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作者：Besedes, Tibor; Chu, Jing; Murshid, Antu Panini
作者单位：University System of Georgia; Georgia Institute of Technology; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：We exploit exogenous shocks to flight distances over time to estimate the distance effect in airborne trade within panel regressions. We find a negative distance effect, which we interpret as evidence of a link between transportation costs and airborne trade. Notably, this relationship is driven almost entirely by changes at the extensive margin. Specifically, trade in HS 6 product categories with intermittent trading histories becomes dormant when flight distances increase. Conversely, the in...
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作者：Ding, Haoyuan; Lin, Shu; Wu, Shujie; Ye, Haichun
作者单位：Shanghai University of Finance & Economics; Chinese University of Hong Kong; Zhejiang University; The Chinese University of Hong Kong, Shenzhen
摘要：We study the financial spillovers of Foreign Direct Investment (FDI) to local suppliers through a trade credit channel and a bank loan channel. Using rich Chinese firm-level data, we provide robust evidence that a high concentration of FDI in downstream industries substantially reduces domestic suppliers' trade credit provision and improves their access to bank loans, especially unsecured loans. A variety of empirical strategies suggest that the effects are causal. Furthermore, the beneficial ...
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作者：Choi, Jaerim; Hyun, Jay; Park, Ziho
作者单位：Yonsei University; Universite de Montreal; HEC Montreal; National Taiwan University; Universite de Montreal; HEC Montreal; Yonsei University; National Taiwan University
摘要：This paper shows that the ancestry composition shaped by century-long immigration to the US can explain the current structure of global supply chains. Using an instrumental variable strategy combined with a novel dataset that links firm-to-firm global supply chains with their location information and historical migration data, we find that the co-ethnic networks have a positive causal impact on global supply chain relationships between foreign countries and US counties. The positive impact not...
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作者：Berthou, Antoine; Stumpner, Sebastian
作者单位：European Central Bank; Bank of France
摘要：To curb the effect of the Covid-19 pandemic on public health, many countries around the world introduced lockdown policies in 2020. This paper estimates the effect of these lockdowns on international trade flows using a rich dataset of monthly bilateral trade flows covering over 80% of world trade. We first document that both exporter and importer lockdowns significantly reduced trade flows, that this effect differed substantially across sectors, and has been declining over time. We then decom...
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作者：Lloyd, Simon P.; Marin, Emile A.
作者单位：Bank of England; University of California System; University of California Davis
摘要：How does optimal capital-flow management change with prevailing trade policies? We study the joint optimal determination of capital controls and trade tariffs in a two-country, two-good model with trade in goods and assets. Because countries are large in both markets, a countryplanner can achieve higher domestic welfare by departing from free trade in addition to levying capital controls, despite the cooperative optimal allocation being efficient. However, time variation in the optimal tariff ...
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作者：Crowley, Meredith A.; Han, Lu; Prayer, Thomas
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; Bank of Canada; University of London; London School Economics & Political Science
摘要：How does trade policy affect competition? Using the universe of product exports by firms from eleven low and middle income countries, we document that tariff reductions under trade agreements have strong pro-competitive effects - they encourage entry and reduce the (tariff exclusive) price-cost markups of exporters. This finding, that markups fall with tariff cuts, contradicts a core prediction of standard oligopolistic competition models of trade. We extend a workhorse international pricing m...
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作者：Caliendo, Lorenzo; Feenstra, Robert C.
作者单位：Yale University; National Bureau of Economic Research; University of California System; University of California Davis
摘要：We derive a small open economy (SOE) as the limit of an economy as the number or size of its trading partners goes to infinity and trade costs also go to infinity. We obtain this limit in the Armington, Eaton-Kortum, Krugman, and Melitz models. In all cases, the trade of the SOE with the foreign countries approaches a finite limit, and the domestic expenditure share for the SOE approaches a limit that is not zero or unity. The foreign countries can be either infinitely many SOEs, or alternativ...
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作者：Fadinger, Harald; Herkenhoff, Philipp; Schymik, Jan
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Johannes Gutenberg University of Mainz
摘要：We examine the effects of unilateral structural reforms within a currency union. Focusing on the surge of German competitiveness following the introduction of the Euro, we first provide reduced-form causal evidence supporting the notion that German structural labormarket reforms in the early 2000s led to a crowding-out of manufacturing employment in other Eurozone economies. To assess the impact of this German competitiveness shock, we build a quantitative multi-sector trade model that feature...
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作者：Asonuma, Tamon; Chamon, Marcos; Erce, Aitor; Sasahara, Akira
作者单位：International Monetary Fund; Universidad Publica de Navarra; Keio University
摘要：Sovereign debt restructurings are associated with declines in the growth of GDP, investment, bank credit to the private sector and capital flows. Our empirical findings show that the intensity of these losses depends on two aspects: whether the restructuring preempts a default and the extent of the reliance of the country's private sector on domestic bank credit. Post-default restructurings are associated with worse outcomes than restructurings that take place preemptively without missing paym...
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作者：Borusyak, Kirill; Jaravel, Xavier
作者单位：University of California System; University of California Berkeley; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：What is the nature of the distributional effects of trade? This paper demonstrates conceptually and empirically the importance of trade -induced horizontal inequality,i.e. inequality that occurs among workers with the same level of earnings before the trade shock. This type of inequality does not affect the income distribution but generates winners and losers at all income levels. To quantify the horizontal inequality and changes in the income distribution induced by trade in a data -driven wa...
