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作者：Hale, Galina; Meisenbacher, Brigid; Najjar, Rami; Nechio, Fernanda
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Columbia University; Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：In the past two decades, several banks have joined global initiatives aimed at enhancing the disclosure of their assets and climate commitments. We study whether banks that joined such initiatives have altered the emissions exposure of their syndicated loans. We rely on loan-level data with global coverage combined with country-industry data on emissions. We find that on average, banks have reduced the emissions exposure of their syndicated loans portfolio. However, we do not find statisticall...
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作者：Born, Benjamin; Muller, Gernot J.; Pfeifer, Johannes; Wellmann, Susanne
作者单位：University of Bonn; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; Eberhard Karls University of Tubingen; Bundeswehr University Munich
摘要：Interest rate spreads vary widely across time and countries and are a central driver of business cycles in emerging market economies (EMEs). Since 2008, advanced market economies (AMEs) have exhibited persistently higher and more volatile spreads, alongside increased macroeconomic volatility and stronger co-movement with EMEs. We document six facts showing that AMEs have become more similar to EMEs along key dimensions. We interpret these patterns through a small open economy model and uncover...
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作者：Bahaj, Saleem; Fuchs, Marie; Reis, Ricardo
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：At the end of 2025, there were 177 cross-border liquidity lines between central banks connecting countries that accounted for 81% of world GDP. This paper maps the evolution of these arrangements since 2000. We show that the lines form a network through which banks can indirectly obtain access to the USD even when their central bank has no agreement with the Federal Reserve. These indirect connections give the People's Bank of China a central role and show the fragility of liquidity provision ...
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作者：Egger, Peter H.; Wang, Yulong
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Leibniz Association; Ifo Institut
摘要：This paper develops a novel method to estimate firm-specific market-entry thresholds in international economics, allowing fixed costs to vary across firms alongside productivity. Our framework models market entry as an interaction between productivity and observable fixed-cost measures, extending traditional single-threshold models to ones with set-valued thresholds. Applying this approach to Chinese firm data, we estimate export-market entry thresholds as functions of domestic sales and surro...
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作者：Davis, Donald R.; Mengus, Eric; Michalski, Tomasz K.
作者单位：National Bureau of Economic Research; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：Labor market polarization is among the most important features in recent decades of advanced country labor markets. Yet key spatial aspects of this phenomenon remain under-explored. We develop four key facts that document the universality of polarization across cities, a city-size difference in the shock magnitudes, a skew in the types of middle-paid jobs lost, and the role of polarization in the great urban divergence of skills. Existing theories cannot account for these facts. Hence we devel...
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作者：Baragwanath, Kathryn; Hanson, Gordon; Khandelwal, Amit K.; Liu, Chen; Park, Hogeun
作者单位：University of Melbourne; Harvard University; National Bureau of Economic Research; Yale University; National University of Singapore; The World Bank
摘要：This paper integrates daytime and nighttime satellite imagery into a spatial general-equilibrium model to evaluate the returns to investments in new motorways. Our approach has particular value in developing-country settings in which spatially granular economic data are scarce. To demonstrate our method, we use publicly available imagery to evaluate India's road construction projects in the early 2000s. Estimating the model and evaluating welfare impacts only requires remotely-sensed data. We ...
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作者：Pienknagura, Samuel
作者单位：International Monetary Fund
摘要：This paper assesses the role of climate policies as a catalyst for the deployment of low carbon technologies through foreign direct investment (FDI). Leveraging detailed cross-border project-level information, it identifies green FDI and finds that a larger number of active climate policies is associated with higher green FDI inflows. Importantly, climate policies are not linked to lower non-green FDI inflows. The paper also finds heterogeneity across sectors and policy instruments. The associ...
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作者：Srivastava, Sauhard
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Emerging economy central banks often hold large FX reserves while residents carry substantial local-currency-linked external liabilities. With financial frictions creating interest parity gaps, such opposing positions imply a carry cost. In a small open economy with intermediation frictions and inherited local-currency debt, we study optimal reserve and exchange rate policies, explaining why debtor economies may retain reserves rather than netting out costly gross positions. While policy can e...
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作者：Merlevede, Bruno; Michel, Bernhard
作者单位：Ghent University; University of Mons
摘要：The slowdown in globalization has been analyzed primarily from the viewpoint of trade and aggregate investment. Based on a rich micro-level dataset of worldwide affiliate networks of European MNEs, we define an episode approach to (i) analyze the extent and direction of foreign network restructuring between 2010 and 2019, and (ii) estimate its effects on home-country activity. We find evidence of a strong rise in contraction episodes and a substantial fall in expansion episodes in the second h...
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作者：Chen, Xiao; Huang, Hanwei; Ju, Jiandong; Sun, Ruoyan; Zhang, Jialiang
作者单位：University of International Business & Economics; City University of Hong Kong; University of London; London School Economics & Political Science; Tsinghua University; University of Alabama System; University of Alabama Birmingham; Central University of Finance & Economics
摘要：We analyze infectious diseases in a general equilibrium model with endogenous mobility, where forward-looking agents weigh disease risks against economic opportunities in cross-regional mobility decisions. This generates self-containment and self-healing mobility responses to regional differences in healthcare and prevalence. Applied to US COVID-19 data, our model reveals that cross-state mobility restrictions curbed infections by reducing cross-regional contacts but increased deaths and outpu...
