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作者：Tabakis, Chrysostomos; Zanardi, Maurizio
作者单位：KDI School of Public Policy & Management; Lancaster University
摘要：Are preferential trade agreements (PTAs) stumbling blocks or building blocks towards multilateral trade liberalization? We address this question by investigating the effects of the negotiation and implementation of PTAs on the use of antidumping (AD) (i.e., the most common form of contingent trade protection) by member countries against non-members as there has been a concurrent surge in regionalism and AD activity since the 1990s. Theoretically-derived empirical predictions are supported by t...
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作者：Feenstra, Robert C.; Ma, Hong; Xu, Yuan
作者单位：University of California System; University of California Davis; Tsinghua University
摘要：We study the employment responses to the expansion of US exports and to the import competition, especially from China. We find that although import competition reduces jobs, export expansion also creates a substantial number of jobs. At the industry level, job gains due to US export expansion largely offset job losses due to Chinese import competition, resulting in a net gain of 379 thousand jobs over 1991-2011 in our preferred estimate. At the commuting zone level, job gains and losses are ro...
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作者：Felbermayr, Gabriel; Teti, Feodora; Yalcin, Erdal
作者单位：Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Leibniz Association; Ifo Institut; University of Munich; HTWG Hochschule Konstanz University of Applied Sciences; Leibniz Association; Ifo Institut; University of Kiel
摘要：When a country grants preferential tariffs to another, either reciprocally in a free trade agreement (FTA) or unilaterally, rules of origin (Roos) are defined to determine whether a product is eligible for preferential treatment. RoOs exist to avoid that exports from third countries enter through the member with the lowest tariff (trade deflection). However, RoOs distort exporters' sourcing decisions and burden them with red tape. Using a global data set, we show that, for 86% of all bilateral...
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作者：Seoane, Hernan D.; Yurdagul, Emircan
作者单位：Universidad Carlos III de Madrid
摘要：Sudden Stops are characterized by large output drops, current account reversals and real exchange rate depreciation followed by a slow recovery, a pattern that has proven to be hard to capture with standard open economy models. This paper extends the standard models with endogenous collateral constraints to include permanent income (trend) shocks and studies the optimal policy design in this setting. We find that shocks to the trend play an important role in generating a Sudden Stop followed b...
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作者：Gholampour, Vahid; van Wincoop, Eric
作者单位：Bucknell University; University of Virginia; National Bureau of Economic Research
摘要：We use Twitter opinions about the Euro-Dollar exchange rate to estimate the private information model of Bacchetta and van Wincoop (2006) and investigate the disconnect between the exchange rate and macro fundamentals over both short and long horizons. We simulate the model with the estimated parameters and replicate the methodology of three studies that document the disconnect empirically. The model is consistent with the findings of the empirical literature, though for a different reason ove...
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作者：Miyamoto, Wataru; Thuy Lan Nguyen; Sheremirov, Viacheslav
作者单位：University of Hong Kong; Santa Clara University; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：Using panel data on military spending for 125 countries, we document new facts about the effects of changes in government purchases on the real exchange rate, consumption, and current accounts in both advanced and developing countries. While an increase in government purchases causes real exchange rates to appreciate and increases consumption significantly in developing countries, it causes real exchange rates to depreciate and decreases consumption in advanced countries. The current account d...
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作者：Castellares, Renzo; Salas, Jorge
作者单位：International Monetary Fund
摘要：We use industry-level data to study the effects of imperfect contract enforcement on international trade during crises. To guide the empirical work, we build a simple trade model with contractual imperfections, in which an adverse aggregate shock in the importing country generates a disproportionate decline in imports in more contractually vulnerable industries. Using disaggregated trade data for more than 120 countries and different industry measures of contractual dependence, we find robust ...
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作者：Erauskin, Inaki; Turnovsky, Stephen J.
作者单位：University of Deusto; University of Washington; University of Washington Seattle
摘要：We employ a stochastic growth model to study the impact of international financial globalization on income inequality. A key element is that financial frictions facing the economy pertain to both lending and borrowing abroad, and the process of financial liberalization is specified in terms of reducing these frictions. We emphasize two key channels through which liberalization affects inequality. The first is by reducing the costs of investing and borrowing abroad. Since these activities favor...
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作者：Faia, Ester; Laffitte, Sebastien; Ottaviano, Gianmarco I. P.
作者单位：Goethe University Frankfurt; Centre for Economic Policy Research - UK; Universite Paris Saclay; Institut Polytechnique de Paris; ENSAE Paris; University of London; London School Economics & Political Science; Bocconi University
摘要：Using a novel dataset on the 15 European banks classified as G-SIBs from 2005 to 2014, we find that the impact of foreign expansion on risk is always negative and significant for most individual and systemic risk metrics. In the case of individual metrics, we also find that foreign expansion affects risk through a competition channel as the estimated impact of openings differs between host countries that are more or less competitive than the source country. The systemic risk metrics also decli...
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作者：Mai, Joseph; Stoyanov, Andrey
作者单位：Shanghai University of Finance & Economics; York University - Canada
摘要：Are judges concemed, in the same way as policy makers, with the effects of their decisions on national welfare? In this paper, we analyze this question by examining the outcomes of intellectual property rights (IPR) litigations between domestic and foreign firms. We use a simple model of oligopoly, in which IPR takes the form of a more efficient production technology, to illustrate how antiforeign bias varies across cases when judges have welfare concerns. The predictions of the model are test...
