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作者：Saggi, K
作者单位：Southern Methodist University
摘要：In an n country oligopoly model of intraindustry trade (n greater than or equal to 3), this paper explores the economics of the most-favored-nation (MFN) principle. Under the non-cooperative tariff equilibrium, each country imposes higher tariffs on low cost producers relative to high cost ones thereby causing socially harmful trade diversion. MFN adoption by each country improves world welfare by eliminating this trade diversion. Under linear demand, MFN adoption by the country with the avera...
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作者：Camera, G; Craig, B; Waller, CJ
作者单位：Purdue University System; Purdue University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Notre Dame
摘要：We study how two fiat monies, one safe and one risky, compete in a decentralized trading environment. The currencies' equilibrium values, their transaction velocities and agents' spending patterns are endogenously determined. We derive conditions under which agents holding diversified currency portfolios spend the safe currency first and hold the risky one for later purchases. We also examine when the reverse spending pattern is optimal. Traders generally favor dealing in the safe currency, un...
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作者：Chen, YM; Ishikawa, J; Yu, ZH
作者单位：Carleton University; Hitotsubashi University; University of Colorado System; University of Colorado Boulder
摘要：This paper develops a model of strategic outsourcing. With trade liberalization in the intermediate-product market, a domestic firm may choose to purchase a key intermediate good from a more efficient foreign producer, who also competes with the domestic firm for a final good. This has a strategic effect on competition. Unlike the outsourcing motivated by cost saving, the strategic outsourcing has a collusive effect that could raise the prices of both intermediate and final goods. Trade libera...
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作者：Cukierman, A; Spiegel, Y; Leiderman, L
作者单位：Tel Aviv University; Tilburg University; Tel Aviv University
摘要：This paper develops a framework for the optimal choice of exchange rate bands within an environment in which policymakers dislike nominal exchange rate variability, but value the flexibility to adjust the nominal exchange rate in response to shocks, in order to attain real exchange rate objectives. The paper provides an endogenous characterization of the optimal exchange rate band in terms of the underlying distribution of shocks to the current and capital accounts of the balance of payments a...
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作者：Martin, P; Rey, H
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Princeton University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：Empirically, demand and market size effects play an important role for international trade in assets and the determination of asset prices. Financial integration decreases the cost of capital, asset prices increase with investors base and market size determines international financial flows. We present a two-country model with an endogenous number of financial assets, where the interaction of a risk diversification motive and market segmentation explains those facts. In our set up, an imperfec...
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作者：Robertson, R
作者单位：Macalester College
摘要：This paper examines the link between relative goods prices and relative wages during two periods of Mexico's trade liberalization. The relative price of skill-intensive goods rose following Mexico's entrance to the General Agreement and Tariffs and Trade (GATT) in 1986, but fell after Mexico entered the North American Free Trade Agreement (NAFTA) in 1994. This paper adds a band pass filter to two established techniques to compare the relationship between prices and wages. Results from all thre...
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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...
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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...
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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...
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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, ...
