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作者：Svaleryd, H; Vlachos, J
作者单位：Stockholm School of Economics; Stockholm University
摘要：If protectionist trade policies aim to insure domestic industries against swings in world market prices, the development of financial markets could lead to trade liberalization. Likewise, trade liberalization could lead to the development of financial markets that help agents diversify the added risks. In this paper, we empirically address the hypothesis that there is a positive interdependence between financial development and liberal trade policies. We find a positive and economically signif...
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作者：Hakura, DS
作者单位：International Monetary Fund
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作者：Rutherford, TF; Tarr, DG
作者单位：University of Colorado System; University of Colorado Boulder; The World Bank
摘要：We develop a numerical growth model that quantifies the welfare effects of trade liberalization. Additional intermediate input varieties provide the engine of growth and dramatically magnify the welfare gains from trade liberalization. In our central model, a 10% tariff cut leads to a 10.6% estimated gain in Hicksian EV. Systematic sensitivity analysis shows that there is virtually no chance of a welfare increase less than 3%, but a 6.6% chance of a welfare gain greater than 18%. We show that ...
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作者：Rigobon, R
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Many Latin American countries engaged in disinflation programs based on both exchange rate management and fiscal reforms. In most of the cases, part of the fiscal reform was not implemented and the program had to be abandoned. The aftermath of these programs is not encouraging. In this paper we show that, if the reform process is uncertain and inflation has welfare costs, the optimal exchange rate policy indeed implies the initiation of a disinflation program at the announcement of the fiscal ...
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作者：Ohashi, H
作者单位：University of British Columbia
摘要：This paper investigates the impact of voluntary export restraints (VERs) at the preimplementation stage when exporters have a good prospect for the VERs. Distinctive features of the VCR market in 1978-86 provide a testable hypothesis to analyze the effect of the EC-Japan VERs, which were implemented in the fiscal years of 1983-85. The paper finds consistent evidence that the VERs affected firms' pricing behavior in the U.S. market prior to the VER period, as a result of Japanese exporters' ant...
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作者：Anis, AH; Benarroch, M; Wen, Q
作者单位：University of Winnipeg; St. Paul's Hospital; University of British Columbia; Vanderbilt University
摘要：This paper examines the strategic behavior of two countries in a duopoly exit game with declining demand in the export market. We consider whether countries have a strategic rational to maintain, rather than unilaterally or jointly reduce, their subsidies. Conditions under which persistent subsidization is justified from a national perspective are derived. By maintaining subsidies one country can gain a strategic advantage by forcing its rival to exit earlier. An outcome where only one country...
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作者：Gervais, JP; Lapan, HE
作者单位：Iowa State University; Laval University; Laval University
摘要：We investigate the strategic behavior between exporting countries that face endogenous terms of trade on the world market. In a non-cooperative setting, if production decisions occur before consumption decisions, the ex-ante optimal export quota is not time consistent as the ex-post elasticity of the residual foreign import demand curve is lower than the ex-ante elasticity. However, we show that the exporters' inability to irrevocably commit to their quota may be welfare superior to the precom...
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作者：Glass, AJ; Saggi, K
作者单位：Texas A&M University System; Texas A&M University College Station; Southern Methodist University
摘要：This paper develops a product cycle model with endogenous innovation, imitation, and foreign direct investment (FDI). We use this model to determine how stronger intellectual property rights (IPR) protection in the South affects innovation, imitation and FDI. We find that stronger IPR protection keeps multinationals safer from imitation, but no more so than Northern firms. Instead, the increased difficulty of imitation generates resource wasting and imitation disincentive effects that reduce b...
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作者：Venables, AJ; Limao, N
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University System of Maryland; University of Maryland College Park
摘要：We analyse the trade and production patterns of countries located at varying distances from an economic centre. Exports and imports of final and intermediate goods bear transport costs which increase with distance. We show how production and trade depend on factor endowments and factor intensities, and also on countries' locations and the transport intensities of different goods. Countries divide into zones with different trade patterns, some export oriented and others import substituting. We ...
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作者：Rapach, DE; Wohar, ME
作者单位：Seattle University; University of Nebraska System
摘要：We test the long-run monetary model of exchange rate determination for a collection of 14 industrialized countries using data spanning the late nineteenth or early twentieth century to the late twentieth century. Interestingly, we find support for a simple form of the long-run monetary model in over half of the countries we consider. For these countries, we estimate vector error-correction models to investigate the adjustment process to the long-run monetary equilibrium. In the spirit of Meese...
