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作者：Baldwin, RE
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作者：Lahiri, S; RaimondosMoller, P
作者单位：Copenhagen Business School; University of Essex
摘要：This paper considers the optimal allocation of a given amount of foreign aid between two recipient countries. It is shown that, given consumer preferences, a country following a more restrictive trade policy would receive a smaller share of the aid if the donor country maximises its own welfare in allocating aid. If, on the other hand, the donor country allocates aid in order to maximize the sum of the welfare of the two recipient countries, the result is just the opposite, Finally, we analyze...
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作者：Lyons, RK
摘要：This paper develops a simultaneous trade model of the spot foreign exchange market (cf., the sequential trade approach to dealing). The model produces hot-potato trading - a term that refers to the repeated passing of inventory imbalances between dealers. At the outset, risk-averse dealers receive customer orders that are not generally observable. Dealers then trade among themselves. Thus, each dealer intermediates both his customers' trades and any information contained therein. This informat...
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作者：Baillie, RT; Osterberg, WP
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：A two country inter-temporal asset pricing model is developed which implies that central bank foreign exchange intervention affects the forward exchange risk premium. The model is estimated from daily foreign exchange intervention data for the US, German and Japanese central banks. Considerable empirical support is found for the theoretical model with intervention influencing the risk premium in the forward market. Purchases of dollars by the Federal Reserve Bank are found to be associated wit...
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作者：Lockwood, B
作者单位：University of Exeter; Centre for Economic Policy Research - UK
摘要：This paper investigates whether it is possible to find Pareto-improving commodity tax reforms that harmonise taxes between two countries when governments supply public goods and thus have revenue requirements. We consider a Ricardian model of trade with elastic factor supply, and suppose that initial taxes are Nash equilibrium ones. Under weak conditions, a necessary and sufficient condition for a tax reform to be Pareto improving is that it increases the value of compensated (utility constant...
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作者：Jeanne, O
摘要：This paper studies the respective roles of the fundamentals and self-fulfilling speculation in currency crises. We first present a model of a fixed exchange rate system in which self-fulfilling speculation can arise following a bifurcation in the fundamentals. We then estimate the model in the case of the 1992-3 crisis of the French franc, and find some evidence that self-fulfilling speculation was at work.
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作者：Anderson, PM
作者单位：National Bureau of Economic Research
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作者：Puga, D; Venables, AJ
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper considers the locational effects of geographically discriminatory trade policy. A preferential move towards a free trade area pulls industry into the integrating countries. Input-output links between imperfectly competitive firms amplify this effect and, when trade barriers fall below some critical level, may lead to agglomeration with some member countries gaining industry at the expense of others. A hub-and-spoke arrangement favours location in the hub, with better reciprocal acce...
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作者：Bartolini, L; Drazen, A
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：We present a model where policies of free capital mobility can signal governments' future policies, but the informativeness of the signal depends on the path of world interest rates. Capital flows to emerging markets reflect investors' perception of these markets' political risk. With low world interest rates, emerging markets experience a capital inflow and engage in a widespread policy of free capital mobility; with higher rates, only sufficiently committed countries allow free capital mobil...
