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作者：Fuchs, Andreas; Kaplan, Lennart; Kis-Katos, Krisztina; Leue, Sebastian; Turbanisch, Felix; Wang, Feicheng
作者单位：University of Gottingen; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Helmut Schmidt University; University of Groningen
摘要：The COVID-19 pandemic dramatically heightened global demand for critical medical goods, with China being a key supplier. This paper examines the political factors that eased global access to face masks, a vital product during the initial phase of the pandemic. Employing a triple difference-in-differences event study framework, we compare the export dynamics of face masks with those of similar products. Our findings indicate that face mask prices surged after the outbreak of the pandemic, and C...
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作者：Javorcik, Beata; Kett, Benjamin; Stapleton, Katherine; O'Kane, Layla
作者单位：Centre for Economic Policy Research - UK; International Monetary Fund; The World Bank
摘要：This paper uses data on the near universe of job adverts posted online in the US to study the impact of the 2018 trade war on US job opportunities. We develop measures of labor market exposure to three key channels of impact from the trade war: import protection for US producers, the higher cost of imported inputs for US producers, and exposure of US exporters to retaliatory tariffs. We find evidence that both tariffs on imported inputs and retaliatory tariffs led to a relative decline in onli...
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作者：Fabiani, Josefina; Neanidis, Kyriakos C.
作者单位：University of Manchester
摘要：We study the transmission of foreign macroprudential policy to domestic bank loan issuance in emerging markets via cross-border bank flows. We use the universe of bilateral cross-border bank credit transactions to destination countries matched to the macroprudential policy stance in source countries combined with bank balance sheet data in destination markets to document that a tightening of macroprudential policy in source countries reduces the positive impact of cross-border flows on the cre...
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作者：de Ferra, Sergio; Mallucci, Enrico
作者单位：University of Oxford; European Central Bank; Central Bank of Ireland
摘要：Should debtor countries support each other during sovereign debt crises? We answer this question through the lens of a two-country sovereign-default model that we calibrate to the euro-area periphery. First, we look at cross-country bailouts. We find that whenever agents anticipate them, bailouts induce higher borrowings, and yet still enhance welfare. Second, we look at the borrowing choices of a global central borrower. We find that central borrower's policies reduce debt and improve the joi...
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作者：Calani, Mauricio; Margaretic, Paula; Moreno, David
作者单位：Universidad de Chile
摘要：This paper exploits the exogenous changes of destination/origin-specific trade uncertainty (TU) to investigate the direct and spillover effects of TU on firms' foreign-trade operations and credit outcomes. Using transaction-level data of Chilean firms and banks, we first show that increasing TU dampens export growth through a deterioration of firms' working capital. This is especially true when exports are mainly financed by cash-in-advance, a payment mode that entails shorter and less permane...
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作者：Graziano, Alejandro G.; Handley, Kyle; Limao, Nuno
作者单位：University of Nottingham; University of California System; University of California San Diego; National Bureau of Economic Research; Georgetown University
摘要：We estimate the impact of trade policy uncertainty (TPU) on CES import price indices, focusing on the implications of Britain's exit from the European Union (Brexit). Our analysis reveals that a higher probability of Brexit increases U.K. import price indices by raising the prices of existing products and reducing product variety from the E.U. We find evidence that the risk of higher import protection from the 2016 referendum increased current import price indices by 11 log points. This amount...
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作者：Ahmad, Muhammad Farooq; Lambert, Thomas; Martin-Flores, Jose M.; Romec, Arthur
作者单位：SKEMA Business School; Universite Cote d'Azur; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; CUNEF Universidad
摘要：Democracy matters for international merger activity. Using a sample of 101,834 cross-border deals announced between 1985 and 2018, we show that merger flows predominantly involve acquirers from more democratic countries than their targets. This result is primarily driven by a pullfactor: firms in countries with weaker democratic institutions attract more cross- border deals. We find evidence of bonding as the key mechanism behind this effect. The democracy effect is stronger when target countr...
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作者：Fadinger, Harald; Herkenhoff, Philipp; Schymik, Jan
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Johannes Gutenberg University of Mainz
摘要：We examine the effects of unilateral structural reforms within a currency union. Focusing on the surge of German competitiveness following the introduction of the Euro, we first provide reducedform causal evidence supporting the notion that German structural labor -market reforms in the early 2000s led to a crowding -out of manufacturing employment in other Eurozone economies. To assess the impact of this German competitiveness shock, we build a quantitative multi -sector trade model that feat...
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作者：Lu, Dan; Mariscal, Asier; Mejia, Luis -Fernando
作者单位：Chinese University of Hong Kong
摘要：We uncover new dynamic facts in Colombian manufacturing importers' data. First, imported input switching, a firm's simultaneous adding and dropping of foreign intermediates, is pervasive and a substantial fraction of firm's imports. Second, larger firms switch more conditional on age, whereas younger firms switch more conditional on size. Third, the number of imported varieties increases with firm age. Fourth, inputs of lower expenditure are more frequently dropped. Fifth, firms that switch mo...
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作者：Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol
作者单位：Deutsche Bundesbank
摘要：This paper documents significant cross-border effects of the 2014 US money market fund (MMF) reform on euro area MMFs. As US-based prime funds became less money-like due to the reform, euro area-based prime funds received large inflows from foreign investors. These cross-border flows were mainly motivated by the search for stable NAV instruments. Consistent with an easing of competitive pressure, euro area prime MMFs reduced their risk-taking. Lastly, the 2017 EU MMF regulation, a weaker regul...
