-
作者：Osmundsen, P; Hagen, KP; Schjelderup, G
作者单位：Norwegian School of Economics (NHH)
摘要：This paper analyses how the government should tax internationally mobile firms. The analysis finds that if tax authorities are unable to observe firms' true mobility, and domestic and foreign profitability are uncorrelated, then: (1) information rents are acquired by immobile (inefficient) firms, and (2) the optimal policy will stimulate investment in the immobile sector compared to the complete information case. Another result of the paper is that the optimal allocation is implementable withi...
-
作者：Bernstein, JI; Mohnen, P
作者单位：Carleton University; University of Quebec; University of Quebec Montreal
摘要：This paper empirically investigates bilateral spillovers between the U.S. and Japan. International spillovers exist from the U.S. to Japan, but not in the converse direction. In the short-run, the U.S. spillover reduces Japanese average variable cost, and causes production to become more physical and R&D capital intensive. In the long-run, the spillover reduces physical capital intensity, but production becomes more R&D intensive. In both runs Japanese unskilled labor intensity is reduced. The...
-
作者：Taylor, MP; Sarno, L
作者单位：University of Oxford; Centre for Economic Policy Research - UK; University of Oxford
摘要：Since standard tests for mean reversion in real exchange rates may lack power with data spanning the recent float, researchers have employed more powerful multivariate tests. Such tests may, however, reject joint non-stationarity when just one of the processes is stationary. We suggest another test, easily constructed and with a known limiting distribution, whose null hypothesis is violated only when all of the processes in question are stationary. We investigate the finite-sample properties o...
-
作者：Bayoumi, T; Eichengreen, B
作者单位：International Monetary Fund; International Monetary Fund
摘要：We show that variables pointed to by the theory of optimum currency areas (OCAs) help to explain patterns of exchange rate variability and intervention across countries. But OCA considerations affect exchange market pressures and intervention in different ways. Exchange market pressures mainly reflect asymmetric shocks, while intervention largely reflects the variables that OCA theory suggests cause countries to value stable exchange rates (small size and the extent of trade links). Interventi...
-
作者：Flandreau, M
摘要：In this paper, we consider a multilateral target zone model that generalizes Krugman's model of a bilateral target zone. Parities are defended by manipulating money supplies in participating countries. This means that interventions aimed at one given exchange rate influence other exchange rates as well. As a result of these externalities shocks on each fundamental affect the whole range of exchange rates involved. Moreover, intra-marginal interventions arise endogenously, and the exchange rate...
-
作者：Anderson, JE
作者单位：Boston College
摘要：This paper rehabilitates effective protection for use in political economy. In general equilibrium, the usual definition corresponds to no economically interesting magnitude. The effective rate of protection for sector j is redefined here as the uniform tariff which is equivalent to the actual differentiated tariff structure in its effect on rents to residual claimants in sector j. It permits political economic ranking of 'how much protection' is given across sectors, since higher uniform tari...
-
作者：Bekaert, G; Gray, SF
作者单位：Stanford University; National Bureau of Economic Research; University of Queensland; Duke University
摘要：This paper develops an empirical model of exchange rates in a target zone. The distribution of exchange rate changes is conditioned on a latent jump variable where the probability and size of a jump vary over time as a function of financial and macroeconomic variables. When there is no jump, the target zone is credible and exchange rate changes are constrained to remain within the target zone band. The paper revisits the empirical evidence from the European Monetary System regarding the condit...
-
作者：Sibert, A; Liu, LH
作者单位：University of London; Birkbeck University London; Centre for Economic Policy Research - UK; University of Kansas
摘要：We analyze seigniorage in an overlapping-generations model where a friction induces a precautionary demand for a weaker currency. The friction, which is modeled as a transactions cost, is viewed as an inverse measure of currency substitutability. Governments finance spending with costly income taxation or seigniorage. We show that if governments act independently, money growth is suboptimally low if currencies are sufficiently substitutable and too high otherwise. If money growth is suboptimal...
-
作者：Flood, R; Perraudin, W; Vitale, P
作者单位：University of London; Birkbeck University London; International Monetary Fund; University of London; London School Economics & Political Science
摘要：Many Latin American countries appear locked into cycles of reserve loss, devaluation and temporary reserve gains. This paper shows how a dual exchange rate system with leakages may generate cycles in reserves and the premium between official and parallel exchange rates. We study the dynamics of these cycles and their asymptotic behavior both analytically and numerically. (C) 1998 Elsevier Science B.V. All rights reserved.
-
作者：Borensztein, E; De Gregorio, J; Lee, JW
作者单位：International Monetary Fund; Universidad de Chile; Korea University
摘要：We test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. Our results suggest that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. However, the higher productivity of FDI holds only when the host country has a minimum threshold stock of human capital. Thus,...
