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作者：Horn, H; Persson, L
作者单位：Stockholm University; Research Institute of Industrial Economics (IFN)
摘要：Mergers and acquisitions (M&A) is the dominant form of Foreign Direct Investment (FDI), but has only received scarce attention in the theory literature on trade and investment. This paper highlights how the international pattern of ownership of productive assets may depend on features of trade and production costs. It suggests how high trade costs may be conducive to national ownership of assets, while international firms may arise at lower trade costs, contrary to what the 'tariff jumping' ar...
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作者：Loisel, O; Martin, P
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Centre for Economic Policy Research - UK
摘要：We present a micro-founded model where governments have an incentive to devalue to increase the national market share in a monopolistically competitive sector. Currency crises generated by self-fulfilling expectations are possible because workers demand high wages when they expect a devaluation. This decreases the competitiveness and profits of national firms and induces the government to devalue. We show that the more important trade competition, the more likely self-fulfilling speculative cr...
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作者：Lane, PR; Milesi-Ferretti, GM
作者单位：Trinity College Dublin; International Monetary Fund
摘要：Although capital flows are closely monitored, surprisingly little is known about the accumulated stocks of foreign assets and liabilities held by various countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for a sample of 67 industrial and developing countries. It characterizes the stylized facts of international balance sheets and asks whether there are trends in net foreign asset positions an...
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作者：Spector, D
作者单位：Massachusetts Institute of Technology (MIT)
摘要：How does international trade affect income redistribution? We consider a country where the government uses a non-linear income tax to maximize some redistributive social welfare function, subject to the constraint that it can observe only individual incomes but not individual characteristics. In autarky, the government can partially equalize equilibrium prices and wages by manipulating quantities through the tax system. If borders are open, prices are determined by world markets and the govern...
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作者：Xiang, C
作者单位：University of Michigan System; University of Michigan
摘要：Factor price equalization (FPE) is a central theme in trade theory, for which [Dixit, A.K., Norman, V., 1980. Theory of International Trade, Cambridge University Press, London] establish the necessary and sufficient condition (the Dixit-Norman condition). [Deardorff, A.V. 1994. The possibility of factor price equalization: revisited, Journal of International Economics 36, 167-175.] provides a more intuitive condition (the lens condition) and establishes its necessity in general, as well as its...
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作者：Lane, PR
作者单位：Trinity College Dublin; Trinity College Dublin
摘要：Since the 1995 publication of Obsteld and Rogoff's Redux model, there has been an outpouring of research on open-economy dynamic general equilibrium models that incorporate imperfect competition and nominal rigidities. This paper offers an interim survey of this recent literature. (C) 2001 Elsevier Science B.V. All rights reserved.
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作者：Friberg, R
作者单位：Stockholm School of Economics
摘要：This paper examines the decision to create barriers to arbitrage for a firm selling on two national markets. Real exchange rate changes affect the incentives to create such barriers since they influence the optimal prices. Sunk costs of market segmentation imply that the option to segment markets is more valuable the greater the variability of the real exchange rate. If a monetary union reduces future real exchange rate variability it could thus stimulate market integration. (C) 2001 Elsevier ...
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作者：Kollmann, R
作者单位：University of Bonn
摘要：This paper studies a quantitative dynamic-optimizing business cycle model of a small open economy with staggered price and wage setting. The model exhibits exchange rate overshooting in response to money supply shocks. The predicted variability of the nominal and, especially, of the real exchange rate is noticeably higher than in standard Real Business Cycle models with flexible prices and wages. A positive domestic money supply shock is predicted to lower the domestic interest rate, raise GDP...
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作者：Bayoumi, T
作者单位：International Monetary Fund
摘要：This paper uses a VAR to investigate four possible explanations of the extended slump in Japanese economic activity over the 1990s: the absence of bold and consistent fiscal stimulus; the limited room for expansionary monetary policy due to a liquidity trap; overinvestment and debt overhang; and disruption of financial intermediation. The results indicate that all of these factors played a role, but that the major explanation is disruption in financial intermediation, largely operating through...
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作者：Norbäck, PJ
作者单位：Research Institute of Industrial Economics (IFN)
摘要：This paper analyzes a three-stage optimization problem in which a firm chooses (i) its technology, by deciding on a level of R&D, (ii) whether this technology is to be used in a domestic or a foreign plant and (iii) the quantity produced and sold on the market. If technology transfer costs are low, 'high-tech' or R&D-intensive firms tend to produce abroad. At higher technology transfer costs, high-tech firms tend to export. An empirical analysis using a data set of Swedish multinational firms,...
