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作者：Cheung, YW; Wong, CYP
作者单位：University of California System; University of California Santa Cruz; City University of Hong Kong
摘要：We report some findings from a survey of practitioners in the interbank foreign exchange markets in Hong Kong, Tokyo, and Singapore. The respondents contend that liquidity and market uncertainty are two important reasons for deviating from the conventional interbank bid-ask spread. A strong customer base is perceived as a source of competitive advantage for large participants. Most respondents agree that non-fundamental factors have pervasive impacts on short-run exchange rates. Speculation is...
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作者：Albuquerque, R; Rebelo, S
作者单位：Northwestern University; University of Rochester; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Empirical studies of trade reforms suggest that these reforms have a surprisingly small impact on a country's industrial configuration. This industrial structure inertia is difficult to rationalize in standard trade models. This paper develops a two-sector industry dynamics model in which industrial composition inertia arises naturally. The model is then used to study the consequences of different types of trade reforms (e.g. permanent, temporary, gradual, pre-announced) on investment, employm...
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作者：Bernhofen, DM; Xu, P
作者单位：Clark University; California State University System; San Francisco State University
摘要：This paper takes a microeconometric approach to the study of exchange rate pass-through in imperfectly competitive markets. We provide evidence for the hypothesis that incomplete exchange rate pass-through can be attributed to non-competitive conduct by foreign firms. A unique feature of our approach is the use of highly disaggregated industry data which is compatible with the behavioral assumptions of a homogeneous-product oligopoly model. We employ a panel data set consisting of location- an...
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作者：Markusen, JR; Venables, AJ
作者单位：University of London; London School Economics & Political Science; University of Colorado System; University of Colorado Boulder
摘要：We develop a monopolistic-competition model of international trade which includes positive trade costs and endogenous multinational firms. We demonstrate how the presence of trade costs changes the pattern of trade, creates incentives for factor mobility which may lead to agglomeration of activity in a single country, and may lead to multinational firms. The mix of national and multinational firms that operate in equilibrium depends on technology and on the division of the world endowment betw...
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作者：Jefferson, GH
作者单位：Brandeis University
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作者：Cheung, YW; Lai, KS
作者单位：California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz
摘要：Previous findings of long-run purchasing power parity come mainly from data for industrial countries, raising the issue of whether the results suffer sample-selection bias and exaggerate the general relevance of parity reversion. This study uncovers substantial cross-country heterogeneity in the persistence of deviations from parity. The results show that it is more likely, rather than less likely, to find parity reversion for developing countries than industrial countries. Although some persi...
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作者：Lewis, KK
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Estimates of the gains to international risk-sharing based upon stock returns tend to find dramatically higher gains than do estimates from consumption-based models. In this paper, I examine the reasons for these differences. Using a common theoretical framework for both approaches, I find that the differences are largely due to the much higher variability of stock returns and its implied intertemporal substitution in marginal utility. Also, contrary to conventional wisdom, the differences in ...
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作者：Corsetti, G; Pesenti, P; Roubini, N; Tille, C
作者单位：University of Bologna; Yale University; Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：This paper revisits the international transmission of exchange rate shocks in a multicountry economy, providing a choice-theoretic framework for the policy analysis of competitive devaluations. As opposed to the traditional view, a devaluation by one country does not necessarily have an adverse beggar-thy-neighbor effect on its trading partners, because they can benefit from an improvement in their terms of trade. Furthermore, a retaliatory devaluation need not be the optimal strategy for the ...
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作者：Cheng, LK; Kwan, YK
作者单位：Hong Kong University of Science & Technology; City University of Hong Kong
摘要：By estimating the effects of the determinants of foreign direct investment (FDI) in 29 Chinese regions from 1985 to 1995, we find that large regional market, good infrastructure, and preferential policy had a positive effect but wage cost had a negative effect on FDI. The effect of education was positive but not statistically significant. In addition, there was also a strong self-reinforcing effect of FDI on itself. There was no convergence in the equilibrium FDI stocks of the regions between ...
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作者：Ju, JD; Krishna, K
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Oklahoma System; University of Oklahoma - Norman
摘要：We study the link between import volume and welfare due to liberalization. We confine our attention to the small country case and to unilateral tariff reductions. Our results indicate that increased import volume associated with tariff reductions is neither necessary nor sufficient for welfare improvement to occur. We show that in general both import value and welfare cannot fall. Moreover, if the excess demand for exported goods does not respond to changes in the prices of imported goods, the...
