-
作者：Jiang, Kun; Keller, Wolfgang; Qiu, Larry D.; Ridley, William
作者单位：Sun Yat Sen University; University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Lingnan University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We study the economics of international joint ventures using administrative data for China. We first show that foreign investors choose Chinese partners that are relatively large, productive, and more innovative to set up their joint venture. Using a difference -in -differences framework, we then provide evidence that joint ventures lead to domestic benefits in the form of productivity and technological spillovers to both the Chinese partners in joint ventures as well as other domestic Chinese...
-
作者：Bartelme, Dominick; Lan, Ting; Levchenko, Andrei A.
作者单位：International Monetary Fund; University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper estimates the impact of external demand shocks on real income. We utilize a first order approximation to a wide class of small open economy models that feature sector -level gravity in trade flows, which allows us to measure foreign shocks and characterize their welfare impact in terms of reduced -form elasticities. We use machine learning techniques to group 4digit manufacturing sectors into a smaller number of clusters, and show that the cluster -level elasticities of income with ...
-
作者：Flaccadoro, Marco
作者单位：European Central Bank; Bank of Italy
摘要：This paper analyses the exchange rate pass -through in small, open, commodity-exporting economies, taking Canada as a case study. I estimate it as being conditional on commodity shocks and compare the results with those of a standard approach, showing that the passthrough sign changes drastically across frameworks for consumer prices. My approach leads to a positive pass -through, thus implying a positive co-movement between exchange rate appreciation and consumer price inflation, conditional ...
-
作者：Liu, Siming; Ma, Chang; Shen, Hewei
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Fudan University; University of Oklahoma System; University of Oklahoma Health Sciences Center
摘要：Over the past two decades, emerging market economies have improved their liability structures by increasing the share of their debt denominated in local currency. This paper introduces a local currency debt (i.e., in units of aggregate consumption) into a sudden stop model and explores how this alternative structure sheds new perspectives on financial regulations. Decentralized agents do not internalize the effects of their portfolio decisions on financial amplification and undervalue the insu...
-
作者：Ornelas, Emanuel; Turner, John L.
作者单位：Getulio Vargas Foundation; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of London; London School Economics & Political Science; University System of Georgia; University of Georgia
摘要：Rules of origin offer preferred market access for final goods whose inputs originate mostly within a free trade agreement. Governments often champion such rules for boosting investment. We use a property -rights framework to study when this motivation is justifiable. The rule does not bind for all supply chains, as some (very -high -productivity) suppliers comply in an unconstrained way and some (very -low -productivity) suppliers do not comply. For those suppliers it affects, the rule both in...
-
作者：Miyamoto, Wataru; Nguyen, Thuy Lan
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We quantify the effects of changes in international input-output linkages on the nature of business cycles. We build a multi-country international business cycle model with manufacturing and non-manufacturing sectors that matches the input-output structure within and across countries. We find that, in our 23-country sample, changes in the international input-output linkages between 1970 and 2007 have led to a drop in output volatility in all countries, explaining up to a half of the drop in ou...
-
作者：Messner, Teresa; Rumler, Fabio; Strasser, Georg
作者单位：Oesterreichische Nationalbank (OeNB); European Central Bank
摘要：Why do prices differ among regions without significant trade frictions, such as the euro area? This study examines the impact of a national border on grocery prices in the economically and culturally integrated German-Austrian border region. Based on retail transactions from a large household panel, we analyse price differences of identical products sold within a narrow band along the border. We show that even retailers operating in both countries charge different prices for identical products...
-
作者：Ducruet, Cesar; Juhasz, Reka; Nagy, David Krisztian; Steinwender, Claudia
作者单位：Centre National de la Recherche Scientifique (CNRS); University of British Columbia; National Bureau of Economic Research; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; University of Munich
摘要：Seaports facilitate the fast flow of goods across space, but ports also entail local costs borne by host cities. We use the introduction of containerized shipping to explore the effects of port development. At the local level, we find that seaport development increases city population by making a city more attractive, but this market access effect is offset by costs which make the city less attractive. At the aggregate level, we find that the local costs associated with port development are he...
-
作者：Head, Keith; Mayer, Thierry; Melitz, Marc
作者单位：University of British Columbia; Centre for Economic Policy Research - UK; Institut d'Etudes Politiques Paris (Sciences Po); Harvard University; National Bureau of Economic Research
摘要：Firms in regional trade areas choose whether to comply with rules of origin (RoO) or pay a tariff penalty. Stricter content requirements initially expand regional part sourcing, but contract it when set at levels above a threshold, analogously to the Laffer curve for taxes. We calibrate the model to fit part cost shares for autos sold in North America. The effects of the 75% RoO imposed in 2020 depend on the relevant tariff and the ability to relocate assembly. With fixed assembly locations, t...
-
作者：Kim, Youngju; Lim, Hyunjoon; Yun, Youngjin
作者单位：Bank of Korea; Chonnam National University; Inha University
摘要：Access to foreign exchange (FX) liquidity is crucial to the growth and stability of emerging market economies. We examine the impact of U.S. dollar liquidity shocks on firm investments in Korea by constructing a dataset that merges four distinct micro-level data spanning ten years from 2006 to 2015. We trace the path of FX liquidity from the international financial market to Korean banks and subsequently to listed firms. During international liquidity shocks, banks borrow less FX but pay highe...
