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作者：Cortina, Juan J.; Didier, Tatiana; Schmukler, Sergio L.
作者单位：The World Bank
摘要：This paper shows how crises prompted firms to switch borrowing across debt markets, impacting the amount borrowed, maturity, and currency denomination at the firm and aggregate levels. During financial crises, firms from advanced and emerging economies shifted their issuance activity between domestic and international syndicated loans and corporate bonds. Firms increased their borrowing in markets not directly hit by crises, partly compensating for declines in shock-hit markets, which provides...
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作者：Frankel, Jeffrey; Rey, Helene
作者单位：Harvard University; University of London; London Business School
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作者：Braun, Sebastian Till; Weber, Henning
作者单位：IZA Institute Labor Economics; University of Bayreuth; Deutsche Bundesbank; Deutsche Bundesbank; European Central Bank
摘要：This paper provides a comprehensive analysis of the dynamic labor market effects of one of the largest forced population movements in history, the mass inflow of eight million German expellees into West Germany after World War II. The expellee inflow was distributed very asymmetrically across two West German regions. We develop a dynamic equilibrium model that closely fits two decades of historical data on the regional unemployment differential and the regional migration rate. Both variables i...
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作者：Fan, Haichao; Li, Yao Amber; Xu, Sichuang; Yeaple, Stephen R.
作者单位：Fudan University; Hong Kong University of Science & Technology; Hong Kong University of Science & Technology; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Leibniz Association; Ifo Institut
摘要：Modern trademodels attribute the dispersion of international prices to physical andman-made barriers to trade, to the pricing-to-market by heterogeneous producers and to differences in the quality of output offered by firms. This paper presents a tractable general equilibrium model that incorporates all three of these mechanisms. Our model allows us to confront Chinese firm-level data on the prices charged and revenues earnedwithin and across markets. We show that all three mechanisms are nece...
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作者：Bajzik, Josef; Havranek, Tomas; Irsova, Zuzana; Schwarz, Jiri
作者单位：Charles University Prague; Czech National Bank
摘要：A key parameter in international economics is the elasticity of substitution between domestic and foreign goods, also called the Armington elasticity. Yet estimates vary widely. We collect 3524 reported estimates of the elasticity, construct 32 variables that reflect the context in which researchers obtain their estimates, and examine what drives the heterogeneity in the results. To account for model uncertainty, we employ Bayesian and frequentist model averaging. To correct for publication bi...
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作者：Devereux, Michael B.; Saito, Makoto; Yu, Changhua
作者单位：University of British Columbia; Nagoya University; Peking University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper develops a simple and tractable model of net capital flows in which time-varying gross country portfolios are an essential element in current account imbalances. The main constituents of country portfolios in the model are general derivatives, which could be interpreted as nominal bond assets and liabilities in particular. Under very weak conditions, the world wealth distribution is stationary. Stationarity is generated by movements in derivative (i.e., bond) risk-premia such that t...
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作者：McCalman, Phillip
作者单位：University of Melbourne
摘要：A central prediction of international trade models is that increased integration leads to specialization. This mechanism has been used to gain insight into the location of industries across countries, the reallocation of output across firms as well as the variation of a firm's product range as countries liberalize. Nevertheless, the notion that international trade will lead firms to rationalize their product portfolios and concentrate on their best products doesn't always square with reality. ...
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作者：De Visscher, Stef; Eberhardt, Markus; Everaert, Gerdie
作者单位：Ghent University; University of Nottingham; Centre for Economic Policy Research - UK
摘要：We estimate Cobb-Douglas production functions that parameterize unobserved total factor productivity as a global technology process interacted with country-specific absorptive capacities. In contrast to the existing literature we do not require proxies for these absorptive capacities but instead estimate them as time-varying stochastic processes. Our implementation allows us to test the contrasting predictions of alternative growth models and our results for a panel of advanced economies suppo...
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作者：Malmendier, Ulrike; Pouzo, Demian; Vanasco, Victoria
作者单位：University of California System; University of California Berkeley; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
摘要：We propose a novel explanation for classic international macro puzzles regarding capital flows and portfolio investment, which builds on modern macro-finance models of experience-based belief formation. Individual experiences of past macroeconomic outcomes have been shown to exert a long-lasting influence on beliefs about future realizations, and to explain domestic stock-market investment. We argue that experience effects can explain the tendency of investors to hold an over proportional frac...
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作者：Giuntella, Osea; Rieger, Matthias; Rotunno, Lorenzo
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Aix-Marseille Universite
摘要：In this paper, we investigate the effects of trade in foods on obesity in Mexico. To do so, we match data on Mexican food imports from the U.S. with anthropometric and food expenditure data. Our findings suggest that exposure to food imports from the U.S. can explain up to 20% of the rise in obesity prevalence among Mexican women between 1988 and 2012. Pro-obesity effects are driven by areas more exposed to unhealthy food imports. We also find evidence in favour of a price mechanism. By linkin...
