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1.
The Barcelona Initiative is the central element of the EU’s Mediterranean policy. We study the implementation of this policy
with respect to Syria using a dynamic general equilibrium model with credit constraints and capital market imperfections.
Dismantling formal tariffs has only limited effects on the Syrian economy, while reducing non-tariff barriers produces by
far larger results. EU association promises broadly positive effects for factor incomes and sectoral outputs, with some temporarily
negative effects in agricultural sectors. Nevertheless, we find evidence of severe trade distorting effects making preferential
trade policy clearly welfare inferior to multilateral trade liberalization within the WTO framework.
相似文献
Bernd LuckeEmail: |
2.
Marcelo Sánchez 《Open Economies Review》2008,19(3):371-390
We examine the implications of monetary union for macroeconomic stabilization in catching-up participating countries. We allow
member states’ supply conditions to differ, especially with regard to sectoral characteristics. Sectoral productivity shocks
of the type associated with the Balassa–Samuelson effect tend to hamper the stabilization properties of a currency union.
In the face of aggregate supply disturbances, the stabilization costs of renouncing monetary autonomy diminish with a steeper
supply curve (as induced by higher trade openness) and—barring idiosyncratic shocks—with a larger reference country size,
more homogeneous supply slopes and a higher preference for price stability.
相似文献
Marcelo SánchezEmail: |
3.
Andrea Schertler Claudia M. Buch Natalja von Westernhagen 《International Economics and Economic Policy》2006,3(1):43-72
This paper investigates whether heterogeneity across firms and banks matters for the impact of domestic sectoral growth on
bank lending. We use several bank-level datasets provided by the Deutsche Bundesbank for the 1996–2002 period. Our results
show that firm heterogeneity and bank heterogeneity affect how lending responds to domestic sectoral growth. We document that
banks’ total lending to German firms reacts pro-cyclically to domestic sectoral growth, while lending exceeding a threshold
of €1.5 million to German and foreign firms does not. Moreover, we document that the response of lending depends on bank characteristics
such as the banking groups, the banks’ asset size, and the degree of sectoral specialization. We find that total domestic
lending by savings banks and credit cooperatives (including their regional institutions), smaller banks, and banks that are
highly specialized in specific sectors responds positively and, in relevant cases, more strongly to domestic sectoral growth.
相似文献
Andrea SchertlerEmail: |
4.
This paper investigates whether small countries gain relatively more than large countries from an ‘expansion’ of their market
through the creation of a single currency. The introduction of the euro offers a particularly valuable source to test this
hypothesis, which we motivate using the theoretical model by Casella of the year 1996. Our results from a panel data analysis,
using both aggregate and disaggregated trade data, point to a statistically significant but quantitatively moderate small
country bonus. On average, the euro has led to an improvement of the small euro area’s relative export performance by 3–9%.
相似文献
Harald BadingerEmail: |
5.
This paper assesses China’s “natural” place in the world economy with a new set of trade integration indicators, which are
used as a benchmark in order to examine whether China’s share in international trade is consistent with fundamentals such
as economic size, location and other relevant factors. They constitute a better measure of trade integration that incorporates
many more factors than traditional openness ratios. The model tracks international trade well and confirms that China is already
well integrated in world markets, particularly with North America, several Latin American and East Asian emerging markets
and most euro area countries.
相似文献
Matthieu BussièreEmail: |
6.
Within a two-sector-two-country model of trade with aggregate scale economies and unionisation, a more generous welfare state
in one country increases welfare in that country and can have positive spillover effects on the other. Furthermore, synchronised
expansions of social security are more welfare enhancing than unilateral ones. Our results counter the fears that a race to
the bottom in social standards may result from the ‘shrinking-tax-base’ entailed by international capital mobility. While
affecting trade patterns and income distribution, capital mobility interacts with welfare state policies in increasing welfare,
even when capital flows out of the country that initiates the shock.
相似文献
Catia MontagnaEmail: |
7.
Philip R. Lane 《International Economics and Economic Policy》2007,4(3):263-279
Introduction This paper addresses the dynamics of the Swedish external position, with a particular focus on its inter-relation with the
external value of the krona.
Materials and methods We argue that financial globalisation means that a broader conceptual framework is required, whereby exchange rate fluctuations
operate through the ‘valuation channel’ of external adjustment, in addition to the traditional trade balance channel. In the
other direction, we highlight that the projected trend for the trade balance is an important influence on the long-term prospects
for the krona.
