发布求助
文献互助 智能选刊 最新文献

Journal of International Economics最新文献

筛选
英文 中文
Offshore dollar funding shocks and the dollar exchange rate 离岸美元融资冲击与美元汇率
IF 4.6 1区 经济学
Journal of International Economics Pub Date : 2026-08-01 Epub Date: 2026-07-20 DOI: 10.1016/j.jinteco.2026.104308
Philippe Bacchetta, J. Scott Davis, Eric van Wincoop
{"title":"Offshore dollar funding shocks and the dollar exchange rate","authors":"Philippe Bacchetta,&nbsp;J. Scott Davis,&nbsp;Eric van Wincoop","doi":"10.1016/j.jinteco.2026.104308","DOIUrl":"10.1016/j.jinteco.2026.104308","url":null,"abstract":"<div><div>Deviations from covered interest rate parity (CIP) have persisted since the global financial crisis, reflecting a segmentation between onshore (US) and offshore dollar markets. This segmentation can give rise to dollar shortages in offshore markets during periods of financial stress. We propose a model with limited CIP and UIP arbitrage where the CIP deviation and exchange rate are jointly determined by equilibrium in the swap and spot FX markets. We consider offshore dollar funding shocks, where either the supply of dollar funding by the US to offshore markets declines or the demand for dollar funding in offshore markets rises. We show that this gives rise to dollar shortages, with a rise in the CIP deviation and appreciation of the dollar. In contrast to other models of exchange rate determination, the dollar appreciation is entirely due to imperfect CIP arbitrage.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"162 ","pages":"Article 104308"},"PeriodicalIF":4.6,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148657163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Melitz meets Lewis: The impacts of roads on structural transformation and businesses Melitz会见Lewis：道路对结构转型和商业的影响
IF 4.6 1区 经济学
Journal of International Economics Pub Date : 2026-08-01 Epub Date: 2026-07-20 DOI: 10.1016/j.jinteco.2026.104310
Joseph P. Kaboski, Will Jianyu Lu, Wei Qian, Lixia Ren
{"title":"Melitz meets Lewis: The impacts of roads on structural transformation and businesses","authors":"Joseph P. Kaboski,&nbsp;Will Jianyu Lu,&nbsp;Wei Qian,&nbsp;Lixia Ren","doi":"10.1016/j.jinteco.2026.104310","DOIUrl":"10.1016/j.jinteco.2026.104310","url":null,"abstract":"<div><div>This paper examines the impact of roads on structural transformation and business composition both empirically and theoretically. Empirically, we find that major highway programs in India and China led to declines in the number of businesses where structural transformation is weak, and increases where it is strong. We develop a two-sector model of regional trade with endogenous firm entry that highlights two opposing forces. <em>Ceteris paribus</em>, lower trade costs in non-agriculture lead to fewer firms, but cheaper agricultural imports release labor from local agricultural production, leading to more firms. We show that the model-simulated outcomes reasonably replicate the empirical results, and that more rapid agricultural productivity growth in China differentiates the two countries.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"162 ","pages":"Article 104310"},"PeriodicalIF":4.6,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148657161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A two-pronged approach to currency internationalization 货币国际化双管齐下
IF 4.6 1区 经济学
Journal of International Economics Pub Date : 2026-08-01 Epub Date: 2026-07-20 DOI: 10.1016/j.jinteco.2026.104309
Qing Liu, Wenlan Luo, Jiatong Niu
{"title":"A two-pronged approach to currency internationalization","authors":"Qing Liu,&nbsp;Wenlan Luo,&nbsp;Jiatong Niu","doi":"10.1016/j.jinteco.2026.104309","DOIUrl":"10.1016/j.jinteco.2026.104309","url":null,"abstract":"<div><div>Policies aimed at promoting currency internationalization often target frictions in both capital and current account transactions. We study this two-pronged approach using a dynamic general equilibrium model in which an international currency serves as both a store of value and a medium of exchange. Due to the complementarity between different functions of an international currency, a two-pronged approach is more effective than policies with a single focus. We analytically characterize this policy complementarity and apply the model to China’s renminbi internationalization reforms during 2010-2021. We find that: (1) These reforms reduced the return wedge on foreign held renminbi bonds by 4.1 percentage points (p.p.) and lowered the cost of renminbi-settled international trade by 0.9 p.p. in trade-revenue equivalent. (2) Policy complementarity accounted for half of the overall policy effect. (3) A single-focused policy — targeting only capital (current) account frictions — would have raised fiscal costs by a factor of 2.1 (1.8).</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"162 ","pages":"Article 104309"},"PeriodicalIF":4.6,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148657164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Trade liberalization, wage rigidity, and labor market dynamics with heterogeneous firms 贸易自由化、工资刚性和异质性企业的劳动力市场动态
