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作者：Shi, Kang; Xu, Juanyi
作者单位：Hong Kong University of Science & Technology; Chinese University of Hong Kong
摘要：This paper develops a small open economy general equilibrium model with nominal rigidities to study twin dollarization in East Asian economies, a phenomenon where firms borrow in US dollars and also set export prices in US dollars. In this model, we endogenize both the currency of liability denomination and the currency of export pricing. We show that a key factor that affects firms' dollarization decisions is exchange rate policy. Twin dollarization is an optimal strategy for all firms when e...
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作者：Egger, Peter; Eggert, Wolfgang; Winner, Hannes
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Nottingham; University of Paderborn; Salzburg University
摘要：This paper analyzes to which extent foreign plant ownership involves lower tax payments than domestic plant ownership. We assess hypotheses about the tax savings of endogenous foreign subsidiary ownership relative to domestic firms in a data-set of 507,542 foreign- and domestically-owned manufacturing plants in Europe. We identify a significant profit tax saving of endogenous foreign ownership in high-tax host countries. There is evidence of profit shifting which seems more pronounced than deb...
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作者：Justiniano, Alejandro; Preston, Bruce
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Columbia University; Australian National University
摘要：This paper demonstrates that an estimated, structural, small open-economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and implies that U.S. shocks account for less than 3% of the variability observed in several Canadian series, at all forecast horizons. Accordingly, model-implied cross-correlation functions between Canada a...
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作者：Olivero, Maria Pia
作者单位：Drexel University
摘要：By introducing an imperfectly competitive banking sector into a standard two-country, two-good RBC model with complete asset markets, we study the international transmission of aggregate TFP shocks in an environment with noncompetitive financial intermediation In this model, price-cost margins in a global loan market are endogenous and countercyclical As a result, a positive TIT shock in one country spills over to another through a reduction in the global cost of both credit and externally fin...
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作者：Hnatkovska, Viktoria
作者单位：University of British Columbia
摘要：Why do investors trade a lot in foreign assets and hold so little of them in their portfolios? This paper shows that both observations can arise naturally in the presence of nondiversifiable nontraded consumption risk when each country specializes in production, preferences exhibit consumption home bias, and asset markets are incomplete. Using a general equilibrium two-country, two-sector (tradable and nontradable) model of the world economy with production I show that low diversification occu...
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作者：Beshkar, Mostafa
作者单位：Yale University; University System Of New Hampshire; University of New Hampshire
摘要：I propose a framework within which to interpret and evaluate the major reforms introduced to the GATT system in its transition to the WTO. In particular, I examine the WTO Agreement on Safeguards that has amended the GATT escape clause (Article XIX), and the Dispute Settlement Body (DSB) that resembles a court of law under the WTO. Using this framework, I interpret the weakening of the reciprocity principle under the Agreement on Safeguards as an attempt to reduce efficiency-reducing trade ski...
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作者：Bouakez, Hafedh; Normandin, Michel
作者单位：Universite de Montreal; HEC Montreal
摘要：We study the effects of U.S. monetary policy shocks on the bilateral exchange rate between the U.S. and each of the G7 countries. We also estimate deviations from uncovered interest rate parity conditional on these shocks. The analysis is based on a structural vector autoregression in which monetary policy shocks are identified through the conditional heteroscedasticity of the structural disturbances. Unlike earlier work in this area, our empirical methodology avoids making arbitrary assumptio...
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作者：Falvey, Rod; Greenaway, David; Silva, Joana
作者单位：University of Nottingham; University of Nottingham; Bond University; Bond University; The World Bank
摘要：This paper highlights the way in which workers of different ages and abilities are affected by anticipated and unanticipated trade liberalisations. A two-factor (skilled and unskilled labour), two-sector Heckscher-Ohlin trade model is supplemented with an education sector which uses skilled labour and time to convert unskilled workers into skilled workers. A skilled worker's income depends on her ability, but all unskilled workers have the same income. Trade liberalisation in a relatively skil...
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作者：Blonigen, Bruce A.; Wilson, Wesley W.
作者单位：University of Oregon; National Bureau of Economic Research
摘要：The US. steel industry has long held that foreign subsidization and excess capacity has led to its long-run demise, yet no one has formally examined this hypothesis. In this paper, we incorporate foreign subsidization considerations into a model based on Staiger and Wolak's (1992) cyclical dumping framework and illustrate testable implications of both cyclical excess capacity and structural excess capacity stemming from foreign subsidization We then use detailed product- and foreign country-le...
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作者：Haufler, Andreas; Wooton, Ian
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Strathclyde
摘要：We set up a model of generalised oligopoly where two countries of different size compete for an exogenous, but variable. number of identical firms. The model combines a desire by national governments to attract internationally mobile firms with the existence of location rents that arise even in a symmetric equilibrium where firms are dispersed As economic integration proceeds. equilibrium taxes initially decline, but then rise again as trade costs fall even further A range of trade costs is id...
