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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...
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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...
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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...
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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...
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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...
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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.
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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,...
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作者：Bernhofen, DM
作者单位：Clark University
摘要：We conduct a theory-based empirical study of intraindustry trade in homogeneous products. We derive an oligopolistic model of intra-industry trade, which is an extension of the segmented market model of trade, initially proposed by [Brander, J. A., 1981, Intra-industry trade in identical commodities, Journal of International Economics 11, 1-14]. The empirical implementations of the model are investigated in the context of the petrochemical industry. Our analysis employs a unique data set conta...
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作者：O'Connell, PGJ
作者单位：Harvard University
摘要：Recent panel studies of purchasing power parity have reported strong evidence of mean-reversion in real exchange rates. However, these studies fail to control for cross-sectional dependence in the data. This failure has dramatic consequences, raising the significance level of tests with a nominal size of 5 percent to as much as 50 percent. It is shown in this paper that, controlling for cross-sectional dependence, no evidence against the random walk null can be found in panels of up to 64 real...
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作者：Corsetti, G
作者单位：Yale University; Roma Tre University