IF 4 1区 经济学
Journal of International Economics Pub Date : 2026-05-01 Epub Date: 2026-05-06 DOI: 10.1016/j.jinteco.2026.104260
Ekaterina Gurkova , Elhanan Helpman , Oleg Itskhoki
{"title":"Trade liberalization, wage rigidity, and labor market dynamics with heterogeneous firms","authors":"Ekaterina Gurkova ,&nbsp;Elhanan Helpman ,&nbsp;Oleg Itskhoki","doi":"10.1016/j.jinteco.2026.104260","DOIUrl":"10.1016/j.jinteco.2026.104260","url":null,"abstract":"<div><div>Trade liberalization triggers substantial within-sector labor reallocation, a pattern captured by heterogeneous-firm trade models. We study transition dynamics of firms and workers in response to changes in trade costs, incorporating labor market frictions. Responses vary by firm productivity: high-productivity exporters expand employment, while lower-productivity firms exit, downsize before exit, or gradually shrink. As a result, jobs with similar initial wages differ ex post, with high-productivity firms offering higher wages and greater stability. Calibrating the model, we quantify adjustment channels and show that gains from lower consumer prices outweigh losses from wage cuts, job destruction, and capital losses, although these losses are concentrated among a subset of workers. Downward wage rigidity can improve welfare, creating a trade-off between worker displacement and income loss.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"161 ","pages":"Article 104260"},"PeriodicalIF":4.0,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147849949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Have global value chains shifted? 全球价值链转移了吗？
IF 4 1区 经济学
Journal of International Economics Pub Date : 2026-05-01 Epub Date: 2026-04-25 DOI: 10.1016/j.jinteco.2026.104264
Binchao Shen
{"title":"Have global value chains shifted?","authors":"Binchao Shen","doi":"10.1016/j.jinteco.2026.104264","DOIUrl":"10.1016/j.jinteco.2026.104264","url":null,"abstract":"<div><div>Building on a unified accounting framework for value-added trade, this paper introduces a method for quantifying the paths in global value chains (GVCs) using inter-country input–output tables, which evaluates the indirect linkages between two countries through a third-party intermediary. The GVC path index identifies the “hub-and-spoke” structure within GVC networks and refines the concept of GVC exposure. We apply this index to detect recent shifts in global value chains following the U.S.-China trade war. Our analysis reveals a notable rise in the GVC path from China to Mexico and Vietnam, and subsequently to the U.S. We provide a theoretical justification for the trade rerouting phenomenon and quantify the impact of the U.S.-China trade war on the GVC shifts with a general equilibrium model. Additionally, the GVC paths through which major exporters supply the U.S. market have been redirected away from China subsequent to the trade war.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"161 ","pages":"Article 104264"},"PeriodicalIF":4.0,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cross-border trade competition and international stock return comovement 跨境贸易竞争与国际股票回报运动
IF 4 1区 经济学
Journal of International Economics Pub Date : 2026-05-01 Epub Date: 2026-03-31 DOI: 10.1016/j.jinteco.2025.104174
Sungjune Pyun , Johan Sulaeman
{"title":"Cross-border trade competition and international stock return comovement","authors":"Sungjune Pyun ,&nbsp;Johan Sulaeman","doi":"10.1016/j.jinteco.2025.104174","DOIUrl":"10.1016/j.jinteco.2025.104174","url":null,"abstract":"<div><div>Stock markets of countries that actively engage in international trade may move together more or less depending on their international trade linkages. This paper demonstrates that the stock markets of two countries are less likely to move together if these countries compete intensely in their export product markets. This is in contrast to the higher stock co-movement of countries that share similar exposures to common demand shocks. The empirical patterns imply that stronger cross-border trade linkages may not result in higher cross-market return correlations.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"161 ","pages":"Article 104174"},"PeriodicalIF":4.0,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147991875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Complements or substitutes? Labor market effects of foreign inputs in developing economies 补充还是替代？外国投入对发展中经济体劳动力市场的影响
IF 4 1区 经济学
Journal of International Economics Pub Date : 2026-05-01 Epub Date: 2026-04-29 DOI: 10.1016/j.jinteco.2026.104263
Leonardo Bonilla-Mejía , Juan Muñoz-Morales , Román David Zárate