Conclusion Finally, we seek to assess the future direction for the Swedish net foreign asset position by investigating the likely impact
of demographic change and shifts in the Swedish position in the world income distribution.
相似文献
Philip R. LaneEmail: |
8.
In this paper, we re-examine the “PPP Puzzle” using sectoral disaggregated data. Specifically, we first analyse the mean reversion
speeds of real exchange rates for a number of different sectors in 11 industrial economies and then focus on relating these
rates to variables identified in the literature as key determinants of CPI-based real exchange rates, namely: the trade balance, productivity and the mark up. In particular, we seek to understand to what extent the relationships existing at the aggregate level are borne out at the
disaggregate level. We believe that this analysis can help shed light on the PPP puzzle.
相似文献
Ronald MacDonaldEmail: |
9.
A present-value model of less developed countries’ (LDC) debt is developed to understand the factors that affect the discount
on the secondary market. LDC debt trades at a substantial discount on the secondary market. This paper investigates the determinants
of the discount for a sample of 13 countries over a 9 year period. The findings show that debt–exports, foreign currency reserves–imports
and total debt service to exports ratios are significant determinants of the secondary market prices of LDC debt. The discount
is higher in countries where debt–exports ratios are higher and is lower for those with lower foreign currency reserves–imports
ratios. Concentration of debt with money center banks has a positive and significant effect on the secondary market price
of debt.
相似文献
Ayla OgusEmail: |
10.
Ernesto Valenzuela Kym Anderson Thomas Hertel 《International Economics and Economic Policy》2008,4(4):395-420
The WTO’s Doha Development Agenda has generated demand for estimates of the potential economic consequences of global trade
reform. Recent improvements in the GTAP dataset have provided a much better representation of tariff restrictions as of 2001.
However, despite its use by most global trade modelers, substantial differences in results emerge from different computable
general equilibrium exercises. To help understand these differences, this paper examines the sensitivity of full global and
regional trade liberalization results from the GTAP model, using the GTAP version 6.1 database, to different assumptions about
factor mobility, fiscal neutrality, macro-economic closure, and trade (Armington) elasticities.
相似文献
Ernesto ValenzuelaEmail: |
11.
Kristin Langwasser 《International Economics and Economic Policy》2009,6(2):115-133
Although the euro area is not one of the major players in current global imbalances, the rebalancing of the current global
imbalances is coupled with a significant appreciation of the euro against. In this paper, I present estimations of trade equations
for individual euro area countries using a vector error correction model. Each euro area member has got a different trade
elasticity, in the short as well as in the short run. Results show that exchange rate innovations affect individual euro area
countries at different rates, complicating the response of the euro area’s one-size-fits-all monetary policy.
相似文献
Kristin LangwasserEmail: |
12.
Suryadipta Roy 《Atlantic Economic Journal》2007,35(3):303-314
Using data from the National Survey on Drug Use and Health, evidence of income inferiority in illegal drug consumption is
presented. This is done by estimation of binary choice probit models with endogenous regressors. The endogeneity of income
with regard to drug consumption is considered and the more efficient three-stage least squares procedures have been implemented.
In general, the results indicate that accounting for endogeneity improves results on income inferiority with regard to drug
consumption. An implication of this study is that some form of income distribution policies towards the poor might be more
effective in controlling substance abuse. It also points out the regressive nature of the government’s substance abuse program.
相似文献
Suryadipta RoyEmail: |
13.
In a globalised world economy, global factors have become increasingly important to explain trade flows at the expense of
country-specific determinants. This paper shows empirically the superiority of direct forecasting methods, in which world
trade is directly forecasted at the aggregate levels, relative to “bottom-up” approaches, where world trade results from an
aggregation of country-specific forecasts. Factor models in particular prove rather accurate, where the factors summarise
large-scale datasets relevant in the determination of trade flows.
相似文献
Stephane DeesEmail: |
14.
Floating exchange rates are said to introduce volatility into the foreign exchange market that could deter trade flows. Previous
research employed aggregate import and export trade data and provided mixed results. In this paper we disaggregate the trade
data between the U.S. and the emerging economy of India and use the bounds testing approach to cointegration and error-correction
modeling to show that in 40 industries that trade between the two countries, exchange rate volatility has negative and positive
effects in 40% of industries, in the short run. These short-run effects, however, do not last into the long run in many cases.
