-
作者：Hoerner, Johannes; Morelli, Massimo; Squintani, Francesco
作者单位：Yale University; Bocconi University; National Bureau of Economic Research; University of Warwick
摘要：This article applies mechanism design to the study of international conflict resolution. Standard mechanisms in which an arbitrator can enforce her decisions are usually not feasible because disputants are sovereign entities. Nevertheless, we find that this limitation is inconsequential. Despite only being capable of making unenforceable recommendations, mediators can be equally effective as arbitrators. By using recommendation strategies that do not reveal that one player is weak to a strong ...
-
作者：Mele, Antonio; Sangiorgi, Francesco
作者单位：Swiss Finance Institute (SFI); Universita della Svizzera Italiana; Centre for Economic Policy Research - UK; Stockholm School of Economics
摘要：This article analyses costly information acquisition in asset markets with Knightian uncertainty about the asset fundamentals. In these markets, acquiring information not only reduces the expected variability of the fundamentals for a given distribution (i.e. risk). It also mitigates the uncertainty about the true distribution of the fundamentals. Agents who lack knowledge of this distribution cannot correctly interpret the information other investors impound into the price. We show that, due ...
-
作者：Burkart, Mike; Lee, Samuel
作者单位：Stockholm School of Economics; Swedish House of Finance; Swedish House of Finance; Swedish House of Finance; New York University; New York University
摘要：This article analyses how outsiders, such as bidders or activist investors, overcome the lack of coordination and information among dispersed shareholders. We identify the two basic means to achieve this goal. First, the outsider must relinquish private benefits in a manner that is informative about security benefits. We show under which conditions this is feasible and which acquisition strategies used in practice meet these conditions. Second, the outsider can alternatively use derivatives to...
-
作者：Gottardi, Piero; Kubler, Felix
作者单位：European University Institute; Universita Ca Foscari Venezia; University of Zurich; Swiss Finance Institute (SFI)
摘要：In this article we examine the competitive equilibria of a dynamic stochastic economy with complete markets and collateral constraints. We show that, provided the sets of asset pay-offs and of collateral levels are sufficiently rich, the equilibrium allocations with sequential trades and collateral constraints are equivalent to those obtained in Arrow-Debreu markets subject to a series of limited pledgeability constraints. We provide both necessary and sufficient conditions for equilibria to b...
-
作者：Kalantzis, Yannick
作者单位：European Central Bank; Bank of France
摘要：Episodes of large capital inflows in small open economies are often associated with a shift of resources from the tradable to the non-tradable sector and sometimes lead to balance-of-payments crises. This article builds a two-sector dynamic model to study the evolution of the sectoral structure and its impact on financial fragility. The model embeds a static mechanism of balance-of-payments crisis which produces multiple equilibria within a single time period when the non-tradable sector is la...
-
作者：Fajgelbaum, Pablo; Grossman, Gene M.; Helpman, Elhanan
作者单位：University of California System; University of California Los Angeles; Princeton University; Harvard University
摘要：We study patterns of foreign direct investment (FDI) in a multi-country world economy. We develop a model featuring non-homothetic preferences for quality and monopolistic competition in which specialization is purely demand-driven and the decision to serve foreign countries via exports or FDI depends on a proximity-concentration trade-off. We characterize the joint patterns of trade and FDI when countries differ in income distribution and size and show that FDI is more likely to occur between...
-
作者：Meng, Xin; Qian, Nancy; Yared, Pierre
作者单位：Yale University
摘要：This article studies the causes of China's Great Famine, during which 16.5 to 45 million individuals perished in rural areas. We document that average rural food retention during the famine was too high to generate a severe famine without rural inequality in food availability; that there was significant variance in famine mortality rates across rural regions; and that rural mortality rates were positively correlated with per capita food production, a surprising pattern that is unique to the fa...
-
作者：Paravisini, Daniel; Rappoport, Veronica; Schnabl, Philipp; Wolfenzon, Daniel
作者单位：Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; National Bureau of Economic Research; Columbia University
摘要：We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination by firms borrowing from banks differentially affected by capital-flow reversals during the 2008 financial crisis. We find that credit shocks affect the intensive margin of exports, but have no significant impact on entry or exit of firms to new product and...
