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作者：Trefler, Daniel; Zhu, Susan Chun
作者单位：University of Toronto; University of Toronto; Canadian Institute for Advanced Research (CIFAR); National Bureau of Economic Research; Michigan State University
摘要：The last decade witnessed an explosion of research Into the Impact of international technology differences on the factor content of trade Yet the literature has failed to confront two pivotal issues First with international technology differences and traded intermediate inputs there is no existing definition of the factor content of trade that is compatible with Vanek s factor content prediction We fill this gap Second as Helpman and Krugman (1985) showed many models beyond Heckscher-Ohlin imp...
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作者：Kesternich, Iris; Schnitzer, Monika
作者单位：University of Munich
摘要：This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk We focus on two choice variables the leverage and the ownership structure of the foreign affiliate and we distinguish different types of political risk such as expropriation unreliable intellectual property rights and confiscatory taxation In our theoretical analysis we find that as political risk increases the ownership share tends to decrease whereas leverage...
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作者：Morrow, Peter M.
作者单位：University of Toronto
摘要：This paper derives and estimates a unified and tractable model of comparative advantage due to differences in both factor abundance and relative productivity differences across industries It derives conditions under which ignoring one force for comparative advantage biases empirical tests of the other I emphasize two empirical results First factor abundance- and relative productivity-based models each possesses explanatory power when nesting the other as an alternate hypothesis Second producti...
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作者：Rime, Dagfinn; Sarno, Lucio; Sojli, Elvira
作者单位：City St Georges, University of London; Norges Bank; Norwegian University of Science & Technology (NTNU); Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：This paper adds to the research efforts that aim to bridge the divide between macro and micro approaches to exchange rate economics by examining the linkages between exchange rate movements, order flow and expectations of macroeconomic variables. The basic hypothesis tested is that if order flow reflects heterogeneous expectations about macroeconomic fundamentals, and currency markets learn about the state of the economy gradually, then order flow can have both explanatory and forecasting powe...
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作者：Johannesen, Niels
作者单位：University of Copenhagen
摘要：We present a model of tax competition for real investment and profits and show that the presence of tax havens in some cases increases the tax revenue of countries. In the first part of the paper, we argue that tax competition for profits is likely to be imperfect in the sense that the jurisdiction with the lowest tax rate does not necessarily attract all shifted profits. Under this assumption, tax competition between a large number of identical countries may lead to either a symmetric equilib...
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作者：Blanchard, Emily J.
作者单位：University of Virginia
摘要：International ownership alters the role of multilateral trade institutions by redefining pecuniary externalities among countries. Regardless of the underlying cause - whether foreign direct investment, international portfolio diversification, cross-country mergers, or multinational firms - international ownership can mitigate incentives that lead large countries to set inefficiently high tariffs. At the same time, however, foreign ownership introduces the potential for expropriation by investm...
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作者：Saggi, Kamal; Yildiz, Halis Murat
作者单位：Southern Methodist University; Toronto Metropolitan University
摘要：We develop an equilibrium theory of trade agreements in which both the degree and the nature (bilateral or multilateral) of trade liberalization are endogenously determined. To determine whether and how bilateralism matters, we also analyze a scenario where countries pursue trade liberalization on only a multilateral basis. We find that when countries have asymmetric endowments or when governments value producer interests more than tariff revenue and consumer surplus, there exist circumstances...
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作者：Chen, Maggie Xiaoyang; Moore, Michael O.
作者单位：George Washington University
摘要：We examine how multinational firms with heterogeneous total factor productivity (TFP) self-select Into different host countries Both aggregate- and firm-level estimates suggest that more productive French firms are more likely than their less efficient competitors to invest in relatively tough host countries Countries with a smaller market potential, higher fixed costs of investment or lower import tariffs tend to have higher cutoff productivities and attract a greater proportion of productive...
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作者：Spulber, Daniel F.
作者单位：Northwestern University
摘要：I present a comprehensive model of international trade in technology that considers both the demand for inventions and the supply of inventions On the demand side, domestic and foreign firms make strategic technology adoption decisions On the supply side, inventors compete to sell licenses for their technology to domestic and foreign firms. Countries benefit from international trade in technology because they obtain the best invention from a larger pool of inventions. International trade in te...
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作者：Ng, Eric C. Y.
摘要：International trade increasingly involves trade in goods being produced in fragmentation arrangements across countries, with each country specializing in different stages of a production sequence. This paper examines empirically whether pairs of countries with more bilateral production fragmentation arrangements tend to have more correlated business cycles. Using cross-country data from 30 countries, we find that bilateral production fragmentation has a positive effect while the standard bilat...
