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作者：Lu, Jiangyong; Lu, Yi; Tao, Zhigang
作者单位：University of Hong Kong; Peking University; National University of Singapore
摘要：Firms have increasingly conducted different stages of production in different countries. In particular, they may set up operations in low-cost countries (those operations are referred to as foreign affiliates in those countries) either as platforms for export or serving the growing markets there. What is the exporting behavior of foreign affiliates? In this paper, using data from China, we find that among foreign affiliates exporters are less productive than non-exporters. We then offer a theo...
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作者：Harrigan, James
作者单位：University of Virginia
摘要：Airplanes are a fast but expensive means of shipping goods a fact which has implications for comparative advantage The paper develops a Ricardian model with a continuum of goods which vary by weight and hence transport cost Comparative advantage depends on relative air and surface transport costs across countries and goods as well as stochastic productivity A key testable implication is that the U S should Import heavier goods from nearby countries and lighter goods from faraway counties This ...
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作者：Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydro, Jose-Luis
作者单位：University of Houston System; University of Houston; Dartmouth College; European Central Bank
摘要：Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral banking linkages among twenty industrial countries in the past thirty years. We also construct a dataset that records the timing of legislative-regulatory harmonization policies in financial services across the European Union. We find that the euro's impact o...
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作者：Tille, Cedric; van Wincoop, Eric
作者单位：University of Virginia; National Bureau of Economic Research
摘要：The surge in international asset trade since the early 1990s has lead to renewed interest in models with international portfolio choice We develop the implications of portfolio choice for both gross and net international capital flows in the context of a simple two-country dynamic stochastic general equilibrium (DSGE) model. We focus on the time-variation in portfolio allocation following shocks, and resulting capital flows Endogenous time-variation in expected returns and risk, which are the ...
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作者：Cerra, Valerie; Saxena, Sweta Chaman
作者单位：International Monetary Fund
摘要：We revisit the dramatic failure of monetary models in explaining exchange rate movements. Using the information content from 98 countries, we find strong evidence for cointegration between nominal exchange rates and monetary fundamentals. We also find fundamentals-based models very successful in beating a random walk in out-of-sample prediction. (C) 2010 International Monetary Fund. Published by Elsevier B.V. All rights reserved.
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作者：Lane, Philip R.; Shambaugh, Jay C.
作者单位：Dartmouth College; Trinity College Dublin; National Bureau of Economic Research
摘要：A major focus of the recent literature on the determination of optimal portfolios in open-economy macroeconomic models has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there is little empirical evidence on the foreign currency exposures that are embedded in international balance sheets. Using a new database, we provide stylized facts concerning the cross-country and time-series variation in aggregate foreign curre...
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作者：Chor, Davin
作者单位：Singapore Management University
摘要：This paper develops an approach for quantifying the importance of different sources of comparative advantage by extending the Eaton and Kortum (2002) model to predict industry trade flows In this framework comparative advantage is determined by the interaction of country and industry characteristics with countries specializing in industries whose production needs they can best meet with their factor endowments and institutional strengths I estimate the model parameters using (i) OLS and (ii) a...
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作者：Mondria, Jordi; Wu, Thomas; Zhang, Yi
作者单位：University of California System; University of California Santa Cruz; University of Toronto; University of California System; University of California Santa Cruz
摘要：This paper explores the joint determination of home bias and attention allocation. We overcome the typical challenge associated with evaluating attention allocation theories by using a new internet search query dataset to measure how much information investors decide to process. Employing an instrumental variables approach, we find empirical evidence of a two-way causality between home bias and attention. Our estimates suggest that if all countries were to receive the same level of attention a...
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作者：Debaere, Peter; Mostashari, Shalah
作者单位：University of Virginia; Centre for Economic Policy Research - UK; Texas A&M University System; Texas A&M University College Station
摘要：With disaggregate tariff data we study the impact of changing tariffs on the range of goods countries export to the United States. Our probits with country and good effects show tariffs tend to have a statistically significant but small impact: at best 5% of the increasing extensive margin for 1989-1999 and 12% for 1996-2006 is explained by tariff reductions. This suggests the extensive margin has not amplified the impact of tariffs on trade flows to such an extent that the relatively moderate...
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作者：Crucini, Mario J.; Shintani, Mototsugu; Tsuruga, Takayuki
作者单位：Vanderbilt University; National Bureau of Economic Research; Kansai University
摘要：Volatile and persistent real exchange rates are observed not only in aggregate series but also in micro-price data at the retail level. Kehoe and Midrigan (2007) recently showed that, under a standard assumption on nominal price stickiness, empirical frequencies of micro price adjustment cannot replicate the time series properties of the Law of One Price (LOP) deviations. We extend their sticky price model by combining good-specific price adjustment with information stickiness in the sense of ...
