共查询到20条相似文献,搜索用时 31 毫秒
1.
Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?
Barry Eichengreen 《Open Economies Review》2007,18(1):27-52
The accumulation of international reserves by emerging markets raises the question of how to best utilize these funds. This
paper explores two routes through which the pooling of reserves could enhance stability and welfare. First, the reserve pool
could be used for emergency lending in response to sudden stops. Second, a portion of the reserve pool along with borrowed
funds could be used to purchase contingent debt securities issued by governments and corporations, helping to solve the first-mover
problem that limits the liquidity of markets in these instruments and hinders their acceptance by private investors. This
paper argues that the second option is more likely to be feasible and productive.
相似文献
Barry EichengreenEmail: |
2.
This paper empirically investigates the demand for international reserves (and foreign exchange reserves) during fixed and
floating exchange rates periods in three developing countries: Kenya, Mexico and Philippines. Based on theoretical models,
three factors are identified as important for the demand of international reserves and foreign reserves: average propensity
to import, volume of imports and variability of reserves. The paper employs the cointegration methodology and error correction
method to investigate the relationships. Cointegration tests results indicate a reliable long-run stationary relationship
between the international reserves (and foreign exchange reserves) and the stated explanatory variables across countries and
sub-periods of fixed and clean float. The error correction results indicate causality from the explanatory variables to the
reserves during both the short and long run. This is true during both the fixed and the floating periods.
相似文献
Mohammad Hasan (Corresponding author)Email: |
3.
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: |
4.
Three main features characterize the international financial integration of China and India. First, while only having a small
global share of privately-held external assets and liabilities, these countries are large holders of official reserves. Second,
their international balance sheets are highly asymmetric: both are “short equity, long debt.” Third, China and India have
improved their net external positions over the last decade although neoclassical models would predict them to be net borrowers.
We argue that domestic financial policies are key to understanding these patterns and the future role of China in the international
financial system.
相似文献
Sergio L. SchmuklerEmail: |
5.
International Risk Sharing and Government Moral Hazard 总被引:2,自引:0,他引:2
Wolf Wagner 《Open Economies Review》2007,18(5):577-598
This paper analyzes incentive problems caused by international risk sharing. They arise because international risk sharing
contributes to the insurance of domestic consumption and thus lowers governments’ incentives to increase output. We show that
the resulting distortions can lead to substantial efficiency losses. Complete risk sharing is, therefore, undesirable and
the optimal degree of risk sharing may be low. Furthermore, we show that households’ risk sharing decisions are socially inefficient
and are effectively maximizing government moral hazard. As a result, financial innovation and integration may reduce welfare
by increasing households’ risk sharing opportunities.
相似文献
Wolf WagnerEmail: |
6.
Giovanni Ganelli 《Open Economies Review》2008,19(2):241-259
This paper studies the domestic and international effects of “public competition policies” aimed at improving the efficiency
of public spending. Such measures are modeled as an increase in the price elasticity of public consumption. The paper finds
that public competition policies significantly affect macroeconomic interdependence across countries, both through the impact
of the international elasticity of substitution and of mark-up effects. The paper also develops an extension in which fiscal
shocks are stochastic. In welfare terms, countries with a larger government sector have an incentive to promote global public
competition policies regardless of whether fiscal policy is modeled as deterministic or stochastic.
相似文献
Giovanni GanelliEmail: |
7.
The existing literature on welfare effects on marriage and fertility has largely focused on groups of white and black women.
By contrast, Hispanic women have received little attention. This paper examines the effects of welfare generosity on a sample
of young Hispanic women’s premarital fertility and marriage choices. A bivariate competing risks duration model framework
allows us to identify the process of young women’s premarital fertility and the process of marriage, effectively controlling
for observed characteristics and unobservables. Our findings indicate a 10% increase in welfare generosity results in a 10%
increase in premarital births and a 7% decrease in marriages by age 24; both effects are significant.
相似文献
Shiferaw Gurmu (Corresponding author)Email: |
8.
Estimation of the price-induced welfare effects in vertical and horizontal market settings may prove a tricky task when multiple
price changes are taken into account. Whether a multi-market sequential approach or a single-market approach is used the well-established,
theoretical result suggests that these two partial equilibrium methods are equivalent in terms of implied welfare changes.
This paper develops the methodology to empirically compare these two methods. We estimate the welfare changes to Greek cotton–yarn
producers induced by the simultaneous change in the prices of cotton–yarn and the cost of labor. Results substantiate the
multi-market approach offers more accurate welfare estimates than the single-market approach, in empirical work.
相似文献
Stelios D. KatranidisEmail: |
9.
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: |
10.
Kazuhiro Ohnishi 《International Economics and Economic Policy》2008,4(4):421-432
This paper examines an international mixed model in which a social-welfare-maximizing domestic public firm competes against
a profit-maximizing foreign private firm. First, the public firm can adopt either a lifetime employment contract or a wage-rise
contract as strategic commitments. Second, the foreign private firm decides whether or not to enter the market. Third, if
the foreign private firm enters, each firm independently chooses its actual output, while if the foreign private firm does
not enter, the public firm acts as a monopolist. The paper shows the equilibrium of the international mixed model.
相似文献
Kazuhiro OhnishiEmail: |
11.
