-
作者：Huett, Hannes; Krapf, Matthias; Uysal, S. Derya
作者单位：University of Konstanz; University of Zurich
摘要：Using unique data from an internet-based foreign-exchange trading platform, we show that the black market efficiently incorporated public information on the state of the Belarusian economy during the Balance of Payments crisis of 2011. Between May and October 2011, the government repeatedly devalued the Belarusian ruble and eventually abandoned its fixed exchange rate regime. Measures derived from black market transaction data have significant predictive power for these devaluations. The signi...
-
作者：Santos Silva, J. M. C.; Tenreyro, Silvana; Wei, Kehai
作者单位：University of Essex; Universidade de Lisboa; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：Understanding and quantifying the determinants of the number of sectors or firms exporting in a given country is of relevance for the assessment of trade policies. Estimation of models for the number of exporting sectors, however, poses a challenge because the dependent variable has both a lower and an upper bound, implying that the partial effects of the explanatory variables on the conditional mean of the dependent variable cannot be constant. We argue that ignoring these bounds can lead to ...
-
作者：Michaud, Amanda; Rothert, Jacek
作者单位：Indiana University System; Indiana University Bloomington; United States Department of Defense; United States Navy; United States Naval Academy
摘要：Chinese high growth has been accompanied by government restrictions on international borrowing (capital controls). In this paper, we ask: are such restrictions a useful policy tool to facilitate growth? We provide a theory of borrowing constraints on households as a tool to correct a learning-by-doing externality. Borrowing constraints operate as a policy tool through two channels: (i) increasing labor supply and (ii) reallocating labor towards traded goods. We find that welfare gains are clos...
-
作者：Tong, Hui; Wei, Shang-Jin
作者单位：International Monetary Fund; Asian Development Bank; Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：Trade globalization may affect corporate transparency via multiple channels, with potentially opposite signs. We aim to empirically disentangle these channels by tracking evolution of corporate transparency for 4061 listed firms in tradable sectors in 49 countries during 1992-2005. By using detailed tariff schedules, we measure changes in growth opportunities and product market competition enabled by foreign and domestic trade liberalizations, respectively. On the one hand, higher growth oppor...
-
作者：Bertoletti, Paolo; Epifani, Paolo
作者单位：University of Pavia; Bocconi University; Bocconi University; Bocconi University
摘要：We study the competitive and reallocation effects of trade opening in monopolistic competition. To this purpose, we generalize the Melitz (2003) setup with heterogeneous firms and fixed and variable trade costs beyond the CES to the case of additively separable utility functions. We find that extensive margin (Melitz-type selection) effects are robust to relaxing the CES assumption. Intensive margin effects (market share reallocations across inframarginal firms) and competitive (markup) effect...
-
作者：Kim, Sunghyun H.; Kose, M. Ayhan
作者单位：Sungkyunkwan University (SKKU); Suffolk University; International Monetary Fund
摘要：This paper studies the welfare implications of revenue-neutral trade liberalization and fiscal reform programs for developing economies using a multi-sector dynamic general equilibrium model of a small open economy. We analyze how different combinations of tariffs - on imported consumption goods, intermediate inputs, and capital goods - and taxes - on consumption, labor income and capital income - affect the transitional and long-run welfare. We report three main findings. First, trade liberal...
-
作者：Hevia, Constantino
作者单位：Universidad Torcuato Di Tella
摘要：Aggregate fluctuations in emerging countries are different from those in developed countries. Using data from Mexico and Canada, this paper decomposes these differences in terms of reduced form shocks that affect aggregate efficiency and distort the decisions of households about how much to invest, consume, and work in a standard model of a small open economy. The decomposition exercise suggests that most of these differences are explained by fluctuations in aggregate efficiency, distortions i...
-
作者：Campolmi, Alessia; Fadinger, Harald; Forlati, Chiara
作者单位：Central European University; University of Vienna; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne
摘要：We study trade policy in a two-sector Krugman (1980) trade model, allowing for wage, import and export subsidies/taxes. We study non-cooperative trade policies, first for each individual instrument and then for the situation where all instruments can be set simultaneously, and contrast those with the efficient allocation. We show that in this general context there are four motives for non-cooperative trade policies: the correction of monopolistic distortions; the terms-of-trade manipulation; t...
-
作者：Albertazzi, Ugo; Bottero, Margherita
作者单位：European Central Bank; Bank of Italy
摘要：We exploit highly disaggregated bank-firm data to investigate the dynamics of foreign vs domestic credit supply in Italy around the period of the Lehman collapse, which brought a sudden and unexpected deterioration of economic conditions and a sharp increase in credit risk. Taking advantage of the presence of multiple lending relationships to control for credit demand and risk at the individual-firm level, we show that foreign lenders restricted credit supply (to the same firm) more sharply th...
-
作者：Frankel, Jeffrey; Giavazzi, Francesco
