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作者：Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.
作者单位：Brown University; National Bureau of Economic Research; The World Bank
摘要：This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major Patterns stand out. (1) A large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the cross-firm heterogeneity in financial globalization. (2) Chan...
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作者：Evans, Martin D. D.
作者单位：Georgetown University; Georgetown University; National Bureau of Economic Research
摘要：The aim of this paper is to establish the link between the high frequency dynamics of spot exchange rates and developments in the macroeconomy. To do so, I first present a theoretical model of exchange-rate determination that bridges the gap between existing microstructure and traditional models. The model examines how dispersed microeconomic information known to individual agents outside the foreign exchange market is aggregated and transmitted to dealers via transaction flows (i.e., order Ho...
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作者：Blonigen, Bruce A.; Soderbery, Anson
作者单位：University of Oregon; University of Oregon; National Bureau of Economic Research; University of California System; University of California Davis
摘要：Recent studies have used import data to assess the Impact of foreign varieties on domestic prices and welfare We employ a market based data set on the US automobile market that allows us to define goods varieties at a more precise level as well as discern location of production and ownership of varieties Our estimates of price and welfare changes from new varieties in the US automobile sector are twice as large as standard estimates when using our detailed market-based data We also show that n...
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作者：Moser, Christoph; Urban, Dieter; di Mauro, Beatrice Weder
作者单位：Johannes Gutenberg University of Mainz; Swiss Federal Institutes of Technology Domain; ETH Zurich; RWTH Aachen University; Leibniz Association; Ifo Institut
摘要：This study investigates the impact of international competitiveness on net employment, job creation, job destruction, and gross job flows for a representative sample of German establishments from 1993 to 2005 We find a statistically significant but economically small effect of real exchange rate shocks on employment, comparable to the one found in studies for the United States However, contrary to the United States, the employment adjustment (among surviving firms) operates mainly through the ...
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作者：Pavlova, Anna; Rigobon, Roberto
作者单位：Centre for Economic Policy Research - UK; University of London; London Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Recent literature has argued that conventional measures of external sustainability - the trade balance and current account - are misleading because they omit capital gains on net foreign asset positions. We adjust the definition of the current account to include the capital gains and discuss how this may affect our thinking about external adjustment and sustainability. We do so in the context of a two-country macro-finance model of Pavlova and Rigobon (2008a) that allows exploration of the int...
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作者：Coeurdacier, Nicolas; Kollmann, Robert; Martin, Philippe
作者单位：Universite Libre de Bruxelles; University of London; London Business School; Universite Paris-Est-Creteil-Val-de-Marne (UPEC); Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK
摘要：Despite the liberalization of capital flows among OECD countries, equity home bias remains sizable. We depart from the two familiar explanations of equity home bias: transaction costs that impede international diversification, and terms of trade responses to supply shocks that provide risk sharing, so that there is little incentive to hold diversified portfolios. We show that the interaction of the following ingredients generates a realistic equity home bias: capital accumulation and internati...
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作者：Ishikawa, Jota; Morita, Hodaka; Mukunoki, Hiroshi
作者单位：Hitotsubashi University; University of New South Wales Sydney; Gakushuin University
摘要：Post-production services, such as sales, distribution, and maintenance, comprise a crucial element of business activity. We explore an international duopoly model in which a foreign firm has the option of outsourcing post-production services to its domestic rival or providing those services by establishing its own facilities through FDI. We demonstrate that trade liberalization in goods may hurt domestic consumers and lower world welfare, and that the negative welfare impacts are turned into p...
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作者：Foellmi, Reto; Oechslin, Manuel
作者单位：University of Bern; Tilburg University
摘要：Globalization increasingly involves less-developed countries (LDCs), i.e., economies which usually suffer from severe imperfections in their financial systems. Taking these imperfections seriously, we analyze how credit frictions affect the distributive impact of trade liberalizations. We find that free trade significantly widens income differences among firm owners in LDCs: While wealthy entrepreneurs are better off, relatively poor business people lose. Intuitively, with integrated markets, ...
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作者：Senses, Mine Zeynep
作者单位：Johns Hopkins University
摘要：In this paper, I use detailed plant-level data to analyze the relationship between offshoring and labor demand elasticities in the U.S. manufacturing sector during the 1972-2001 period. The results suggest that conditional demand elasticities for production workers are positively associated with increased exposure to offshoring both in the short-run and in the long-run. This relationship holds both for the unbalanced panel of plants and, for plants which continue their operations throughout th...
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作者：Opp, Marcus M.
作者单位：University of California System; University of California Berkeley
摘要：This paper describes strategic tariff choices within the Ricardian framework of Dornbusch, Fischer, and Samuelson (1977) using CES preferences The optimum tariff schedule is uniform across goods and inversely related to the import demand elasticity of the other country In the Nash equilibrium of tariffs, larger economies apply higher tariff rates Productivity adjusted relative size (approximate to GDP ratio) is a sufficient statistic for absolute productivity advantage and the size of the labo...
