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作者：Albuquerque, R
作者单位：University of Rochester
摘要：Evidence on international capital flows suggests that foreign direct investment (FDI) is less volatile than other financial flows. To explain this finding I model international capital flows under the assumptions of imperfect enforcement of financial contracts and inalienability of FDI. Imperfect enforcement of contracts leads to endogenous financing constraints and the pricing of default risk. Inalienability implies that it is not as advantageous to expropriate FDI relative to other flows. Th...
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作者：Xu, B
作者单位：State University System of Florida; University of Florida
摘要：We examine the boundary between traded and nontraded goods as a channel for trade to impact factor prices. In a two-country, two-factor, continuum-good model, tariffs generate a range of nontraded goods. A tariff reduction has a direct effect to expand a country's import set and an indirect effect through terms of trade to expand its export set. We show that the export expansion can dominate the import expansion, raising the relative demand for the factor intensively used in production. The re...
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作者：Turnovsky, SJ; Chattopadhyay, P
作者单位：University of Washington; University of Washington Seattle
摘要：This paper analyzes the effect of volatility on growth in a developing economy facing an imperfect world capital market. The analysis comprises: (i) the development of a formal framework for assessing the role of risk on growth; (ii) numerical simulation; and (iii) empirical testing of the model, using data from 61 developing economies. We find that the model plausibly replicates the equilibrium of small stylized economies subject to external and internal sources of risk. We define a benchmark...
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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：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：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：Chisik, R
作者单位：State University System of Florida; Florida International University
摘要：A notable feature of many recent trade agreements is the gradual, rather than immediate, reduction of trade barriers. In this paper we model trade liberalization as a cooperative relationship that evolves gradually in a non-cooperative environment. We show that specialization, capacity irreversibility and the development of trade-partner specific capital increase the benefit of continuing the liberalizing relationship and decrease, over time, the lowest obtainable self-enforcing tariff. By inc...
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作者：Greaney, TM
作者单位：University of Hawaii System; University of Hawaii Manoa
摘要：This paper considers the impact of business and social networks on international trade and FDI. I propose that differences in the strength of network effects across countries can produce asymmetric trade and investment flows that may lead to trade friction. A firm from a country with strong network effects has a cost advantage in selling to buyers from its own country. This advantage results in lower inward FDI, lower total imports but larger volumes of reverse imports into the country with st...
