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作者：Alquist, Ron; Chabot, Benjamin R.; Yamarthy, Ram
作者单位：United States Department of the Treasury; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Office of Financial Research; United States Department of the Treasury
摘要：Using a unique data set of foreign equities traded on the London Stock Exchange (LSE) in the late 19th century, we study the relation between the security of property rights, finance, and growth. We find that British investors demanded a higher equity cost of capital from firms operating in countries with weak property-rights institutions. Further, country-level expropriation risk is negatively related to 19th-century capital flows and present-day economic and financial development. A simple e...
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作者：Flach, Lisandra; Unger, Florian
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Gottingen
摘要：This paper introduces endogenous quality innovations in a multi-country model with heterogeneous firms. We show that quality investments lead to an additional margin of adjustment in the gravity equation. In industries with a high scope for quality differentiation, the elasticity of bilateral exports with respect to fixed costs is lower due to adjustments at the extensive margin, whereas the elasticity with respect to variable costs remains unaffected. We find robust and consistent evidence fo...
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作者：Niepmann, Friederike; Schmidt-Eisenlohr, Tim
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：When firms borrow in foreign currency and are not perfectly hedged, exchange rate changes can affect their ability to repay the debt. U.S. loan-level data show that a 10 percent depreciation of the local currency quarter-to-quarter increases the probability that a firm becomes past due on its loans by 42 basis points for firms with foreign currency debt relative to those with local currency debt. This increase is economically significant, given a baseline probability of 20 basis points, and in...
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作者：Ariu, Andrea
作者单位：University of Milan; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of Milan
摘要：This paper shows that international labor mobility leads to higher-quality products, more trade, and more effective global value chains. Exploiting variation in the time and intensity at which Swiss localities (identified by their postal codes) were treated by the increasing availability of foreign workers caused by the implementation of the Swiss-EU Agreement on the Free Movement of Persons, I find that the inflow of high-skilled European workers led to an up-grade in the quality of inputs im...
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作者：Abbassi, Puriya; Braeuning, Falk; Fecht, Falko; Peydro, Jose-Luis
作者单位：Deutsche Bundesbank; Federal Reserve System - USA; Federal Reserve Bank - Boston; Frankfurt School Finance & Management; Imperial College London
摘要：We analyze how the Lehman and sovereign crises affect cross-border interbank liquidity, exploiting euro-area proprietary interbank data, crisis and monetary shocks, and loan terms to the same borrower during the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of cross-border liquidity, with stronger volume than pricing effects. On the extensive margin, results suggest that the cross-border credit crunch is independent of bor-rower quality, while-on the intensive ma...
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作者：Boz, Emine; Casas, Camila; Georgiadis, Georgios; Gopinath, Gita; Le Mezo, Helena; Mehl, Arnaud; Nguyen, Tra
作者单位：International Monetary Fund; European Central Bank; BNP Paribas; Yale University
摘要：This paper presents the most comprehensive and up-to-date panel data set of invoicing currency patterns in global trade. It provides data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for 115 countries since 1990. The evidence from these data confirms findings from earlier research regarding the strong persistence in invoicing currency patterns and the globally dominant role of the US dollar. It also points to several novel facts, such as the increase...
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作者：Felbermayr, Gabriel; Groeschl, Jasmin; Heiland, Inga
作者单位：Vienna University of Economics & Business; University of Munich; Leibniz Association; Ifo Institut; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); University of Kiel; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：We propose novel estimates of the economic consequences of undoing European goods and services markets integration. Using a quantitative multi-country, multi-sector trade model, we disentangle two important layers of complexity: First, European integration is governed by various, partly overlapping arrangements - the Customs Union, the Single Market, the Common Currency, the Schengen Area, free trade agreements - and fiscal transfers, all of which affect production, trade, and income different...
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作者：Calomiris, Charles W.; Larrain, Mauricio; Schmukler, Sergio L.; Williams, Tomas
作者单位：National Bureau of Economic Research; Pontificia Universidad Catolica de Chile; The World Bank; George Washington University
摘要：Emerging market corporations have significantly increased their borrowing in international debt markets since 2008. We provide a detailed dive into this borrowing by showing that it happened in one particular market segment. Firms significantly increased their large bond issu-ances, mostly above US$500 million, which became cheaper to issue. We find a strong cluster-ing of issuances with a face value of exactly $500 million after 2008 compared to developed markets. This suggests increased will...
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作者：Impullitti, Giammario; Licandro, Omar; Rendahl, Pontus
作者单位：University of Nottingham; Centre for Economic Policy Research - UK; University of Nottingham
摘要：We study the gains from trade in a model with oligopolistic competition, heterogeneous firms and innovation. Our key finding is that a trade-induced increase in market concentration can be an important source of the gains from trade. Foreign competition puts downward pressure on profitability which reduces the equilibrium number of firms, but increases their size. This rise in concentration increases welfare via two channels: increasing returns in production, and a scale effect on innovation. ...
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作者：Benguria, Felipe; Matsumoto, Hidehiko; Saffie, Felipe
作者单位：University of Kentucky; National Graduate Institute for Policy Studies; University of Virginia
摘要：This paper proposes a framework to jointly study productivity and trade dynamics during fi-nancial crises. The persistent output loss caused by crises is driven by lower productivity growth, which is determined by changes in product entry and exit margins in domestic and ex-port markets. We calibrate and validate the model using unique data on firms' product portfo-lios, finding they closely match the behavior of various margins during Chile's 1998 sudden stop. We decompose the sources of the ...
