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作者：Davis, Donald R.
作者单位：Columbia University
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作者：Curcuru, Stephanie E.; Dvorak, Tomas; Warnock, Francis E.
作者单位：University of Virginia; Federal Reserve System - USA; Union College; Trinity College Dublin; Federal Reserve System - USA; Federal Reserve Bank - Dallas; National Bureau of Economic Research
摘要：We decompose the returns differential between U.S. portfolio claims and liabilities into the composition, return, and timing effects. Our most striking and robust finding is that foreigners exhibit poor timing when reallocating between bonds and equities within their U.S. portfolios. The poor timing of foreign investors-caused primarily by deliberate trading, not a lack of portfolio rebalancing-contributes positively to the U.S. external returns differential. We find no evidence that the poor ...
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作者：Yue, Vivian Z.
作者单位：New York University
摘要：This paper develops a small open economy model to study sovereign default and debt renegotiation for emerging economies The model features both endogenous default and endogenous debt recovery rates Sovereign bonds are priced to compensate creditors for the risk of default and the risk of debt restructuring The model captures the interaction between sovereign default and ex post debt renegotiation We find that both debt recovery rates and sovereign bond prices decrease with the level of debt In...
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作者：Head, Keith; Mayer, Thierry; Ries, John
作者单位：University of British Columbia
摘要：Most independent nations today were part of empires in 1945. Using bilateral trade data from 1948 to 2006, we examine the effect of independence on post-colonial trade. While there is little short-run effect on trade, after four decades trade with the metropole (colonizer) has contracted by about 65%. Hostile separations lead to large, immediate reductions in trade. We also find that trade between former colonies of the same empire erodes as much as trade with the metropole, whereas trade with...
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作者：Melvin, Michael; Menkhoff, Lukas; Schmeling, Maik
作者单位：Barclays; Leibniz University Hannover
摘要：This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank's target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our sample that intervention increases exchange rate volatility (and spread) for the next minutes but that intervention days show a lower degree of volatility (and spread) than non-intervention days. We also sho...
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作者：Choi, Yo Chul; Hummels, David; Xiang, Chong
作者单位：Purdue University System; Purdue University; Bank of Korea
摘要：We examine a generalized version of Flam and Helpman [Flam, H., Helpman, E., 1987. Vertical Product Differentiation and North-South Trade. American Economic Review, 77, 810-822.] in which consumption pi ices for quality differentiated goods are rising in household income. We provide propositions for aggregating this relationship across heterogenous households to map cross-country differences in income distributions to cross-country differences in import price distributions. The theoretical pre...
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作者：Krishna, Kala
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
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作者：Iranzo, Susana; Peri, Giovanni
作者单位：University of California System; University of California Davis; Universitat Rovira i Virgili; Leibniz Association; Ifo Institut; National Bureau of Economic Research
摘要：The remarkable increase in trade flows and in migratory flows of highly educated people are two important features of globalization of the last decades. This paper extends a two-country model of inter- and intra-industry trade to a rich environment featuring technological differences, skill differences and the possibility of international labor mobility. The model is used to explain the patterns of trade and migration as countries remove barriers to trade and to labor mobility. We parameterize...
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作者：Ludema, Rodney D.; Mayda, Anna Maria
作者单位：Georgetown University; Georgetown University
摘要：The Most-Favored Nation (MFN) clause has long been suspected of creating a free rider problem in multilateral trade negotiations. To address this issue, we model multilateral negotiations as a mechanism design problem with voluntary participation. We show that an optimal mechanism induces only the largest exporters to participate in negotiations over any product, thus providing a rationalization for the Principal supplier rule. We also show that, through this channel, equilibrium tariffs vary ...
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作者：Chen, Natalie; Imbs, Jean; Scott, Andrew
作者单位：University of London; London Business School
摘要：We estimate a version of the Melitz and Ottaviano [Melitz, Marc J. and Ottaviano, Giannnarco I.P., 2008, Market size, trade, and productivity, Review of Economic Studies 75(l), pp. 295-316.] model of international trade with firm heterogeneity. The model is constructed to yield testable implications for the dynamics of prices, productivity and markups as functions of openness to trade at a sectoral level. The theory lends itself naturally to a difference in differences estimation, with interna...
