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作者：Cukierman, A; Spiegel, Y; Leiderman, L
作者单位：Tel Aviv University; Tilburg University; Tel Aviv University
摘要：This paper develops a framework for the optimal choice of exchange rate bands within an environment in which policymakers dislike nominal exchange rate variability, but value the flexibility to adjust the nominal exchange rate in response to shocks, in order to attain real exchange rate objectives. The paper provides an endogenous characterization of the optimal exchange rate band in terms of the underlying distribution of shocks to the current and capital accounts of the balance of payments a...
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作者：Martin, P; Rey, H
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Princeton University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：Empirically, demand and market size effects play an important role for international trade in assets and the determination of asset prices. Financial integration decreases the cost of capital, asset prices increase with investors base and market size determines international financial flows. We present a two-country model with an endogenous number of financial assets, where the interaction of a risk diversification motive and market segmentation explains those facts. In our set up, an imperfec...
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作者：Gopinath, G
作者单位：University of Chicago
摘要：Emerging markets in the 1990s experienced periods of booms followed by collapses in gross domestic product, consumption, traded and non-traded sector output and real exchange rate movements alongside unprecedented movements in foreign investor participation in these economies. An important feature of these episodes is the asymmetry in the pattern of booms and collapses. We introduce a natural search friction into the foreign investment decision in a small open economy and demonstrate that this...
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作者：Robertson, R
作者单位：Macalester College
摘要：This paper examines the link between relative goods prices and relative wages during two periods of Mexico's trade liberalization. The relative price of skill-intensive goods rose following Mexico's entrance to the General Agreement and Tariffs and Trade (GATT) in 1986, but fell after Mexico entered the North American Free Trade Agreement (NAFTA) in 1994. This paper adds a band pass filter to two established techniques to compare the relationship between prices and wages. Results from all thre...
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作者：Letendre, MA
作者单位：McMaster University
摘要：This paper uses the method dynamic programming (DP) by GMM and Canadian data to estimate a dynamic model of a small-open economy. DP by GMM has several appealing features: it does not impose certainty equivalence, it accommodates multiple shocks and imposes few restrictions on the properties of the shocks in the model. Also, since it uses the actual shocks series to estimate approximate decision rules, it produces sample paths for the endogenous variables in the model. The model estimated fits...
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作者：Gai, P; Hayes, S; Shin, HS
作者单位：Australian National University; Bank of England; University of London; London School Economics & Political Science
摘要：Recent debate on the reform of the international financial architecture has highlighted the potentially important role of the official sector in crisis management. We examine how such public intervention in sovereign debt crises affects efficiency, ex ante and ex post. Our results shed light on the scale of capital inflows and the implications for debtor country output of such a regime. The efficacy of measures such as officially sanctioned stays on creditor litigation depend critically on the...
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作者：Fuest, C; Huber, B
作者单位：University of Cologne; University of Munich
摘要：Many European countries exempt foreign profits from domestic corporate taxation. At the shareholder level, however, all corporate profits are taxed, and double taxation relief is granted only for domestic corporate taxes. This paper attempts to rationalize this tax policy. In the presence of double taxation agreements which exempt foreign profits from domestic corporate taxation, countries may use shareholder taxes to tax these profits. The disadvantage of shareholder taxes is that they create...
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作者：McCalman, P
作者单位：University of California System; University of California Santa Cruz
摘要：Traditional thinking about intellectual property rights (IPR) suggests that as a country strengthens its IPR standards, firms will move their governance structures away from equity based institutions such as foreign direct investment (FDI) towards more market-based relations such as licensing agreements. This hypothesis is explored by examining the behavior of Hollywood studios in both the feature film and video markets in 40 foreign countries. The analysis reveals that the behavior of Hollywo...
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作者：Bond, EW; Riezman, RG; Syropoulos, C
作者单位：State University System of Florida; Florida International University; University of Iowa; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We construct a three-country model to determine how the formation of free trade areas (FTAs) affects optimal tariffs and welfare. We find that, at constant rest of the world (ROW) tariffs, the adoption of internal free trade induces union members to reduce their external tariffs below the Kemp-Wan [J. Int. Econom. 6 (1976) 95-97] level, and causes ROW's terms of trade to improve and its welfare to rise. When ROW also behaves optimally, its policy response to the formation of the FTA is to rais...
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作者：Ghosh, S; Yamarik, S
作者单位：University System of Ohio; University of Akron; Tufts University
摘要：In this study, we use extreme bounds analysis to test the robustness of the hypothesis that regional trading arrangements (RTAs) are trade creating. Extreme bounds analysis provides a more rigorous test of specification uncertainty than traditional econometric theory by incorporating prior information and using a systematic approach to testing the fragility of coefficient estimates. The results show that the trade creation effect of most RTAs is fragile. Using a least squares estimator where a...
