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作者：Debaere, P; Demiroglu, U
作者单位：University of Texas System; University of Texas Austin; Congressional Budget Office
摘要：We study the production side of the Heckscher-Ohlin model empirically. The evidence we present suggests that the endowments of countries around the world are too dissimilar for all countries to be able to produce the same set of goods. In contrast, the endowments of the rich OECD countries are sufficiently similar, so that these countries do not have to specialize in different subsets of goods. Our findings have implications for a variety of issues ranging from the trade and wages debate to ec...
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作者：Beetsma, R; Jensen, H
作者单位：University of Copenhagen; University of Amsterdam
摘要：We show how a stability pact based on deficit sanctions eliminates the exacerbation of debt accumulation that may arise from monetary unification. Moreover, with sanctions contingent on the observed state of the economy, the pact avoids aggravating the situation of a country in recession. Moral hazard problems arise if the state also depends on unobservable, politically costly fiscal effort. This could explain why sanctions under the actual Stability and Growth Pact are only automatically waiv...
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作者：Taylor, AM
作者单位：University of California System; University of California Davis
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作者：Chen, YC; Rogoff, K
作者单位：International Monetary Fund; Harvard University
摘要：This paper looks at real exchange rate behavior by focusing on three OECD economies (Australia, Canada, and New Zealand) where primary commodities constitute a significant share of their exports. For Australia and New Zealand especially, we find that the US dollar price of their commodity exports (generally exogenous to these small economies) has a strong and stable influence on their floating real rates, with the magnitude of the effects consistent with predictions of standard theoretical mod...
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作者：Devereux, MB; Lane, PR
作者单位：University of British Columbia; Trinity College Dublin; Trinity College Dublin
摘要：This paper develops an empirical model of bilateral exchange rate volatility. We conjecture that for developing economies, external financial liabilities have an important effect on desired bilateral exchange rate volatility, above and beyond the standard optimal currency area (OCA) factors. By contrast, industrial countries do not face the same set of constraints in international financial markets. In our theoretical model, external debt tightens financial constraints and reduces the efficien...
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作者：Chinn, MD; Prasad, ES
作者单位：International Monetary Fund; University of California System; University of California Santa Cruz; National Bureau of Economic Research
摘要：This paper provides an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries, utilizing an approach that highlights macroeconomic determinants of longer-term saving and investment balances. Cross-section and panel regression techniques are used to characterize the variation of the current account across countries and over time. We find that current account balances are positively correlated with government budget b...
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作者：Amiti, M; Wakelin, K
作者单位：University of Melbourne; University of Nottingham
摘要：This paper estimates the cross-price elasticity of exports with respect to investment costs for bilateral relations between 36 countries. We show that the effect of reducing foreign direct investment costs on exports depends on country characteristics and trade costs as predicted by the Markusen (1997, 2002) model. When countries differ in relative factor endowments and trade costs are low, investment liberalization stimulates exports, whereas when countries are similar in terms of relative fa...
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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：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：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...
