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作者：Ishikawa, J; Spencer, BJ
作者单位：University of British Columbia; Hitotsubashi University
摘要：This paper examines the implications of foreign or domestic imperfect competition in intermediate-goods supply for strategic trade policy. Assuming Cournot competition, an export subsidy aimed at shifting rents from foreign to domestic final-good producers may also shift rents to foreign suppliers, weakening the incentive for the subsidy. However, the incentive for a subsidy tends to increase if the intermediate-good industry is purely domestic or if the industry is purely foreign, but the sub...
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作者：Konuki, T
作者单位：International Monetary Fund
摘要：This paper conducts a race between models in terms of their ability to explain observed violations of uncovered interest parity. This is done by comparing the empirical performance of the 'simple efficiency' hypothesis and the models which assume the existence of risk premiums. My analysis uses noise ratios which complement specification tests by showing the relative degree to which each model reconciles with the data. The empirical results imply that the risk premiums introduced by the latent...
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作者：Canzoneri, MB; Cumby, RE; Diba, B
作者单位：Georgetown University
摘要：The Balassa-Samuelson model, which explains real exchange rate movements in terms of sectoral productivities, rests on two components. First, it implies that the relative price of non-traded goods in each country should reflect the relative productivity of labor in the traded and non-traded goods sectors. Second, it assumes purchasing power parity holds for traded goods. We test both of these using a panel of OECD countries. Our results suggest that relative prices generally reflect relative l...
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作者：Harrigan, J
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：International trade economists typically assume that there are no cross-country differences in industry total factor productivity (TFP). In contrast, this paper finds large and persistent TFP differences across a group of industrialized countries in the 1980s. The paper calculates TFP indices, and statistically examines the sources of the observed large TFP differences across countries. Two hypotheses are examined to account for TFP differences: constant returns to scale production with countr...
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作者：Head, K; Ries, J
作者单位：University of British Columbia
摘要：We analyze a panel of 230 Canadian manufacturing industries to investigate whether trade Liberalization promotes efficiency through increased scale. During the six years following the Free Trade Agreement with the United States, Canadian manufacturing exhibited substantial rationalization - a decline in the number of plants accompanied by increases in output per plant. We find that the bilateral tariff reductions had opposing effects on scale. Contraction induced by lower Canadian tariffs larg...
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作者：Furusawa, T
作者单位：Yokohama National University
摘要：The governments of two countries explicitly negotiate over a new pair of tariffs. As soon as they reach agreement, the countries put into effect the agreed-upon pair of tariffs, which must be self-enforcing. We investigate how the difference in the two governments' patience affects the negotiation results. Provided that the common optimum tariff is the status quo tariff rate for each country, we find that the country with the more patient government gains most from the negotiation if the time ...
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作者：Feenstra, RC; Yang, TH; Hamilton, GG
作者单位：University of California System; University of California Davis; University of Washington; University of Washington Seattle
摘要：We analyze the impact of market structure on the trade performance of South Korea, Taiwan and Japan. South Korea has many large, vertically-integrated business groups known as 'chaebol' whereas business groups in Taiwan are smaller and more specialized in the production of intermediate inputs. We test the hypotheses mat a greater presence of business groups leads to less product variety but higher product quality, using data on exports from these countries to the United States. We find that Ta...
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作者：Demiroglu, U; Yun, KK
作者单位：University of Michigan System; University of Michigan; State University of New York (SUNY) System; University at Albany, SUNY
摘要：Deardorff (1994) provides a condition that is necessary for factor price equalization across countries. This is a generalization of the condition that ''country endowments should he in the diversification cone from the standard 2 x 2 x 2 Heckscher-Ohlin model to the case of many goods, countries and factors. He also shows that this condition is sufficient in the case of two countries and conjectures that the sufficiency might hold in general. In this paper we establish the sufficiency in furth...
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作者：Konishi, H; Saggi, K; Weber, S
作者单位：Southern Methodist University
摘要：Using Bernheim and Whinston (1986) common agency game, we endogenize trade policy in a duopoly composed of a domestic firm and a foreign firm, where both firms influence the domestic government's trade policy via their contributions. The foreign firm can jump over trade restrictions by undertaking foreign direct investment (FDI) in the domestic market. The government prefers a voluntary export restraint (VER) to a tariff for two reasons. First, a VER leads to higher contributions from the fore...
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作者：Rowland, PF
作者单位：Fordham University
摘要：This paper employs an intertemporal portfolio-choice model that incorporates proportional transaction costs to examine two features of portfolio allocation: the domestic bias of equity holdings and the relationship between domestic and international turnover rates. The model implies that the rate of portfolio diversification decreases as the magnitude of the transaction costs increases. As costs increase, active portfolio reallocation decreases and is replaced by passive portfolio reallocation...
