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作者：Dahlquist, M; Gray, SF
作者单位：Duke University; Stockholm School of Economics; University of Queensland
摘要：This paper examines the impact that a currency target zone has on short-term interest rates. For a number of countries in the European Monetary System, we characterize the short rate using a regime-switching model that allows fbr a differently parameterized mean-reverting square-root process in each regime. We find that the volatility, the level, and the speed-of-adjustment are all higher in the regime that is operative during speculative attacks and currency crises. Moreover, we allow the con...
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作者：Cheung, YW; Wong, CYP
作者单位：University of California System; University of California Santa Cruz; City University of Hong Kong
摘要：We report some findings from a survey of practitioners in the interbank foreign exchange markets in Hong Kong, Tokyo, and Singapore. The respondents contend that liquidity and market uncertainty are two important reasons for deviating from the conventional interbank bid-ask spread. A strong customer base is perceived as a source of competitive advantage for large participants. Most respondents agree that non-fundamental factors have pervasive impacts on short-run exchange rates. Speculation is...
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作者：Bernhofen, DM; Xu, P
作者单位：Clark University; California State University System; San Francisco State University
摘要：This paper takes a microeconometric approach to the study of exchange rate pass-through in imperfectly competitive markets. We provide evidence for the hypothesis that incomplete exchange rate pass-through can be attributed to non-competitive conduct by foreign firms. A unique feature of our approach is the use of highly disaggregated industry data which is compatible with the behavioral assumptions of a homogeneous-product oligopoly model. We employ a panel data set consisting of location- an...
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作者：Markusen, JR; Venables, AJ
作者单位：University of London; London School Economics & Political Science; University of Colorado System; University of Colorado Boulder
摘要：We develop a monopolistic-competition model of international trade which includes positive trade costs and endogenous multinational firms. We demonstrate how the presence of trade costs changes the pattern of trade, creates incentives for factor mobility which may lead to agglomeration of activity in a single country, and may lead to multinational firms. The mix of national and multinational firms that operate in equilibrium depends on technology and on the division of the world endowment betw...
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作者：Jefferson, GH
作者单位：Brandeis University
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作者：Cheung, YW; Lai, KS
作者单位：California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz
摘要：Previous findings of long-run purchasing power parity come mainly from data for industrial countries, raising the issue of whether the results suffer sample-selection bias and exaggerate the general relevance of parity reversion. This study uncovers substantial cross-country heterogeneity in the persistence of deviations from parity. The results show that it is more likely, rather than less likely, to find parity reversion for developing countries than industrial countries. Although some persi...
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作者：Cheng, LK; Kwan, YK
作者单位：Hong Kong University of Science & Technology; City University of Hong Kong
摘要：By estimating the effects of the determinants of foreign direct investment (FDI) in 29 Chinese regions from 1985 to 1995, we find that large regional market, good infrastructure, and preferential policy had a positive effect but wage cost had a negative effect on FDI. The effect of education was positive but not statistically significant. In addition, there was also a strong self-reinforcing effect of FDI on itself. There was no convergence in the equilibrium FDI stocks of the regions between ...
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作者：Ju, JD; Krishna, K
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Oklahoma System; University of Oklahoma - Norman
摘要：We study the link between import volume and welfare due to liberalization. We confine our attention to the small country case and to unilateral tariff reductions. Our results indicate that increased import volume associated with tariff reductions is neither necessary nor sufficient for welfare improvement to occur. We show that in general both import value and welfare cannot fall. Moreover, if the excess demand for exported goods does not respond to changes in the prices of imported goods, the...
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作者：Slaughter, MJ
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：This paper tests whether the transfer of production sl:ages within US-headquartered multinational enterprises (MNEs) from US parents to foreign affiliates has contributed to within-industry shifts in US relative labor demand toward the more-skilled. There are two main empirical results. First, there is evidence of MNE transfer during the past 20 years. Second, regression analysis does not support the MNE hypothesis. MNE transfer tends to have small, imprecisely estimated effects on US relative...
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作者：Cheung, YW; Lai, KS
作者单位：California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz
摘要：A puzzle concerning purchasing power parity is examined: Although the immense exchange rate volatility suggests a likely major role of nominal shocks under sticky prices, the observed half-life persistence of the real exchange rate seems excessively high to be rationalized by price stickiness, This study analyzes carefully the adjustment dynamics of real exchange rates through impulse response analysis. Half-life estimates are found to have substantial imprecision. Moreover, the dynamic respon...
