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作者：Fosfuri, A; Motta, M; Ronde, T
作者单位：Universidad Carlos III de Madrid; European University Institute; Pompeu Fabra University; University of Mannheim
摘要：We analyze a model where a multinational firm can use a superior technology in a foreign subsidiary only after training a local worker. Technological spillovers from foreign direct investment arise when this worker is later hired by a local firm. Pecuniary spillovers arise when the foreign affiliate pays the trained worker a higher wage to prevent her from moving to a local competitor. We study conditions under which these spillovers occur. We also show that the multinational firm might find i...
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作者：Hillman, AL; Van Long, N; Soubeyran, A
作者单位：Universite de Montreal; McGill University; McGill University; Bar Ilan University; Aix-Marseille Universite
摘要：We look at a model of lobbying by oligopolistic industry where firms allocate resources between lobbying and internal cost-reducing activities. We ask the following questions: (i) if firms differ with respect to comparative advantage in lobbying. what is the equilibrium allocation of resources between lobbying and cost-reducing activities? (ii) Can lobbying opportunities reverse the profitability ranking among firms? (iii) tinder what condition is the conventional wisdom that highly concentrat...
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作者：Reis, AB
作者单位：Universidade Nova de Lisboa
摘要：Modern growth theory emphasizes endogenous technological change as the engine of growth. A policy implication for developing countries that has been drawn from this theory is that foreign direct investment increases growth. However, welfare assessments must recognize that investment returns may be repatriated. In this paper we show that foreign investment may decrease national welfare due to the transfer of capital returns to foreigners. Taking into account all the relevant effects, we show th...
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作者：Van Rijckehem, C; Weder, B
作者单位：University of Basel; International Monetary Fund
摘要：This paper presents evidence that spillovers through bank lending, as opposed to trade linkages and country characteristics, can help explain contagion. We construct a measure of competition for bank funds and find evidence in favor of a common lender effect in the Mexican, Thai, and Russian crises, after controlling for the degree of trade competition and macroeconomic fundamentals. The results are quite robust to the definition of the finance indicator, In the case of the Asian crisis, resul...
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作者：Herrera, LO; Valdés, RO
摘要：In this paper we present a model of international interest rate arbitrage under conditions of entry and exit costs to and from the domestic capital market. We seek to measure the maximum potential effect of capital controls, such as non-interest paying reserve requirements, on interest rate differentials. We quantify the effect of such taxes using a dynamic optimization model with uncertainty and transaction costs. An optimal (S,s) rule gives the limits for interest rate differentials that tri...
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作者：Baier, SL; Bergstrand, JH
作者单位：University of Notre Dame
摘要：In the 25th anniversary issue of the Brookings Papers on Economic Activity, Paul Krugman [Krugman, P, 1995. Growing world trade: Causes and consequences. Brookings Papers on Economic Activity (1), 327-377] stated that the answer to the fundamental question Why has world trade grown? remains surprisingly disputed. He noted that journalistic discussion tends to view the growth of world trade as due to technology-led declines in transportation costs, while economists argue that policy-led multila...
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作者：Ruffin, RJ
作者单位：University of Houston System; University of Houston; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：This paper integrates the Heckscher-Ohlin, specific factors, and the Ricardian models of production with applications to international trade and labor economics. The model economy exhibits both Heckscher-Ohlin and specific factors properties, but never at the same time. In international trade, the wage skill premium across countries can move in different directions and has natural limits within countries. In labor economics, we show that the earning of economic rents is not inconsistent with c...
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作者：Deardorff, AV
作者单位：University of Michigan System; University of Michigan
摘要：This paper examines and extends a result of Deardorff and Staiger (An interpretation of the factor content of trade. Journal of International Economics 1988;24:93-107) (D-S), who showed how the factor content of trade may indicate the factor price adjustments that can be attributed to that trade. It elaborates on what this means, and also extends it beyond several of the assumptions that D-S used. The strongest result, in D-S only for Cobb-Douglas technology, is extended to common constant ela...
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作者：Mendoza, EG; Velasco, A
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作者：Dahlquist, M; Gray, SF
作者单位：Duke University; Stockholm School of Economics; University of Queensland
摘要：This paper examines the impact that a currency target zone has on short-term interest rates. For a number of countries in the European Monetary System, we characterize the short rate using a regime-switching model that allows fbr a differently parameterized mean-reverting square-root process in each regime. We find that the volatility, the level, and the speed-of-adjustment are all higher in the regime that is operative during speculative attacks and currency crises. Moreover, we allow the con...
