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作者：Ruffin, RJ
作者单位：University of Houston System; University of Houston
摘要：This paper integrates the Cournot oligopoly model with the Ricardian comparative advantage model. The Ricardian trade pattern is robust, and only can be reversed in extreme conditions. Trade volume increases substantially with increases in competition in world export industries. In a symmetrical world, a threshold level of competition determines whether capitalists as a group usually gain or lose from trade. Under all circumstances workers never lose even if a country has a comparative disadva...
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作者：Devereux, MB; Lane, PR
作者单位：University of British Columbia; Trinity College Dublin; Trinity College Dublin
摘要：This paper develops an empirical model of bilateral exchange rate volatility. We conjecture that for developing economies, external financial liabilities have an important effect on desired bilateral exchange rate volatility, above and beyond the standard optimal currency area (OCA) factors. By contrast, industrial countries do not face the same set of constraints in international financial markets. In our theoretical model, external debt tightens financial constraints and reduces the efficien...
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作者：Syropoulos, C
作者单位：State University System of Florida; Florida International University
摘要：This paper is about the determination of common external tariffs (CETs) in customs unions (CUs). We first examine how the relationship between preferences over CET levels, technology and the distribution of factor ownership in a CU is conditioned by the rule that determines the disposition of tariff revenues. We then explore how majority voting at the country level translates these preferences into an equilibrium CET. Among other things, we find that, when revenues are partitioned in proportio...
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作者：Chinn, MD; Prasad, ES
作者单位：International Monetary Fund; University of California System; University of California Santa Cruz; National Bureau of Economic Research
摘要：This paper provides an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries, utilizing an approach that highlights macroeconomic determinants of longer-term saving and investment balances. Cross-section and panel regression techniques are used to characterize the variation of the current account across countries and over time. We find that current account balances are positively correlated with government budget b...
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作者：Albuquerque, R
作者单位：University of Rochester
摘要：Evidence on international capital flows suggests that foreign direct investment (FDI) is less volatile than other financial flows. To explain this finding I model international capital flows under the assumptions of imperfect enforcement of financial contracts and inalienability of FDI. Imperfect enforcement of contracts leads to endogenous financing constraints and the pricing of default risk. Inalienability implies that it is not as advantageous to expropriate FDI relative to other flows. Th...
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作者：Amiti, M; Wakelin, K
作者单位：University of Melbourne; University of Nottingham
摘要：This paper estimates the cross-price elasticity of exports with respect to investment costs for bilateral relations between 36 countries. We show that the effect of reducing foreign direct investment costs on exports depends on country characteristics and trade costs as predicted by the Markusen (1997, 2002) model. When countries differ in relative factor endowments and trade costs are low, investment liberalization stimulates exports, whereas when countries are similar in terms of relative fa...
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作者：Xu, B
作者单位：State University System of Florida; University of Florida
摘要：We examine the boundary between traded and nontraded goods as a channel for trade to impact factor prices. In a two-country, two-factor, continuum-good model, tariffs generate a range of nontraded goods. A tariff reduction has a direct effect to expand a country's import set and an indirect effect through terms of trade to expand its export set. We show that the export expansion can dominate the import expansion, raising the relative demand for the factor intensively used in production. The re...
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作者：Turnovsky, SJ; Chattopadhyay, P
作者单位：University of Washington; University of Washington Seattle
摘要：This paper analyzes the effect of volatility on growth in a developing economy facing an imperfect world capital market. The analysis comprises: (i) the development of a formal framework for assessing the role of risk on growth; (ii) numerical simulation; and (iii) empirical testing of the model, using data from 61 developing economies. We find that the model plausibly replicates the equilibrium of small stylized economies subject to external and internal sources of risk. We define a benchmark...
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作者：Becker, T; Richards, A; Thaicharoen, Y
作者单位：Reserve Bank of Australia; International Monetary Fund
摘要：Recent emerging market crises have prompted debate over the costs and benefits of collective action clauses (CACs) in bond contracts. CACs may facilitate the restructuring of repayment terms in the event of financial distress. Proponents of CACs argue they should lower borrowing costs, while opponents contend that they lead to moral hazard and increased borrowing costs. This paper examines the pricing of bonds with and without CACs using data for both primary and secondary market yields and fi...
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作者：Yeaple, SR
作者单位：University of Pennsylvania
摘要：The behavior of many multinational enterprises is not well described by existing models of foreign direct investment (FDI). Firms often follow strategies that involve vertical integration in some countries and horizontal integration in others, a strategy known as complex integration. This paper presents a three-country model that is used to analyze why firms might follow a strategy of complex integration. My analysis reveals that complex integration strategies create complementarities between ...
