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作者：DICK, AR
作者单位：University of Chicago
摘要：Foreign equity ownership is shown empirically to weaken significantly, and occasionally reverse, common strategic trade policy results. Existing levels of U.S. cross-ownership, for example, reduce the average optimal export subsidy by 47% relative to the Brander and Spencer (Journal of International Economics, 1985, 18, 83-100) value. In industries with particularly high cross-ownership and relatively small imputed labor rents, optimal subsidies fall to less than one-seventh of their former le...
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作者：NAKANISHI, N
摘要：We derive necessary-sufficient conditions for the existence of a strictly Pareto-improving tariff reform both with and without changes in international lump-sum transfer of income, in a many-commidity, many-country framework. Then we show that these conditions are equivalent: if a tariff reform with appropriate changes in transfers attains a strict Pareto improvement, then there exists another tariff reform that attains a strict Pareto improvement without such transfers. In the course of this ...
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作者：EICHENGREEN, B
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作者：KOFMAN, P; DEVAAL, A; DEVRIES, CG
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Non-parametric tolerance limits are employed to calculate soft margins such as advocated in Williamson's target zone proposal. In particular, the tradeoff between softness and zone width is quantified. This may be helpful in choosing appropriate margins. Furthermore, it offers policymakers a framework for reference in the case of changing exchange rate policy. The empirical applications include an evaluation of the EMS zone width. We also show that the procedures for calculating the soft margi...
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作者：VANDERPLOEG, F
摘要：Four channels of international budgetary and monetary policy transmission are analysed within the context of nominal wage sluggishness. The first is based on capital gains on holdings of foreign assets. Spill-over effects arising through the second and third channels depend on whether home and foreign goods are gross substitutes or gross complements and on whether the elasticity of intertemporal substitution is less or greater than one. The final channel assumes finite lifetimes and no bequest...
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作者：ROWLANDS, D
摘要：The inability of governments to pre-commit to certain policies often results in Pareto-inefficient equilibria. A policy is not time-consistent if it requires a course of action that will subsequently become undesirable. This paper examines the possibility of creating constitutional rules which can support sovereign debt contracts which would otherwise violate the requirement of time-consistency. The possibility of establishing international reputation with internal enforcement mechanisms is se...
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作者：EICHENGREEN, B