Non-traded Goods,Technical Progress and Wages 总被引:2,自引:0,他引:2
We use a general equilibrium model of trade to show that technical improvement may indeed cause a fall in the wages of unskilled
workers. Under some modest conditions, the wages of skilled workers may go down too.
相似文献
Reza OladiEmail: |
12.
Shocks to Terms of Trade and Risk-premium in an Intertemporal Model: The Dutch Disease and a Dutch Party 总被引:1,自引:1,他引:0
In this paper, we analyze the impact of terms of trade and risk-premium shocks on a small open economy in an intertemporal
Dutch disease model, with international capital mobility. Given that an improvement in the terms of trade is associated with
a decrease in the risk-premium on lending to this economy, we find that this can lead to a Dutch party (rather than Dutch
disease) in which real exchange rate appreciation is associated with an expansion of the capital-intensive traded sector,
hence, pro-industrialization. The economy also accumulates more debt in the long-run in response to the lower borrowing costs.
相似文献
David Vines (Corresponding author)Email: |
13.
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: |
14.
Policy coordination in East Asia and across the Pacific 总被引:1,自引:1,他引:0
In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide
quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies.
The model includes a wide variety of monetary and currency policy rules that the East Asian economies adopt and allows for
one country's policymaking to have substantial effects on foreign countries. We apply the model to three current policy issues:
(1) the desirability of currency basket pegs in East Asia, (2) the anticipated effects of China's currency policy reform,
and (3) the non-negativity constraint on Japanese nominal interest rates. The simulation analyses show the external economy
effects of policy rules quantitatively and suggest the difficulty of monetary and currency policy coordination among the East
Asian economies.
相似文献
Koichiro Kamada (Corresponding author)Email: |
Izumi TakagawaEmail: |
15.
In this paper we provide a characterization of international consumption risk sharing among a sample of OECD countries based
on panel cointegration and error-correction techniques. Our results indicate that around 30% of idiosyncratic consumption
risks are shared in the short run. In the long run, however, only about 10% of idiosyncratic consumption risks are shared
internationally. In addition, we find that countries characterized by relatively high foreign asset and liability positions
are less exposed to shocks. Moreover, the time it takes until idiosyncratic shocks exert their full impact on consumption
crucially depends on the foreign asset and liability position.
相似文献
Johann Scharler (Corresponding author)Email: |
16.
Juha Tervala 《International Economics and Economic Policy》2008,5(3):255-268
This paper analyses the welfare effects of fiscal policy in a small open economy, where private and government consumption
are substitutes in terms of private utility. The main findings are as follows: fiscal policy raises output, bringing it closer
to its efficient level, but is not welfare-improving even though government spending directly affects private utility. The
main reason for this is that the introduction of useful government spending implies a larger crowding-out effect on private
consumption, when compared with the ‘pure waste’ case. Utility decreases since one unit of government consumption yields less
utility than one unit of private consumption. In any case, the marginal rate of substitution between private and government
consumption is a key parameter in governing the welfare effects of fiscal policy.
相似文献
Juha TervalaEmail: |
17.
This paper contributes to the ongoing debate on the causes of international co-movements of macroeconomic variables. In particular,
existing real business cycle models predict cross-country consumption correlations to be higher than in the actual data, cross-country
output correlations to be lower than in the actual data, and cross-country consumption correlations to be relatively higher
than the output correlations. We show that cross-country correlations of consumption, investment, employment and output predicted
by a standard international real business cycle model are highly sensitive to the share of capital goods in total trade. Our
calibrated model shows that when capital goods account for a share of total traded goods greater than 50%, the apparent discrepancy
between the data and the simulations is resolved.
相似文献
Thomas P. BarbieroEmail: |
18.
African countries, especially sub-Saharan ones, have conflicting interests in multilateral negotiations on agriculture. On
the one hand, their economies may be boosted by the price effect induced by agricultural liberalization. On the other hand,
multilateral tariff cuts will result in the erosion of preferential margins. Based on an original methodology, using CGE modeling,
detailed tariff calculations and predictive analysis, this paper investigates the potential impact of current multilateral
negotiations on the value of preferences for African agriculture. It estimates the preferential value to USD 0.7 billion of
welfare and USD 1 billion of exports to the Triad markets. Furthermore, it highlights the “cruel dilemma” African countries
face in current negotiations, as they gain from ambitious trade liberalization, despite the large preferential erosion, while
they suffer from noticeable trade and welfare losses under conservative scenarios.
相似文献
Mustapha Sadni Jallab (Corresponding author)Email: |
19.
Foreign Transfers and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy 总被引:2,自引:2,他引:0
This paper investigates the role of the real exchange rate in determining the effects of foreign transfers. If capital is
perfectly mobile between sectors, a pure transfer has no long-run impact on the real exchange rate. A decline in the traded
sector occurs because the transfer, being denominated in traded output, substitutes for exports in financing imports. While
a pure transfer causes short-run real exchange appreciation, this response is temporary and negligibly small. Transfers allocated
to productivity enhancement do generate permanent real exchange rate adjustments in response to the sectoral reallocation
of productive factors. The analysis, which employs extensive numerical simulations, emphasizes the tradeoffs between real
exchange adjustments, long-run capital accumulation, and economic welfare, associated with alternative forms of transfers.
相似文献
Stephen J. TurnovskyEmail: |
20.
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: |