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作者：Becker, T; Richards, A; Thaicharoen, Y
作者单位：Reserve Bank of Australia; International Monetary Fund
摘要：Recent emerging market crises have prompted debate over the costs and benefits of collective action clauses (CACs) in bond contracts. CACs may facilitate the restructuring of repayment terms in the event of financial distress. Proponents of CACs argue they should lower borrowing costs, while opponents contend that they lead to moral hazard and increased borrowing costs. This paper examines the pricing of bonds with and without CACs using data for both primary and secondary market yields and fi...
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作者：Yeaple, SR
作者单位：University of Pennsylvania
摘要：The behavior of many multinational enterprises is not well described by existing models of foreign direct investment (FDI). Firms often follow strategies that involve vertical integration in some countries and horizontal integration in others, a strategy known as complex integration. This paper presents a three-country model that is used to analyze why firms might follow a strategy of complex integration. My analysis reveals that complex integration strategies create complementarities between ...
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作者：Magee, C
作者单位：Bucknell University
摘要：This paper examines whether trade adjustment assistance is an effective tool for blunting political opposition to trade liberalization. The traditional argument is that adjustment assistance bribes labor unions so that they will accept reduced tariff protection. In this way, a trade adjustment assistance program should help the government lower tariffs and increase social welfare. This paper introduces trade adjustment assistance into a political economy model of endogenous tariff formation. T...
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作者：Hoffmann, AN
作者单位：Organisation for Economic Co-operation & Development (OECD)
摘要：Empirical evidence suggests a two-way causality between skilled labor and inward direct investment. I construct a general equilibrium model that allows for endogenous firm and plant-location decisions and the endogenous accumulation of skilled labor. I examine the effect of an education subsidy when trade is liberalized and investment is restricted and vice versa. For an initially skilled-labor-scarce country, I show that an education subsidy under investment liberalization can jump the econom...
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作者：Payne, R; Vitale, P
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：We study the effects of sterilised intervention operations executed on behalf of the Swiss National Bank (SNB) using tick-by-tick transactions data between 1986 and 1995. We extend the preliminary analysis of [Economic Journal 109 (1999) 662] by matching these data with indicative intra-day exchange rate quotes and news-wire reports of central bank activity. Using an event study approach we find that intervention has important short-run effects on exchange rate returns. In particular, among va...
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作者：Spilimbergo, A; Vamvakidis, A
作者单位：International Monetary Fund
摘要：The real effective exchange rate (BEER) is an aggregation of several bilateral real exchange rates assuming constant elasticity of substitution (CES) between goods from different countries. We investigate the validity of the CES assumption by estimating manufacturing export equations for 56 countries over 26 years. Under the CES assumption, splitting the REER into two components should not increase the fit in an export equation and the coefficients on the two REERs should be equal. We reject b...
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作者：Dominguez, KME
作者单位：University of Michigan System; University of Michigan
摘要：How quickly do central bank intervention operations impact the foreign exchange market? And, do intra-daily market conditions influence the effectiveness of central bank interventions? This paper uses high-frequency intra-daily data to examine the relationship between the efficacy of intervention operations and the state of the market at the moment that the operation is made public. The results indicate that some traders typically know that the Fed is intervening at least 1 h prior to the publ...
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作者：Uribe, M
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Using an optimizing model of a small open economy, this paper studies the macroeconomic effects of PPP rules whereby the government increases the devaluation rate when the real exchange rate-defined as the price of tradables in terms of nontradables-is below its long-run level and reduces the devaluation rate when the real exchange rate is above its long-run level. The paper shows that the mere existence of such a rule can generate aggregate instability due to self-fulfilling expectations. The...
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作者：Payne, R
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：This paper presents new evidence on information asymmetries in inter-dealer FX markets. We employ a new USD/DEM data set covering the activities of multiple dealers over one trading week. We utilise and extend the VAR structure introduced in Hasbrouck [J. Finance 46(l) (1991) 179] to quantify the permanent effects of trades on quotes and show that asymmetric information accounts for around 60% of average bid-ask spreads. Further, 40% of all permanent price variation is shown to be due to trans...
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作者：Knetter, MM; Prusa, TJ
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：This paper examines the relationship between antidumping filings and macroeconomic factors. Real exchange rate fluctuations affect the two criteria for dumping in opposite ways, making the overall effect on filings ambiguous in theory. Examining the filing patterns of the four major users of AD law during the 1980-98 period we find that real exchange rates and domestic real GDP growth both have statistically significant impacts on filings. Bilateral filing data indicate that a one-standard dev...
