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作者：Demirguec-Kunt, Asli; Horvath, Balint L.; Huizinga, Harry
作者单位：University of Arizona; Tilburg University
摘要：This paper examines the impact of international differences in capital regulation on multinational banks' loan origination location decisions. International loan location decisions represent a key banking margin that has previously not been examined in the literature on regulatory arbitrage by banks. Our estimation relies on within-loan contribution variation in location options for individual multinational banks that participate in a syndicated loan. We examine how the loan location choice an...
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作者：Geiger, Martin; Gruendler, Daniel; Scharler, Johann
作者单位：University of Innsbruck
摘要：We study how consumers assess the effects of monetary policy shocks in euro area countries using survey data. Our findings provide evidence that consumers form expectations in a way that is broadly consistent with empirical and theoretical models of the monetary transmission mechanism, both at the aggregate level and at the country level. Although the euro area coun-tries are characterized by economic and institutional heterogeneity, consumers' interpretations of the macroeconomic effects of m...
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作者：Lee, Woori; Mulabdic, Alen; Ruta, Michele
作者单位：The World Bank; International Monetary Fund; International Monetary Fund
摘要：How do regional trade agreements impact exporters in non-member countries? We revisit this long-standing trade policy question using firm-level data from Costa Rica and detailed information on the content of trade agreements. Differently from the conventional view on trade diversion, the analysis shows that deep regional trade agreements can have a positive spillover effect: they increase the probability of export and entry of third-country firms that previously exported to one of the member c...
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作者：Batista, Catia; Mckenzie, David
作者单位：Universidade Nova de Lisboa; The World Bank
摘要：We test different classic migration theories by using incentivized laboratory experiments to investigate how potential migrants decide between working in different destinations. We assess theories of income maximization, skill-selection, and multi-destination choice, as we vary migration costs, risk, social benefits, and incomplete information. The standard income maximization model leads to a much higher migration rate and more negative skill-selection than occurs when migration decisions tak...
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作者：Converse, Nathan; Mallucci, Enrico
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：How do international investors adjust their portfolios in response to sovereign risk? We answer this question by combining data on default probabilities for 31 developed and emerging markets with monthly data on the portfolios of individual bond mutual funds. We show that bond funds reduce their exposure to a country when sovereign default risk increases, indicating that changes in yields do not fully compensate investors for additional sovereign risk. We find that the magnitude of the respons...
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作者：Kim, Jihee; Kim, Kyoochul; Park, Sangyoon; Sun, Chang
作者单位：Korea Advanced Institute of Science & Technology (KAIST); Korea Development Institute (KDI); Hong Kong University of Science & Technology; University of Hong Kong
摘要：This paper investigates the economic costs of the recent United Nations sanctions on North Korea. Exploiting a novel data set on North Korean firms, we construct measures of regional exposure to export and intermediate input sanctions and show that trade sanctions cause sharp declines in local nighttime luminosity. Additional analysis of newly available product -level price data reveals that import sanctions led to significant increases in market prices. We then estimate a quantitative spatial...
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作者：Bennett, Federico; Montamat, Giselle; Roch, Francisco
作者单位：The World Bank; International Monetary Fund; Universidad Torcuato Di Tella
摘要：We consider how fears of model misspecification on the part of the planner and/or the house-holds affect welfare gains from optimal macroprudential taxes in an economy with occasionally binding collateral constraints. In this setup, the decentralized equilibrium may differ from the social planner's equilibrium both because of the pecuniary externalities associated with the collateral constraint and because of the paternalistic imposition of the planner's beliefs when designing policy. When rob...
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作者：Santamaria, Marta; Ventura, Jaume; Yesilbayraktar, Ugur
作者单位：University of Warwick; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; University of Duisburg Essen
摘要：We use the new dataset of trade flows across 269 European regions in 24 countries constructed in Santamaria et al. (2020) to systematically explore for the first time trade patterns within and across country borders. We focus on the differences between home trade, country trade and foreign trade. We document the following facts: (i) European regional trade has a strong home and country bias, (ii) geographic distance and national borders are important determinants of regional trade, but cannot ...
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作者：Garg, Shresth; Ghosh, Pulak; Tan, Brandon Joel
作者单位：Harvard University; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：There are competing theories on whether vertical ownership is motivated by the transfer of physical inputs or the transfer of intangibles. Using administrative data on the universe of goods shipments in Karnataka, India, we show that the supply of goods along the production chain is an important rationale for vertical integration. First, we develop and estimate a gravity model of input sourcing, and find that: (1) establishments have a strong preference for sourcing their physical inputs from ...
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作者：de Walque, Gregory; Lejeune, Thomas; Rannenberg, Ansgar; Wouters, Raf
作者单位：European Central Bank; National Bank of Belgium; University of Liege
摘要：We investigate the difficulties of the canonical open New Keynesian model to i) reproduce the observed exchange rate pass-through disconnect, i.e. a pass-through high for import prices and low for consumer prices, and ii) to generate international business cycle synchronization. The literature tackled them separately: i) strategic complementarities for exporting firms to mitigate the pass-through to consumer prices and ii) intermediate inputs trade to enhance cross-border spillovers. We prove ...
