-
作者：De Gregorio, Jose; Jara, Mauricio
作者单位：Universidad de Chile
摘要：The decline in international interest rates following the global financial crisis encouraged firms in emerging markets to increase their corporate bond issuance abroad. Evidence shows that issuing offshore debt increases cash holdings, suggesting firms may exploit interest rate arbitrage. We argue that increasing contemporaneous cash holdings may also be undertaken for a save to invest motive to finance future investment opportunities. Using a sample of nonfinancial listed firms from 15 emergi...
-
作者：Burstein, Ariel; Lein, Sarah; Vogel, Jonathan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Basel
摘要：Consumers access foreign goods by purchasing them domestically or shopping abroad. We present new facts on cross-border shopping by Swiss households showing, for example, that prices of identical products are lower in neighboring countries, cross-border shopping shares fall with distance to the border, and price gaps and cross-border shopping shares rose following the 2015 Swiss Franc appreciation. We use a simple model of cross-border shopping to quantify how variation across space in cross-b...
-
作者：Frankel, Jeffrey; Rey, Helene
作者单位：Harvard University; University of London; London Business School
-
作者：Farrokhi, Farid; Lashkaripour, Ahmad; Pellegrina, Heitor S.
作者单位：Purdue University System; Purdue University; Indiana University System; Indiana University Bloomington; University of Notre Dame
摘要：This paper examines how labor market imperfections distort firm-level technology choices and alter the gains from trade in developing countries. Motivated by evidence that firms using modern technologies are disproportionately exposed to labor market distortions, we introduce firm-level technology choices and labor market distortions into an otherwise standard quantitative trade model. We then provide formulas for the welfare and labor productivity gains from trade liberalization, highlighting...
-
作者：Chor, Davin; Li, Bingjing
作者单位：Dartmouth College; National Bureau of Economic Research; University of Hong Kong
摘要：This paper studies the impact of the US -China tariff war on China, using high -frequency night lights data and grid -level measures of tariff exposure. Exploiting within -grid variation over time and controlling extensively for grid -specific contemporaneous trends, we find that each onepercentage -point increase in exposure to the US tariffs was associated with a 0.59% reduction in night-time luminosity. This impact was highly skewed across locations: Grids with negligible direct exposure to...
-
作者：Ma, Lin; Tang, Yang
作者单位：Singapore Management University; Nanyang Technological University; Singapore Management University
摘要：We document that the quality of roads and railroads vary substantially over time and space in China, and neglecting these variations biases the distributional impacts of transportation networks. To account for quality differences, we construct a new panel dataset and approximate quality using the design speed of roads and railroads that varies by vintage, class, and terrain at the pixel level. We then build a dynamic spatial general equilibrium model for multiple modes, transportation routes, ...
-
作者：Pan, Xiameng; Sun, Chang
作者单位：University of International Business & Economics; University of Hong Kong
摘要：We develop a quantitative spatial equilibrium model with endogenous migration and remittance decisions within households to examine the joint effect of migration and remittances on economic development. We apply the model to internal migration in China. Counterfactual analysis of the calibrated model shows that the presence of remittances increases migration and welfare, reduces regional inequality and facilitates structural change. Compared to a conventional single-person migration model, our...
-
作者：Liu, Zheng; Spiegel, Mark M.; Zhang, Jingyi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Shanghai University of Finance & Economics
摘要：We document empirical evidence that surges in capital inflows (outflows) raise (reduce) income inequality. We study the mechanism through which changes in capital flows and capital account policies can influence income distributions in a small open economy model. Our model features heterogeneous agents and financial frictions, with banks intermediating between household savings and entrepreneur investment. Inflow surges disproportionately raise entrepreneur income, exacerbating inequality, whi...
-
作者：Ernst, Anne; Hinterlang, Natascha; Mahle, Alexander; Staehler, Nikolai
作者单位：Deutsche Bundesbank
摘要：In a dynamic, three-region environmental multi-sector general equilibrium model, we find that carbon pricing generates a long-lasting downturn as production costs rise. Dirty production is shifted towards countries with laxer climate policies, known as carbon leakage. A border adjustment tax mitigates but does not prevent carbon leakage. Its impact on emissions is limited, and it mainly protects dirty domestic production sectors with tradeable goods (in relative terms). Benefits from lower emi...
-
作者：Agarwal, Natasha; Chan, Jackie M. L.; Lodefalk, Magnus; Tang, Aili; Tano, Sofia; Wang, Zheng
作者单位：Aarhus University; Orebro University; De Montfort University; University of Nottingham
摘要：Information frictions make foreign trade risky. In particular, the risk of buyer default deters firms from selling abroad. To address this issue, many countries offer export credit guarantees to provide insurance to exporters. In this paper, we investigate the causal effects of guarantees by exploiting a quasi-natural experiment in Sweden and rich register data on guarantees, firms and trade. Estimates from a fuzzy regression discontinuity design show large positive effects on the probability ...
