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作者：Tran-Xuan, Monica
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：How should governments with a preference for redistribution design tax policies when facing limited borrowing? This paper studies optimal taxation in a small open economy with hetero-geneous agents and endogenous debt constraints arising from the government's limited com-mitment to fiscal policies. The optimal labor tax decreases over time and is nonzero in the limit, and the optimal capital and domestic borrowing taxes are positive in the limit, deviating from the standard Ramsey tax results....
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作者：Erbahar, Aksel; Rebeyrol, Vincent
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Tinbergen Institute; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：This paper shows that manufacturing exporters export goods that they have not produced and thus also act as trade intermediaries. The geographical dimension of the data reveals that al-most half of these exports of sourced products are purely intermediated: to many destina-tions, firms export sourced products only. We find that this type of intermediation is ubiquitous across firms, products, and destinations, and is robust to a battery of alternative def-initions. These findings show that tra...
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作者：Monacelli, Tommaso; Sala, Luca; Siena, Daniele
作者单位：Bocconi University; Bocconi University; Polytechnic University of Milan
摘要：We construct factor utilization-adjusted measures of aggregate TFP for a sample of advanced (AEs) and emerging market small open economies (EMEs). We estimate the effects of real interest rate shocks on TFP and GDP using structural VARs. The results are starkly different in the two groups of countries. While TFP is pro-cyclical in both sets of countries, lower real interest rates -a proxy for capital inflows -lead to productivity booms in EMEs, whereas they lead to a contraction in productivit...
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作者：Asonuma, Tamon; Niepelt, Dirk; Ranciere, Romain
作者单位：International Monetary Fund; University of Bern; University of Southern California
摘要：We document that creditor losses (haircuts) during sovereign debt restructurings vary across debt maturity. In our novel dataset on instrument-specific haircuts suffered by private creditors in 1999-2020 we find larger losses on short- than long-term debt, independently of the specific haircut measure we use. A standard asset pricing model rationalizes our findings under two assumptions, both of which are satisfied in the data: increasing short-run restructuring risk in the run-up to a restruc...
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作者：Brander, James A.; Spencer, Barbara J.
作者单位：University of British Columbia; National Bureau of Economic Research
摘要：This paper examines intellectual property litigation as a method of protection from patent -infringing imports. Claims against patent-infringing imports entering the United States may be filed before the International Trade Commission (ITC) or in district court. The ITC applies in-junctions (import prohibitions) that would seem to provide more protection from infringing imports than the standard license fee remedy in court. Settlements prior to legal adjudication are common in both venues. Usi...
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作者：Chernov, Mikhail; Creal, Drew; Hoerdahl, Peter
作者单位：University of California System; University of California Los Angeles; University of Notre Dame; Bank for International Settlements (BIS)
摘要：We study the dynamic properties of sovereign bonds in emerging markets and their associated risk premiums. We focus on the properties of credit spreads, exchange rates, and their interac-tion. Relying on the term structure of local currency bonds issued by Asia-Pacific sovereigns, we find that local variables are significant in the dynamics of currency and credit risk, and the components of bond risk premiums reflecting these risks. Local currency bonds dramati-cally improve the investment fro...
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作者：Daniel, Betty C.; Nam, Jinwook
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：The Greek debt crisis revealed that sovereign default is not limited to emerging and developing countries. Can we take the strategic default model, developed for emerging markets, and recalibrate it to explain the crisis in Greece? The Greek economy differs from an emerging market in having higher government debt relative to GDP, counter-cyclical government debt, and consumption smoother than income. Our recalibrated strategic default model matches the high debt/GDP, but it misses the other tw...
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作者：Benhima, Kenza; Cordonier, Rachel
作者单位：University of Lausanne; Swiss National Bank (SNB)
摘要：We examine empirically the effect of two types of shocks related to expectations - news (increases in expected future productivity) and sentiment (surges in optimism unrelated to future productivity) - on gross capital flows. These two shocks together explain more than 80% of the variation in gross capital flows at all horizons, with the largest part being due to sentiment shocks. Both these shocks drive a positive correlation between gross inflows and outflows but only sentiments shocks gener...
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作者：Rojas, Diego; Vegh, Carlos; Vuletin, Guillermo
作者单位：The World Bank; University System of Maryland; University of Maryland Baltimore County; Johns Hopkins University; National Bureau of Economic Research
摘要：We analyze the macroeconomic effects of macroprudential policy - in the form of legal reserve requirements - in three Latin American countries (Argentina, Brazil, and Uruguay). To correctly identify innovations in changes in legal reserve requirements, we develop a narrative approach that classifies each change into endogenous or exogenous to the business cycle. We show that this distinction is critical in understanding the macroeconomic effects of reserve requirements. In particular, we show ...
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作者：Ornelas, Emanuel; Tovar, Patricia
作者单位：Getulio Vargas Foundation; Pontificia Universidad Catolica del Peru
摘要：We study how countries choose intra-bloc tariffs and preferential margins in Preferential Trade Agreements (PTAs). Our model indicates that countries should set systematically lower preferential margins when the bloc takes the form of a free trade area, relative to a customs union. Moreover, in customs unions (but not necessarily in free trade areas) preferential margins should increase with the supply of partner countries and decrease with the level of preferential imports. These relationship...
