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作者：Ait-Sahalia, Yacine; Andritzky, Jochen; Jobst, Andreas; Nowak, Sylwia; Tamirisa, Natalia
作者单位：International Monetary Fund; Princeton University
摘要：This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan on interbank credit and liquidity risk premia during the recent crisis. Overall, policy interventions were associated with a reduction in interbank risk premia, most significantly for recapitalization programs. By contrast, decisions to bail out individual banks in an ad hoc manner or let them fail were accompanied by a significant rise in...
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作者：Bridgman, Benjamin
摘要：Manufacturing and vertical specialization (VS) trade, trade in goods that incorporate imported inputs, have grown rapidly since the 1960s. I argue that declining trade costs are an important explanation for these facts. I present a three stage vertical specialization trade model, with raw materials, manufactured parts and final goods sectors. In the simulated model, falling trade costs explain much of the observed growth in overall and VS trade. Manufacturing trade grows twice as fast as overa...
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作者：Vannoorenberghe, G.
作者单位：Tilburg University
摘要：This paper shows that the share of exports in the total sales of a firm has a positive and substantial impact on the volatility of its sales. Decomposing the volatility of sales of exporters between their domestic and export markets, I show using an identification strategy based on a firm-specific geographical instrument that firms with a larger export share have more volatile domestic sales and less volatile exports. These empirical patterns can be explained using a model in which firms face ...
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作者：Kim, Woochan; Sung, Taeyoon; Wei, Shang-Jin
作者单位：Columbia University; KDI School of Public Policy & Management; Yonsei University; National Bureau of Economic Research
摘要：Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and is prevalent in many emerging market economies and present in some developed countries. At the same time, international investors come from different countries whose home markets are characterized by varying degrees of control-ownership disparity. This paper studies whether this difference in investors' home countries affects their portfolio choice in an emerging market. It co...
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作者：Pica, Giovanni; Mora, Jose V. Rodriguez
作者单位：University of Edinburgh; University of Salerno
摘要：We study the distributional effects of globalization within a model of heterogeneous agents where both managerial talent and knowledge of the local economic environment are required in order to become a successful entrepreneur. Agents willing to set up a firm abroad incur a learning cost that depends on how different the foreign and domestic entrepreneurial environments are. In this context, we show that globalization fosters FDI and raises wages, output and productivity. However, not everybod...
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作者：Davis, J. Scott; Huang, Kevin X. D.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Vanderbilt University
摘要：The aggregate impact of decisions made at the level of the individual firm has recently attracted a lot of attention in both the macro and trade literatures. We adapt the benchmark international real business cycle model to a game-theoretic environment to add a channel for the strategic interaction among domestic and foreign firms. We show how the sum of strategic pricing decisions made at the level of the individual firm can have significant effects on the volatility and cross country co-move...
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作者：Havranek, Tomas; Irsova, Zuzana
作者单位：Czech National Bank; Charles University Prague
摘要：In the last decade, more than 100 researchers have examined productivity spillovers from foreign affiliates to local firms in upstream or downstream sectors. Yet results vary broadly across methods and countries. To examine these vertical spillovers in a systematic way, we collected 3626 estimates of spillovers and reviewed the literature quantitatively. Our meta-analysis indicates that model misspecifications reduce the reported estimates and journals select relatively large estimates for pub...
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作者：di Giovanni, Julian; Levchenko, Andrei A.; Ranciere, Romain
作者单位：University of Michigan System; University of Michigan; International Monetary Fund; National Bureau of Economic Research; Paris School of Economics; Centre for Economic Policy Research - UK
摘要：Existing estimates of power laws in firm size typically ignore the impact of international trade. Using a simple theoretical framework, we show that international trade systematically affects the distribution of firm size: the power law exponent among exporting firms should be strictly lower in absolute value than the power law exponent among non-exporting firms. We use a dataset of French firms to demonstrate that this prediction is strongly supported by the data, both for the economy as a wh...
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作者：Asiedu, Elizabeth; Lien, Donald
作者单位：University of Kansas; University of Texas System; University of Texas at San Antonio
摘要：Empirical studies that examine the impact of democracy on foreign direct investment (FDI) assume that the relationship between democracy and FDI is the same for resource exporting and non-resource exporting countries. This paper examines whether natural resources in host countries alter this relationship. We estimate a linear dynamic panel-data model using data from 112 developing countries over the period 1982-2007. We find that democracy promotes FDI if and only if the value of the share of ...
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作者：Ederington, Josh; McCalman, Phillip
作者单位：University of Kentucky; University of California System; University of California Santa Cruz; University of Melbourne
摘要：A perennial case for industrial policy is based on the protection of young or emerging industries. Despite a natural association with concepts of life cycles, industrial policy has not been analyzed in the context of an industry life-cycle model. In particular, an important life-cycle characteristic, the potential for very large changes in the rate of net entry, is ignored. In this paper, we demonstrate how the impact of industrial policy depends critically on the entry and exit dynamics withi...
