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作者：Kriwoluzky, Alexander; Muller, Gernot J.; Wolf, Martin
作者单位：Free University of Berlin; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Eberhard Karls University of Tubingen; Centre for Economic Policy Research - UK; University of Vienna
摘要：We study a sovereign debt crisis in a small member state of a currency union. If the country exits the currency union, it may redenominate its liabilities and reduce the real value of debt through depreciation and inflation. We analyze formally how the anticipation of this possibility, exit expectations, impact the dynamics of the sovereign debt crisis. First, we show that public debt accumulates faster and sovereign yields increase more strongly because of redenomination risk. Second, we find...
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作者：Alfaro, Laura; Asis, Gonzalo; Chari, Anusha; Panizza, Ugo
作者单位：Harvard University; University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman's Z-score). Firm size plays a critical role in the relationship between leverage, firm fragility and exchange rate movements in emerging markets. While the relationship between firm-leverage and distress scores varies over time, the relationship between firm size and corporate vulnerability is relatively tim...
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作者：Gomez-Gonzalez, Patricia
作者单位：Fordham University
摘要：This study examines the optimal public debt structure when governments can issue multiple assets, the state's fiscal capacity is uncertain, public debt has a liquidity purpose for domestic investors, and public debt markets are open to foreign investors. The optimal policy is to tranch the risky fiscal capacity and then to issue state contingent assets that pay only when the need for aggregate liquidity in the economy is high. In this way, governments can minimize wasted liquidity of public as...
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作者：Liu, Qing; Qiu, Larry D.; Zhan, Chaoqun
作者单位：Renmin University of China; Lingnan University; Sun Yat Sen University
摘要：In this study we examine the effects of trade liberalization on domestic backward vertical integration in which a domestic upstream firm (target) is acquired by a domestic downstream firm. We first build a relationship specific investment model to guide and provide insights to our empirical work. Then we take China's accession to the WTO as a quasi-natural experiment for trade liberalization to test the theoretical predictions. Consistent with the model, we find that a decrease in tariffs on t...
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作者：Ravikumar, B.; Santacreu, Ana Maria; Sposi, Michael
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Southern Methodist University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：We compute welfare gains from trade in a dynamic, multicountry model with capital accumulation and trade imbalances. We develop a gradient-free method to compute the exact transition paths following a trade liberalization. We find that (i) larger countries accumulate a current account surplus, and financial resources flow from larger countries to smaller countries, boosting consumption in the latter, (ii) countries with larger short-run trade deficits accumulate capital faster, (iii) the gains...
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作者：Caballero, Julian; Fernandez, Andres; Park, Jongho
作者单位：Central Bank of Chile; Korea Development Institute (KDI)
摘要：We document a considerable increase in foreign financing by the corporate sector in emerging economies (EMEs) since the early 2000s, mainly in the form of bond issuance, and claim that it has opened up an important channel by which external financial factors can drive economic activity in these economies. Such claim is substantiated by a strong negative relationship between economic activity and an external financial indicator that we construct for several EMEs using micro-level data on spread...
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作者：Hoffmann, Mathias; Krause, Michael U.; Tillmann, Peter
作者单位：Deutsche Bundesbank; University of Cologne; Justus Liebig University Giessen
摘要：Cross-sectional evidence for 119 developing, emerging, and developed countries shows over the last three decades that countries with an on average higher volatility of output growth experience more procyclical capital outflows over the business cycle than those countries with the same growth rate but a more stable output path. This stylized pattern shows up in addition to the recently established fact that countries with higher macroeconomic uncertainty tend to accumulate higher external asset...
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作者：Jabbour, Liza; Tao, Zhigang; Vanino, Enrico; Zhang, Yan
作者单位：University of Birmingham; University of Hong Kong; University of London; London School Economics & Political Science
摘要：This paper analyses the effects of the European Union's anti-dumping tariffs against Chinese imports on all affected firms: the good European import-competing firms, the bad Chinese exporters and the ugly European importers of dumped products. The results show that temporary import tariffs are beneficial to the least productive good EU producers, but harms the most productive ugly EU importers. Overall, the net effects of anti-dumping policy on European employment and exports are largely negat...
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作者：Baccini, Leonardo; Impullitti, Giammario; Malesky, Edmund J.
作者单位：McGill University; University of Nottingham; Duke University
摘要：What do state-owned enterprises (SOEs) do? How do they respond to market incentives? Can we expect substantial efficiency gains from trade liberalization in economies with a strong presence of SOEs? Using a new dataset of Vietnamese firms we document a set of empirical regularities distinguishing SOEs from private firms. Then we empirically study the effect of the 2007 WTO accession on selection, competition, and productivity. Our results show that WTO entry is associated with higher probabili...
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作者：Alquist, Ron; Berman, Nicolas; Mukherjee, Rahul; Tesar, Linda L.
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We develop a model of cross-border acquisitions in which the foreign acquirer's ownership choice reflects a trade-off between easing the target's credit constraints and the costs of operating in an environment with weak institutions. Data on domestic and foreign acquisitions in emerging markets over the period 1990-2007 support the model predictions. The share of full foreign acquisitions is higher in sectors more reliant on external finance, in countries with lower financial development, and ...
