-
作者：Prusa, Thomas J.; Teh, Robert; Zhu, Min
作者单位：Rutgers University System; Rutgers University New Brunswick; North West University - South Africa; Hanken School of Economics; Rutgers University System; Rutgers University New Brunswick
摘要：We analyze whether preferential trade agreements (PTAs) affect the incidence and pattern of antidumping (AD) filings. We find PTA membership results in a 29 percent (15 percent) de-crease in the incidence of intra-PTA AD actions (measures). We then exploit variation in the content of PTAs and find the reduction is due to PTAs with explicit AD rules. We find that intra-PTA AD filings (measures) decrease by about 46 percent (34 percent) for PTAs with ex-plicit AD rules. Our results are robust in...
-
作者：Chari, Anusha; Dilts-Stedman, Karlye; Forbes, Kristin
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Kansas City; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：The effects of macroprudential policy on portfolio flows vary considerably across the global fi-nancial cycle. A tighter ex-ante macroprudential stance amplifies the impact of global risk shocks on bond and equity flows, increasing outflows significantly more during risk-off epi-sodes and increasing inflows significantly more during risk-on episodes. These amplification ef-fects are more prominent at the extremes, especially for extreme risk-off periods and for regulations that target specific...
-
作者：Aldasoro, Inaki; Ehlers, Torsten; Eren, Egemen
作者单位：Bank for International Settlements (BIS); International Monetary Fund
摘要：We document significant and persistent price dislocations in secured and unsecured wholesale dollar funding markets between US money market funds (MMFs) and highly-rated global banks. We show that bargaining frictions affect prices in these key short-term dollar funding markets. Our identification strategy relies on a number of quasi-experiments, including the US MMF reform and quarter-end window-dressing by European banks. Post-crisis regulations have reduced competition in these markets and ...
-
作者：Hoek, Jasper; Kamin, Steve; Yoldas, Emre
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Increases in U.S. interest rates are often thought to generate adverse spillovers to emerging market economies (EMEs). We show that whether US. rate hikes are bad news for EMEs depends on the source of these hikes. Higher rates stemming from stronger US. growth generate only modest spillovers to EME financial markets, while those stemming from hawkish Fed policy or inflationary pressures are much more disruptive. We identify the sources of U.S. rate changes using moves in financial asset price...
-
作者：Koenig, Pamina; Poncet, Sandra
作者单位：Universite de Rouen Normandie; Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics
摘要：This paper analyzes the effects of a major reputational shock affecting textile importers from Bangladesh. The collapse of the Rana Plaza building in April 2013 generated a surge of activism and media coverage specifically targeting the firms that sourced from the factories affected by the disaster. Using monthly firm-level import data from French Customs, we study any potential disruption in these firms' imports from all origins, and specifically from Bangladesh. We use a difference-in-differ...
-
作者：Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Columbia University
摘要：This paper shows that in a new Keynesian model of the open economy with portfolio adjustment costs a permanent increase in the nominal interest rate causes in the short run a depreciation of the nominal and real exchange rates and a deviation from uncovered interest rate parity against the tightening country. These effects have the opposite sign than those associated with transitory increases in the nominal interest rate. The paper then estimates an empirical model of exchange rates and uncove...
-
作者：Takats, Elod; Temesvary, Judit
作者单位：Bank for International Settlements (BIS); University of London; London School Economics & Political Science; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We combine a rarely accessed BIS database on cross-border lending flows with cross-country data on macroprudential regulations. We find significant interactions between the monetary policy of major international currency issuers (USD, EUR and JPY) and macroprudential policies in source (home) lending banking systems. Consistent with the bank lending channel, macroprudential easing in a home country amplifies the effect of currency issuers' monetary policy on lending. For instance, UK macroprud...
-
作者：Eberhardt, Markus; Presbitero, Andrea F.
作者单位：University of Nottingham; Centre for Economic Policy Research - UK; Johns Hopkins University
摘要：Commodity prices are one of the most important drivers of output fluctuations in developing countries. We show that a major channel through which commodity price movements can affect the real economy is through their effect on banks' balance sheets and financial stability. Our analysis finds that the volatility of commodity prices is a significant predictor of banking crises in a sample of 60 low-income countries (LICs). In contrast to recent findings for advanced and emerging economies, credi...
-
作者：Ottonello, Pablo
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：This paper studies the conduct of monetary policy in economies with currency mismatch. To this end, I build a model that embeds financial frictions from households' collateralized borrowing in foreign currency into an open-economy Keynesian framework. The monetary authority faces a trade-off between traditional unemployment stabilization gains from currency depreciation and its costs in terms of generating debt deflation and tightening households' ability to borrow. The optimal policy under th...
-
作者：Benguria, Felipe
作者单位：University of Kentucky
摘要：This paper develops a general equilibrium model of international trade with heterogeneous exporters and heterogeneous importers. This theory is guided by new findings drawn from a matched exporter-importer dataset that characterizes the relationships between exporting and importing firms. I find that most exporters have a single importing partner, that highly productive exporters tend to trade with highly productive importers, and that the value traded is positively correlated with both export...
