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作者：MORCK, R; YEUNG, B
作者单位：University of Michigan System; University of Michigan
摘要：The internalization theory of multinational firms proposes that direct international investment occurs when a firm has information-related intangible assets with public good properties. We find that firms with characteristics suggesting the presence of information-based assets experience a significantly positive stock price reaction upon announcing a foreign acquisition. On the other hand, firms apparently lacking such assets experience at best zero abnormal returns upon announcing overseas ac...
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作者：COLE, HL; ENGLISH, WB
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The paper considers a model in which investors in two symmetrical countries can trade equity claims on their endowments. The governments of the two countries expropriate the foreign-owned securities if doing so raises domestic welfare. In spite of the possibility of expropriation, agents may still choose to hold completely pooled portfolios. Depending on preferences in the two countries, increases in the level of domestic output can increase or decrease the probability of expropriation. In the...
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作者：ISHIKAWA, J
作者单位：Hitotsubashi University
摘要：This paper considers a model with one primary factor, one intermediate good, and two final goods. Increasing returns to scale are introduced into the production of the intermediate good to analyze trade patterns and gains from trade with two assumptions about the market structure of the intermediate good: average cost pricing and monopoly. Free trade does not necessarily lead to gains for the economy and either specialization or multiple equilibria are obtained. This paper also provides intere...
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作者：DOOLEY, MP; HELPMAN, E
作者单位：Tel Aviv University
摘要：The incentives for domestic investment in debtor countries are influenced by the terms of their external obligations and by the system of taxation utilized to provide government revenue for debt payments. It is well known that existing debt contracts could be altered to improve the incentives for investment, but this has proven difficult to accomplish, perhaps because individual creditors have incentives not to agree to such changes. In this paper we show that a simple tax credit scheme that c...
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作者：HORSTMANN, IJ; MARKUSEN, JR
作者单位：University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research
摘要：Almost all of the large literature on international trade with imperfect competition assumes exogenous market structures. The purpose of this paper is to develop a simple model that generates alternative market structures as Nash equilibria for different parameterizations of the basic model. Equilibrium market structure is a function of the underlying technology. Familiar configurations such as a duopoly competing in exports or a single multinational producing in both markets arise as special ...
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作者：PANAGARIYA, A
作者单位：University System of Maryland; University of Maryland College Park
摘要：This paper provides a systematic analysis of the effects of input tariffs and duty drawbacks on welfare. The paper arrives at two broad conclusions. First, tariffs on inputs unaccompanied by duty drawbacks on exports have an ambiguous effect on welfare. Second, increases in tariffs on inputs complemented by full duty drawbacks are welfare improving up to a point, provided goods exhibit substitutability in production as well as consumption. The latter conclusion is reinforced by the presence of...
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作者：MATHIESON, D
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作者：ONO, Y; SHIBATA, A
作者单位：Osaka Metropolitan University
摘要：Using a two-country dynamic optimization model with capital accumulation, we explore the effect of such supply-side changes as a rise in productivity and a reduction in the corporate tax rate on the equilibrium path and the welfare of two countries. The welfare effect consists of a tax distortion term and a wealth term. Those supply-side changes in the creditor country increase its welfare but unambiguously decrease the debtor country's welfare, as capital moves from the debtor country to the ...
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作者：BAYOUMI, T
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作者：GHOSH, AR
摘要：The effects of fiscal policies on the terms of trade and the external balance are analysed. The external balance is decomposed into changes in the ownership of world wealth across residents of each country, and changes in the distribution of world wealth represented by assets located in each country. It is shown that a rise of government expenditure on the foreign good deteriorates the home country's terms of trade but improves its net foreign asset position. Whether a reduction in equity taxe...
