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作者：Kamin, SB
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Ruckman, K
作者单位：Concordia University - Canada
摘要：U.S. mutual fund companies offer funds in Canada through two channels: foreign direct investment or trade in advisement services. The total value of U.S.-controlled funds amounts to 18% of the Canadian equity fund market. This paper investigates how the fund-level and firm-level characteristics affect the channel used to enter the Canadian market. Empirical results indicate that the funds offered through FDI are not especially successful in the U.S. market but are associated with dominant comp...
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作者：Kaminsky, G; Lyons, RK; Schmukler, SL
作者单位：George Washington University; University of California System; University of California Berkeley; The World Bank
摘要：We examine the trading strategies of mutual funds in emerging markets. We develop a method for disentangling the behavior of fund managers from that of underlying investors. For both managers and investors, we strongly reject the null hypothesis of no momentum trading: mutual funds systematically sell losers and buy winners. Selling current losers and buying current winners is stronger during crises, and equally strong for managers and investors. Selling past losers and buying past winners is ...
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作者：Grossman, GM; Helpman, E
作者单位：Princeton University; Tel Aviv University
摘要：We develop a model in which the heterogeneous firms in an industry choose their modes of organization and the location of their subsidiaries or suppliers. We assume that the principals of a firm are constrained in the nature of the contracts they can write with suppliers or employees. Our main result concerns the sorting of firms with different productivity levels into different organizational forms. We use the model to examine the implications of falling trade costs for the relevant prevalenc...
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作者：Bai, CE; Du, YJ; Tao, ZG; Tong, SY
作者单位：University of Hong Kong; University of Hong Kong; National University of Singapore
摘要：This paper uses a dynamic panel estimation method to investigate the determinants of regional specialization in China's industries, paying particular attention to local protectionism. Less geographic concentration is found in industries where the past tax-plus-profit margins and the shares of state ownership are high, reflecting stronger local government protection of these industries. The evidence also supports the scale-economies theory of regional specialization. Finally, the overall time t...
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作者：Stein, EH; Streb, JM
作者单位：Inter-American Development Bank
摘要：This paper presents a rational political budget cycle model where devaluation acts as a tax on consumption due to a cash-in-advance constraint. Competent governments can signal their competency by reducing the rate of devaluation prior to elections. When voters also ignore the degree to which governments are opportunistic, i.e. the extent to which they are willing to distort the economy for electoral gain, an incompetent, opportunistic incumbent can reduce the rate of devaluation in the run-up...
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作者：Debaere, P
作者单位：University of Texas System; University of Texas Austin
摘要：This paper addresses the empirical question whether the regional distribution of production factors within countries is ever so uneven that it triggers specialization of production that makes regions produce different sets of goods at different factor prices. Due to the different welfare effects of trade policy in a country with regional specialization, this is an important question. In addition, it is a question about the legitimacy of treating a country as a relatively homogenous unit. In an...
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作者：An, G; Iyigun, MF
作者单位：University of Colorado System; University of Colorado Boulder
摘要：We examine empirically whether countries with relatively little production and export experience specialize in the production and export of more standardized and lower-technology products, and those with more production experience produce and export more recently developed and higher-technology products. Using panel data covering 127 countries and the period between 1970 and 1997, we find that export experience does help to account for the variation in export content. Exporting experience infl...
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作者：Baier, SL; Bergstrand, JH
作者单位：University of Notre Dame; Clemson University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：The purpose of this study is to provide the first systematic empirical analysis of the economic determinants of the formation of free trade agreements (FTAs) and of the likelihood of FTAs between pairs of countries using a qualitative choice model. We develop this econometric model based upon a general equilibrium model of world trade with two factors of production, two monopolistically-competitive product markets, and explicit intercontinental and intracontinental transportation costs among m...
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作者：Bohara, AK; Gawande, K; Sanguinetti, P
作者单位：Texas A&M University System; Texas A&M University College Station; Bush School of Government & Public Service; University of New Mexico; Universidad Torcuato Di Tella
摘要：This paper empirically examines the alternative posed by Richardson [J. Intern. Econ. 34 (1993) 39] to the traditional view that trade integration may exacerbate inefficiencies. Richardson's hypothesis boldly predicts that trade diversion (and trade creation) may actually cause tariffs to decline! The hypothesis is fundamentally attributable to the presence of a political component in the governments' objective functions. A cross-sectionally rich data set on trade and tariffs from the Mercosur...