相似文献
Mohsen Bahmani-OskooeeEmail: |
15.
Kent P. Kimbrough 《Open Economies Review》2008,19(4):411-422
The implications of private information regarding a worker’s skills for optimal tax policy in an open economy are explored.
Two cases are considered. In one general skills are private information and in the other sector-specific skills are private
information. It is shown that for a small open economy tariffs and other equivalent trade distortions are not part of the
optimal tax policy in either case. In both cases the optimal policy distorts the labor–leisure choice but only in the case
of sector-specific skills as private information are labor allocation decisions distorted. For a large country, distortions
that are equivalent to the standard optimal tariff formula characterize the optimal tax policy.
相似文献
Kent P. KimbroughEmail: |
16.
Arslan Razmi 《Review of World Economics》2009,145(2):361-372
Using simple, modified versions of the factor proportions framework, and focusing on structural features within developing economies, this paper attempts to reconcile puzzling developments observed in many post-reform, post-liberalization
countries whereby increasing income inequality has emerged side-by-side with informalization of the economy. Measures undertaken
to enhance public sector efficiency and attract investment in an import-intensive export sector may increase rental–wage and
skilled–unskilled wage gaps, contra the predictions of the simple Heckscher–Ohlin–Stolper–Samuelson (HOSS) framework regarding
skill- and capital-scarce countries. The common thread generating our interesting results is the presence of sectors that
are even more labor-intensive than those producing traded goods.
相似文献
Arslan RazmiEmail: |
17.
Matthew G. Nagler 《Atlantic Economic Journal》2008,36(3):345-358
A positive shock to funding, such as a major donation, causes an optimizing university to raise its admissions standards and
reduce tuition charges net of financial aid across all student categories. However, the shock’s effect on enrollment may not
be uniform. Student categories given little weight in the university’s objective function may be treated as inferior goods;
that is, positive shocks decrease their enrollments, while other student categories’ enrollments are increased. The paper’s
findings shed light on the effect of federal direct-to-student aid on tuition levels, permitting a new perspective on William
Bennett’s controversial hypothesis that aid accommodates tuition hikes.
相似文献
Matthew G. NaglerEmail: |
18.
In this paper we test the well-known hypothesis of Obstfeld and Rogoff (NBER Macroeconomics Annual 7777:339–390, 2000) that trade costs are the key to explaining the so-called Feldstein–Horioka puzzle. Our approach has a number of novel features.
First, we focus on the interrelationship between trade costs, the trade account and the Feldstein–Horioka puzzle. Second,
we use the gravity model to estimate the effect of trade costs on bilateral trade and, third, we show how bilateral trade
can be used to draw inferences about desired trade balances and desired intertemporal trade. Our econometric results provide
strong support for the Obstfeld and Rogoff hypothesis and we are also able to reconcile our results with the so-called home
bias puzzle.
相似文献
Jacques Melitz (Corresponding author)Email: |
19.
Moonsung Kang 《Open Economies Review》2009,20(2):225-240
We provide a theoretical framework to explain why governments seek stronger protection of IPRs and allow R&D subsidies through
multilateral trade agreements such as the TRIPS Agreement and the Agreement on Subsidies. Our analysis indicates that it is
globally optimal to disseminate knowledge without IPR protection and to subsidize inventive firms when issues of IPR protection
and R&D subsidies are considered in tandem. R&D subsidies are a means of amending for damages to investors’ incentives by
weak IPR protection. In addition, the TRIPS Agreement is understood as a victory of the interests of exporting countries over
those of importing countries.
相似文献
Moonsung KangEmail: |
20.
Eric Toulemonde 《Open Economies Review》2008,19(2):203-219
The paper builds an analytically tractable model that illustrates the “proximity–concentration trade-off” involved in horizontal
multinationals. For low trade costs, firms are single-plant firms, for intermediate costs, some are single-plant firms whereas
others are multinationals, for large trade costs, firms are multinationals. Because of the modeling strategy, the model is
suited for a welfare analysis of multinationals. It shows that too many firms choose to concentrate their production in only
one location. Also, for some transport costs, a reduction in transport costs worsens welfare.
相似文献
Eric ToulemondeEmail: |