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作者：Akram, Q. Farooq; Rime, Dagfinn; Sarno, Lucio
作者单位：Norges Bank; Norwegian University of Science & Technology (NTNU); University of Warwick; AXA Group; Centre for Economic Policy Research - UK; University of Warwick
摘要：This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency. The analysis unveils that: i) short-lived violations of CIP arise; ii) the size of CIP violations can be economically ...
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作者：Bonfiglioli, Alessandra
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：Understanding the mechanism through which financial globalization affects economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of economic performance: productivity (TFP) and investment. I provide empirical evidence from a sample of 70 countries observed between 1975 and 1999. The results for both de jure and de facto indicators suggest...
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作者：Jones, Ronald W.; Ruffin, Roy J.
作者单位：University of Houston System; University of Houston; University of Rochester
摘要：This paper examines whether a country that enjoys a superior technology in all commodities in a two-country, multi-commodity Ricardian setting could actually gain if its technology in which it possesses its greatest comparative advantage is stolen or transferred to the other country without any compensation. Such a paradoxical possibility is shown always to exist with a finite number of commodities and equal-shared Cobb-Douglas demand conditions for certain ranges of relative country size. (C)...
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作者：Craine, Roger; Martin, Vance L.
作者单位：University of California System; University of California Berkeley; University of Melbourne
摘要：This is the first paper to examine international monetary surprise spillovers and to estimate the response of security prices to monetary and nonmonetary surprises. Monetary surprises have a slope effect on the domestic yield curve-short maturity yields adjust much more than longer maturity yields. These results are similar to other studies. The following results are new. US monetary surprises spill over and affect Australian yields and equity returns. Australian monetary surprises do not spil...
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作者：Martin, Alberto; Vergote, Wouter
作者单位：Pompeu Fabra University; Universite Catholique Louvain
摘要：This paper analyzes the role of retaliation in trade agreements. It shows that, in the presence of private information, retaliation can always be used to increase the welfare derived from such agreements by the participating governments. In particular, it is shown that retaliation is a necessary feature of any efficient equilibrium. We argue that retaliation would not be necessary if governments could resort to international transfers or export subsidies to compensate for terms-of-trade extern...
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作者：Davidson, Carl; Matusz, Steven J.; Shevchenko, Andrei
作者单位：Michigan State University; University of Nottingham
摘要：in a model with search generated unemployment and heterogeneity on both sides of the labor market, exporting firms are bigger and pay higher wages than other firms. Moreover, there is imperfect persistence in the decision to export and liberalization increases the wage gap between high- and low-skill workers. Openness can increase aggregate productivity in export-oriented markets while generating within-firm productivity losses for the weakest firms. In contrast, openness can lead to within-fi...
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作者：Yeaple, Stephen Ross
作者单位：University of Colorado System; University of Colorado Boulder
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作者：Creane, Anthony; Miyagiwa, Kaz
作者单位：Emory University; Michigan State University; University of Osaka
摘要：We relax the standard assumption in the strategic trade policy literature that governments possess complete information about the economy. Assuming instead that governments must obtain information from firms, we examine firms' incentive to disclose information to the governments in the Brander-Spencer setting. With quantity competition, we find firms disclosing both demand and cost information, thereby justifying the literature's omniscient-govemment assumption. With price competition, however...
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作者：Basile, Roberto; Castellani, Davide; Zanfei, Antonello
作者单位：University of Perugia; University of Urbino
摘要：Using data on 5509 foreign subsidiaries established in 50 regions of 8 EU countries over the period 1991-1999, we estimate a mixed logit model of the location choice of multinational firms in Europe. In particular, vie focus on the role of EU Cohesion Policy in attracting foreign investors from both within and outside Europe. We find that, after controlling for the role of agglomeration economies as well as a number of other regional and country characteristics and allowing, for a very flexibl...
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作者：Feenstra, Robert; Kee, Hiau Looi
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; The World Bank
摘要：This paper provides evidence on the monopolistic competition model with heterogeneous firms and endogenous productivity. We show that this model has a well-defined GDP function where relative export variety enters positively, and estimate this function over 48 countries from 1980 to 2000. Average export variety to the United States increases by 3.3% per year, so it nearly doubles over these two decades. The total increase in export variety is associated with a 3.3% average productivity improve...
