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作者：Christiansen, Lone; Schindler, Martin; Tressel, Thierry
作者单位：International Monetary Fund
摘要：This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Domestic financial reforms and trade reforms are robustly associated with economic growth, but only in middle-income countries. In contrast, there is no evidence of a systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on e...
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作者：Harris, Richard G.; Robertson, Peter E.
作者单位：Simon Fraser University; University of Western Australia
摘要：Concerns over rising inequality have threatened to slow the process of trade liberalization in emerging economies, such as China and India. But even if trade liberalization raises inequality, these effects may be short lived and associated with important dynamic effects such as capital and skill accumulation. Using a simple dynamic open economy model we show that trade liberalization can induce substantial human capital accumulation, and that the transition path for the skill premium can be no...
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作者：Novy, Dennis
作者单位：University of Warwick
摘要：This paper derives a micro-founded gravity equation based on a translog demand system that allows for flexible substitution patterns across goods. In contrast to the standard CES-based gravity equation, translog gravity generates an endogenous trade cost elasticity. Trade is more sensitive to trade costs if the exporting country only provides a small share of the destination country's imports. As a result, trade costs have a heterogeneous impact across country pairs, with some trade flows pred...
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作者：Hallak, Juan Carlos; Sivadasan, Jagadeesh
作者单位：Universidad de San Andres Argentina; Consejo Nacional de Investigaciones Cientificas y Tecnicas (CONICET); University of Michigan System; University of Michigan
摘要：We develop a model of international trade with two dimensions of firm heterogeneity. The first dimension is process productivity, which is how we denote the standard concept of productivity as modeled in the literature. The second one is product productivity, defined as firms' ability to develop high-quality products spending small fixed outlays. The distinction between these two sources of productivity, together with the assumption that iceberg trade costs decrease with quality, delivers vari...
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作者：Guerron-Quintana, Pablo A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Using an estimated dynamic stochastic general equilibrium model, I show that shocks to a common international stochastic trend explain on average about 10% of the variability of output in several small developed economies. These shocks explain roughly twice as much of the volatility of consumption growth as the volatility of output growth. When the model is expanded to include a common stationary productivity shock, the model attributes around 23% of the variability of output to those internat...
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作者：Regolo, Julie
作者单位：University of Geneva
摘要：This paper studies how a country's export diversification varies across destination markets. It develops an extension of the Romalis (2004) model which yields two testable predictions. According to the first, exports between similarly endowed countries (South-South and North-North) are more diversified than exports between differently endowed countries (South-North and North-South). The second implication is that, for given countries' production patterns, low bilateral trade costs lead to grea...
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作者：Dahlquist, Magnus; Hasseltoft, Henrik
作者单位：Stockholm School of Economics; University of Zurich; Swiss Finance Institute (SFI)
摘要：We find evidence for time-varying risk premia across international bond markets. Local and global factors jointly predict returns. The global factor is closely linked to US bond risk premia and international business cycles. Movements in the global factor seem to drive risk premia and expected short-term interest rates in opposite directions. We consider an affine term-structure model in which risk premia are driven by one local and one global factor. Shocks to these factors account for only a...
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作者：Markusen, James R.
作者单位：University of Colorado System; University of Colorado Boulder; University College Dublin
摘要：The basic gains-from-trade theorem makes a stark comparison between completely free trade and complete autarky. This paper is motivated by recent evidence that trade has greatly expanded on the extensive margin (aka fragmentation, vertical specialization, offshoring) by adding newly traded goods and services and that much of this new trade is in intermediates. I provide an extension of existing gains-from-trade results by allowing trade in an added set of final and/or intermediate goods. As se...
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作者：Ranjan, Priya
作者单位：University of California System; University of California Irvine
摘要：It is shown that when wages are determined through collective bargaining, there is a non-monotonic relationship between the cost of offshoring and unemployment. Starting from a high cost of offshoring, a decrease in the cost of offshoring reduces unemployment first and then increases it. The non-monotonicity of unemployment in the cost of offshoring does not obtain if wages are determined by individual Nash bargaining instead of collective bargaining. The non-monotonic relationship between the...
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作者：Hu, Yunfang; Mino, Kazuo
作者单位：Tohoku University; Kyoto University
摘要：This paper constructs a dynamic two-country model with country-specific production externalities and inspects the presence of equilibrium indeterminacy under alternative trade structures. It is shown that the presence of belief-driven economic fluctuations caused by equilibrium indeterminacy is closely related to the specified trade structure. If investment goods are not internationally traded and international lending and borrowing are allowed, then indeterminacy arises in a wider set of para...
