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作者：Ahsan, Reshad N.; Chatterjee, Arpita
作者单位：University of Melbourne; University of New South Wales Sydney
摘要：We exploit highly disaggregated occupation data to examine the impact of trade liberalization on intergenerational occupational mobility in urban India. We find that sons that live in urban Indian districts with a greater exposure to trade liberalization have a higher probability of being in a better occupation than their father. Taken together, our results allow us to make two new contributions to the literature on trade and inequality. First, we show that the same mechanism that causes great...
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作者：Raddatz, Claudio; Schmukler, Sergio L.; Williams, Tomas
作者单位：International Monetary Fund; The World Bank; Pompeu Fabra University; George Washington University
摘要：Benchmark indexes have become important in financial markets for portfolio investment. In this paper, we study how international equity and bond market indexes impact asset allocations, capital flows, asset prices, and exchange rates across countries. We use unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2014. We find that movements in benchmarks appear to have important effects on equity and bond mutual fund portfolio allocations, including p...
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作者：Huang, Kevin X. D.; Meng, Qinglai; Xue, Jianpo
作者单位：Vanderbilt University; Oregon State University; Renmin University of China
摘要：In a closed economy, a balanced-budget fiscal policy rule with endogenous income tax rates can generate aggregate instability due to self-fulfilling expectations (e.g., Schmitt-Grohe and Uribe, 1997). This paper shows, both analytically and numerically, that beliefs-driven aggregate instability associated with such a balanced-budget rule is less of a problem in a small open economy integrated in the world asset and goods markets. This is because cross-border capital flows and endogenous intern...
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作者：Palangkaraya, Alfons; Jensen, Paul H.; Webster, Elizabeth
作者单位：Swinburne University of Technology; University of Melbourne
摘要：In contrast with quotas and tariffs, it is theoretically ambiguous whether fewer (or 'weaker') rules over intellectual property rights will increase or decrease trade in patentable goods. The prevailing view is that anticipation of imitation reduces exporters' incentive to export goods to jurisdictions with 'Weak' patent regimes. This empirical paper uses new measures of how the destination-country patent system can affect trade. In contrast with existing studies which assume would-be exporter...
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作者：Devereux, Michael B.; Dong, Wei; Tomlin, Ben
作者单位：University of British Columbia; Bank of Canada
摘要：We explore the role of product market structure on exchange rate pass-through and currency of invoicing in international trade, using very detailed transaction-level data on Canadian imports over a six-year period. A novel feature of the study is the importance of market share on both sides of the importing relationship that of the exporting and importing firms. We find that exchange rate pass-through and the currency of invoicing are dependent on the size (or market share) of both importers a...
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作者：Arezki, Rabah; Fetzer, Thiemo; Fisch, Frank
作者单位：International Monetary Fund; University of Warwick; University of London; London School Economics & Political Science
摘要：This paper provides novel empirical evidence of the effects of a plausibly exogenous change in relative factor prices on U.S. manufacturing production and trade. The shale gas revolution has led to (very) large and persistent differences in the price of natural gas between the U.S. and the rest of the world reflecting differences in endowment of difficult-to-trade natural gas;Guided by economic theory, empirical tests on output, factor reallocation and international trade are conducted. Result...
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作者：Park, JungJae
作者单位：National University of Singapore
摘要：This paper introduces endogenous capital accumulation into an otherwise standard quantitative sovereign default model a la Eaton and Gersovitz (1981). We find that conditional on a level of debt, default incentives are U-shaped in the capital stock: the economy with too small or too large amounts of capital is likely to default. Even without using an ad-hoc output cost of default, the calibrated model generally well matches business cycle facts of emerging economies and generates defaults in g...
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作者：Bonfatti, Roberto
作者单位：University of Nottingham
摘要：I construct a model in which a colony trades raw materials for manufactures with the mother country and the rest of the world, and can rebel at the cost of some trade disruption with the mother country. Decolonisation is more likely when the rest of the world is more abundant in manufactures, or scarcer in raw materials: this is because trade policy in the rest of the world is more favourable to a rebel colony, while trade policy within the empire is more restrictive. I use my results to expla...
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作者：Broocks, Annette; Van Biesebroeck, Johannes
作者单位：Vienna University of Economics & Business; KU Leuven; Centre for Economic Policy Research - UK
摘要：For small open economies, it is essential that many firms find their way to the export market and most governments provide some form of export promotion assistance. We use detailed firm-level data for Flanders, the largest region in Belgium, to evaluate whether its program raises firms' propensity to start exporting outside the EU single market. We find robust evidence for such an effect by relying on the selection-on-observables assumption which we implement using various estimators. We addre...
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作者：Cashin, Paul; Mohaddes, Kamiar; Raissi, Mehdi
作者单位：International Monetary Fund; University of Cambridge; University of Cambridge
摘要：This paper employs a dynamic multi-country framework to analyze the international macroeconomic transmission of El Nino weather shocks. This framework comprises 21 country/region-specific models, estimated over the period 1979Q2 to 2013Q1, and accounts for not only direct exposures of countries to El Nino shocks but also indirect effects through third-markets. We contribute to the climate-macroeconomy literature by exploiting exogenous variation in El Nino weather events over time, and their i...
