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作者：Breinlich, Holger
作者单位：University of Essex; University of Essex; Centre for Economic Policy Research - UK
摘要：This paper presents novel empirical evidence on key predictions of heterogeneous firm models by examining stock market reactions to the Canada-United States Free Trade Agreement of 1989 (CUSFTA). I derive testable predictions fora class of models based on Melitz (2003). Using the uncertainty surrounding CUSFTA's ratification, I show that the pattern of abnormal returns of Canadian manufacturing firms was strongly consistent with predictions related to export (U.S.) tariff reductions, but less ...
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作者：Rodrigue, Joel; Soumonni, Omolola
作者单位：Vanderbilt University
摘要：This paper presents a dynamic, heterogeneous firm model of investment in environmental abatement and exporting. The model highlights the interaction between firms' environmental investment and export decisions on the evolution of productivity and export demand in timber manufacturing industries. The model is structurally estimated using Indonesian timber manufacturing data that captures firm-level variation in environmental investment and export behavior. The results suggest that environmental...
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作者：Zhang, Cathy
作者单位：Purdue University System; Purdue University
摘要：This paper develops an information-based theory of international currency based on search frictions, private trading histories, and imperfect recognizability of assets. Using an open-economy search model with multiple competing currencies, the value of each currency is determined without requiring agents to use a particular currency to purchase a country's goods. Strategic complementarities in portfolio choices and information acquisition decisions generate multiple equilibria with different t...
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作者：Evans, Martin D. D.
作者单位：Georgetown University
摘要：This paper studies the process of external adjustment. I develop an open economy model with endowment and preference shocks that can account for the empirical behavior of real exchange rates, interest rates and consumption in the U.S. and Europe. The model includes cross border holdings of bonds and equity, and financial frictions that impede international risk-sharing. I find that external adjustment following endowment shocks predominantly takes place via trade flows, consistent with the int...
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作者：Ju, Jiandong; Shi, Kang; Wei, Shang-Jin
作者单位：Tsinghua University; University of Oklahoma System; University of Oklahoma - Norman; Chinese University of Hong Kong; Columbia University; National Bureau of Economic Research
摘要：This paper develops a new theory of international economics by introducing Heckscher-Ohlin features of intra-temporal trade into an intertemporal trade approach of current account. To do so, we consider a dynamic general equilibrium model with tradable sectors of different factor intensities, which allows for substitution between intertemporal trade (current account adjustment) and intra-temporal trade (goods trade). An economy's response to a shock generally involves a combination of a change...
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作者：Ketterer, Tobias D.; Bernhofen, Daniel; Milner, Chris
作者单位：University of London; London School Economics & Political Science; American University; University of Nottingham
摘要：If a free trade agreement (ETA) is characterized by the exchange of market access with a large and competitive trading partner, the agreement can cause a leakage of protectionist benefits to domestic industry from lobbying against external tariff cuts. This rent destruction effect of an ETA can free policy makers to be more aggressive in multilateral tariff cuts. We argue that the Canadian-US free trade agreement (CUSFTA) provides an ideal policy experiment to link this mechanism to the data. ...
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作者：Bergstrand, Jeffrey H.; Egger, Peter
作者单位：University of Notre Dame; University of Notre Dame; University of Notre Dame; Leibniz Association; Ifo Institut; Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Nottingham; University of Oxford
摘要：Similar to bilateral or regional preferential trade agreements (PTAs), bilateral investment treaties (BITs) have proliferated over the past 50 years. The purpose of this study is to provide the first systematic empirical analysis of the economic determinants of BITs and of the likelihood of BITs between pairs of countries using a qualitative choice model, in a manner consistent with explaining PTAs. We develop the econometric specification for explaining the two based upon a general equilibriu...
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作者：Basco, Sergi; Mestieri, Marti
作者单位：Universidad Carlos III de Madrid; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We develop a model for analyzing the distributional effects of two globalizations and their interdependence. We distinguish between two trade cost reductions, (i) trade liberalizations in the 1980s, which increased trade in low-skill-intensive goods (denoted L-globalization) and (ii) reductions in communication costs due to the IT revolution, which raised trade in middle-skill-intensive goods during the 19905 (denoted C-globalization). We consider a North-south trade economy in which the North...
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作者：Benhima, Kenza
作者单位：University of Lausanne
摘要：Paradoxically, high-growth, high-investment developing countries tend to experience capital outflows. This paper shows that this allocation puzzle can be explained simply by introducing uninsurable idiosyncratic investment risk in the neoclassical growth model with international trade in bonds, and by taking into account not only TFP catch-up, but also the capital wedge, that is, the distortions on the return to capital. The model fits the two following facts, documented on a sample of 67 coun...
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作者：Benigno, Gianluca; Chen, Huigang; Otrok, Christopher; Rebucci, Alessandro; Young, Eric R.
作者单位：University of London; London School Economics & Political Science; University of Missouri System; University of Missouri Columbia; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Virginia
摘要：In this paper we study a two-sector production small open economy subject to a collateral constraint in which a financial crisis can arise endogenously and alternate with normal time periods. In this class of models, the scope for policy intervention arises because individual agents do not internalize the effects of their action on a key market price that enters the collateral constraint (i.e. there is a pecuniary externality). Our main result is that the interaction between agents' behavior i...
