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作者：Duch-Brown, Nestor; Grzybowski, Lukasz; Romahn, Andre; Verboven, Frank
作者单位：IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris; Heinrich Heine University Dusseldorf; KU Leuven; University of Cape Town; Centre for Economic Policy Research - UK
摘要：Did the Internet make international markets more integrated? To address this question, we study long-term international price differences and their speed of convergence, based on a unique data base for identical goods sold in both online and traditional brick-and-mortar distribution channels, covering ten European countries. We find that long-term international price differences are closely comparable between both distribution channels. Furthermore, international price differences converge onl...
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作者：Le Grand, Francois; Ragot, Xavier
作者单位：emlyon business school; Swiss Federal Institutes of Technology Domain; ETH Zurich; Centre National de la Recherche Scientifique (CNRS); Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper presents a positive and normative study of a world financial market when sovereign countries can default on their debt. We construct a tractable model that enables us to study sovereign default in general equilibrium. The amount of safe assets is thus endogenous and determined by international risk-sharing. We characterize the equilibrium structure and we show that the market equilibrium can generate multiple equilibria. In addition, the market equilibrium is not constrained-efficie...
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作者：Bergin, Paul R.; Feng, Ling; Lin, Ching-Yi
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Shanghai University of Finance & Economics; National Tsing Hua University
摘要：Financial frictions can pose a barrier to export entry by altering a firm's long-term capital structure. The focus on long-term firm financing is motivated by our empirical finding that exporting firms tend to be more leveraged than non-exporting firms in terms of long-term debt, as distinct from short-term working capital. We explain this fact by marrying a corporate finance model of capital structure, featuring an endogenous choice between equity and long-term debt, with a trade model featur...
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作者：Lashkaripour, Ahmad
作者单位：Indiana University System; Indiana University Bloomington
摘要：Tariff wars have reemerged as a serious threat to the global economy. Yet measuring the prospective cost of a global tariff war remains computationally prohibitive, unless we restrict attention to a small set of countries and industries. This paper develops a new methodology that measures the cost of a global tariff war in one simple step as a function of observable shares, industry-level trade elasticities, and markup wedges. Applying this methodology to data on 44 countries and 56 industries...
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作者：Bassanin, Marzio; Faia, Ester; Patella, Valeria
作者单位：Bank of England; Goethe University Frankfurt; Center for Economic & Policy Research (CEPR); Sapienza University Rome
摘要：Financial crises originate in debt markets, where beliefs formation about asset values affects the value of collateral, hence the leverage cycles. We introduce novel state-contingent ambiguity attitudes, which endogenously induce pessimism in recessions and optimism in booms, in a model with occasionally binding collateral constraints and exogenous debt supply. Ambiguity is measured in the data through GMM estimation of the Euler equations, and delivers over extrapolative behaviors through for...
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作者：Alessandria, George; Choi, Horag; Ruhl, Kim J.
作者单位：University of Rochester; National Bureau of Economic Research; Monash University; University of Wisconsin System; University of Wisconsin Madison
摘要：We introduce time and risk into the fixed-variable cost tradeoff in heterogeneous firm trade models: Investing in exporting gradually and stochastically lowers the costs of exporting. In the model, aggregate trade dynamics arise from producer-level decisions to invest in lowering their future variable export costs, and tariff reforms generate time-varying trade elasticities. The gains from reducing tariffs arise from substituting away from firm creation and towards exporting. This substitution...
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作者：Dao, Mai Chi; Minoiu, Camelia; Ostry, Jonathan D.
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We examine the relationship between real exchange rate fluctuations and firm-level investment and growth using data for a sample of close to 33,000 firms from 68 advanced and emerging market countries over the 2000-2014 period. We show that real depreciations boost profits, investment, and asset growth of tradable sector firms that have higher labor shares and are relatively more financially constrained. These findings are consistent with an internal financing channel whereby depreciations boo...
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作者：Ciliberto, Federico; Jakel, Ina C.
作者单位：University of Virginia; Centre for Economic Policy Research - UK; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Aarhus University
摘要：In many countries, exports are highly concentrated among a few ?superstar? firms. We estimate the export decisions of superstar firms as the result of a complete information, simultaneous, discrete choice, static entry game. We employ a dataset on the universe of Danish trade transactions by firm, product and destination. We also obtain detailed information on applied, preferential tariff protection from the MAcMap-HS6 database. We find evidence of strong negative competitive effects of entry:...
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作者：Correa, Ricardo; Sapriza, Horacio; Zlate, Andrei
作者单位：Federal Reserve System - USA
摘要：Using supervisory data on the U.S. branches of foreign banks and their syndicated loans, we show that the branches of euro-area banks suffered a liquidity shock in the form of reduced access to wholesale funding from U.S. money market funds during the European sovereign debt crisis. Affected branches cut lending to U.S. firms mostly in the form of revolving credit and along the extensive margin, as increased funding from their parents only partially offset the liquidity shortfall. This shock w...
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作者：Coniglio, Nicola D.; Vurchio, Davide; Cantore, Nicola; Clara, Michele
作者单位：Universita degli Studi di Bari Aldo Moro
摘要：A country's specialization evolves over time in a dynamic process, with shifts in comparative advantages, resulting in new products being added to the country's export basket. According to the renowned Product Space (PS) framework (Hausmann and Klinger, 2007; Hidalgo et al., 2007), this dynamic process is characterized by strong path dependence, as a country's current production capabilities (technologies, production factors, institutions, etc.) determine what a country produces today, but als...
