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作者：Rigobon, R
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Forbes, KJ
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper examines how the Asian and Russian crises affected different types of firms around the world. It constructs a new data set of financial statistics, industry information, geographic data, and stock returns for over 10000 companies in 46 countries. Results show that firms competing with exports from the crisis countries, or with direct sales exposure to the crisis countries, had significantly lower abnormal stock returns. Firms with higher debt ratios, however, did not experience lowe...
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作者：Ho, WM
作者单位：York University - Canada
摘要：This paper examines the effectiveness of foreign exchange intervention in a two-country, two-currency, general equilibrium model that allows for liquidity effects. Both sterilized and nonsterilized intervention operations have significant impacts on the allocation of liquidity in international financial markets. Whether intervention is successful in moving the exchange rate in the desirable direction depends upon the degree of sterilization of intervention and the intratemporal elasticity of s...
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作者：Norbäck, PJ; Persson, L
作者单位：Research Institute of Industrial Economics (IFN)
摘要：This paper determines the equilibrium market structure in an international oligopoly, where a state enterprise is sold at an auction. The paper suggests that high greenfield costs and high trade costs do not necessarily induce foreign acquisitions in privatizations, despite the fact that foreign firms would gain considerably from acquiring in such situations. The reason is that domestic firms can then prevent foreign firms from becoming strong local competitors and thus, their willingness to p...
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作者：Meng, QL; Velasco, A
作者单位：Harvard University; National Bureau of Economic Research; Chinese University of Hong Kong
摘要：In the presence of small market imperfections, the transitional dynamics of an open economy can become indeterminate, in that there exist an infinite number of equilibrium paths converging to a unique steady state. In contrast to closed economy models, in the open economy, such indeterminacy can arise independently of the curvature of the utility function in consumption. The results suggest that with market imperfections, open economies can be subject to fluctuations caused by randomness unrel...
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作者：Agénor, PR; Aizenman, J
作者单位：The World Bank; University of California System; University of California Santa Cruz; National Bureau of Economic Research
摘要：This paper examines the extent to which permanent terms of trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade-in contrast to what conventional consumption-smoothing models would predict. The second part tests for the existence of ...
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作者：Taylor, CT
摘要：This paper analyzes the effects of antidumping cases initiated from 1990 to 1997 that ended in withdrawn petitions without a suspension agreement or voluntary restraint agreement. Monthly import data are used to estimate the price and quantity effects of the withdrawn cases. The estimated effects of the petition being withdrawn do not support the accepted wisdom that withdrawn petitions are a signal of collusion. This is an important issue, since out-of-court settlements of unfair trade cases ...
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作者：De Santis, RA; Stähler, F
作者单位：University of Kiel; European Central Bank
摘要：This paper discusses the gains from liberalizing foreign direct investment (FDI) in a two-country setting with endogenous market structure. We investigate two different scenarios. In the first scenario, headquarters costs are large in the foreign country so that the industry is located in the domestic country only. In this case, multinational and national firms may coexist and market concentration may make FDI welfare improving for the foreign country and welfare reducing for the domestic coun...
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作者：Fitzgerald, D; Hallak, JC
作者单位：University of California System; University of California Santa Cruz; University of Michigan System; University of Michigan
摘要：We estimate the effect of factor proportions on the pattern of manufacturing specialization in a cross-section of OECD countries, taking into account that factor accumulation responds to productivity. We show that the failure to control for productivity differences produces biased estimates. Our model explains 2/3 of the observed differences in the pattern of specialization between the poorest and richest OECD countries. However, because factor proportions and the pattern of specialization co-...
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作者：Feeney, J; Hillman, AL
作者单位：State University of New York (SUNY) System; University at Albany, SUNY; Bar Ilan University
摘要：Political-economy expositions of trade policy have traditionally described asset or factor ownership as not subject to change. Asset markets, however, allow individuals to change the composition of income sources. We consider an economy with stochastic productivity to show how the equilibrium composition of asset portfolios influences individual attitudes toward free trade. The model links financial market completeness and trade liberalization in the second half of the 20th century and provide...
