California System; University of California Santa Cruz; National Bureau of Economic Research; Dartmouth College
摘要：We examine the impact of uncertainty on vertical and horizontal FDI. Our model shows that greater supply uncertainty reduces the expected income from vertical FDI but increases the expected income from horizontal FDI. Greater demand uncertainty adversely affects the expected income under both production modes. Uncertainty about predatory actions by the host country is more costly to the multinational under vertical than under the horizontal mode. We examine sales by foreign affiliates of U.S. ...