{"title":"Complements or substitutes? Labor market effects of foreign inputs in developing economies","authors":"Leonardo Bonilla-Mejía ,&nbsp;Juan Muñoz-Morales ,&nbsp;Román David Zárate","doi":"10.1016/j.jinteco.2026.104263","DOIUrl":"10.1016/j.jinteco.2026.104263","url":null,"abstract":"<div><div>This paper examines how import liberalization affects labor markets when labor and intermediate inputs can be complements or substitutes. We embed a constant-elasticity-of-substitution production function in a dynamic trade model, showing that labor market responses depend on sector-specific substitution elasticities. Empirically, we exploit tariff reductions in Colombia using a difference-in-differences design that decomposes trade shocks into import-competition and input channels. Import competition reduces the wage bill, while cheaper intermediate inputs increase it; these gains are driven by services, are imprecisely estimated in manufacturing, and reverse in agriculture. Combining the model with reduced-form estimates, we use indirect inference to recover sector-specific elasticities. We find substitution between labor and intermediates in agriculture and manufacturing, but complementarity in services. Allowing for this flexibility relative to a Cobb–Douglas benchmark amplifies worker reallocation toward services and away from agriculture. It also increases welfare in services and reduces it in manufacturing and agriculture.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"161 ","pages":"Article 104263"},"PeriodicalIF":4.0,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147849948","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Demand for safe assets and spillovers from the global dollar cycle 对安全资产的需求和全球美元周期的溢出效应
IF 4 1区 经济学
Journal of International Economics Pub Date : 2026-03-01 Epub Date: 2026-02-04 DOI: 10.1016/j.jinteco.2026.104223
Cían Allen , Rudolfs Bems , Lukas Boer , Racha Moussa
{"title":"Demand for safe assets and spillovers from the global dollar cycle","authors":"Cían Allen ,&nbsp;Rudolfs Bems ,&nbsp;Lukas Boer ,&nbsp;Racha Moussa","doi":"10.1016/j.jinteco.2026.104223","DOIUrl":"10.1016/j.jinteco.2026.104223","url":null,"abstract":"<div><div>US dollar appreciations can inflict sizable negative cross-border spillovers. We investigate such spillovers from flight-to-safety shocks and the accompanying “global dollar cycle”. Our results show that negative real sector spillovers from US dollar appreciations fall disproportionately on emerging markets. In contrast, effects on advanced economies are small and short-lived. Emerging market commodity exporters historically experienced larger negative spillovers than commodity importers, reflecting a strong negative link between the US dollar and commodity prices. In terms of policies, more anchored inflation expectations can mitigate the initial negative spillovers, while more flexible exchange rates can speed up the subsequent economic recovery.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"160 ","pages":"Article 104223"},"PeriodicalIF":4.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147397617","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Historical military conflict, current trade tensions, and global supply chains 历史上的军事冲突，当前的贸易紧张局势，以及全球供应链
IF 4 1区 经济学
Journal of International Economics Pub Date : 2026-03-01 Epub Date: 2026-01-26 DOI: 10.1016/j.jinteco.2026.104221
Yichuan Hu , Chang Li , Shu Lin
{"title":"Historical military conflict, current trade tensions, and global supply chains","authors":"Yichuan Hu ,&nbsp;Chang Li ,&nbsp;Shu Lin","doi":"10.1016/j.jinteco.2026.104221","DOIUrl":"10.1016/j.jinteco.2026.104221","url":null,"abstract":"<div><div>We study how two significant conflicts between China and the U.S.—the Korean War and the current trade war—affect global supply chains. Using hand-collected data, we find that the death toll from the Korean War in a chairperson's city of origin strongly influences Chinese firms' selection of U.S. suppliers today. Moreover, the current trade tensions reactivate memories of wartime trauma, significantly amplifying their negative effects. We identify two key mechanisms driving this change: Chinese retaliatory tariffs and increased media coverage of the Korean War within China. A variety of empirical tests suggest that our findings are causal and are not a result of U.S. suppliers' choice.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"160 ","pages":"Article 104221"},"PeriodicalIF":4.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146078891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The distributional effects of carbon pricing across countries 碳定价在国家间的分配效应
IF 4 1区 经济学
Journal of International Economics Pub Date : 2026-03-01 Epub Date: 2026-02-06 DOI: 10.1016/j.jinteco.2026.104228
Mathilde Le Moigne , Simon Lepot , Marcos Ritel , Dora Simon
{"title":"The distributional effects of carbon pricing across countries","authors":"Mathilde Le Moigne ,&nbsp;Simon Lepot ,&nbsp;Marcos Ritel ,&nbsp;Dora Simon","doi":"10.1016/j.jinteco.2026.104228","DOIUrl":"10.1016/j.jinteco.2026.104228","url":null,"abstract":"<div><div>We use a quantitative international trade model with climate policies to explore the distributional effects of carbon pricing across countries. Our analysis addresses two key questions facing global climate action: which countries bear the greatest burden of climate policies, and how these policies can be designed to ensure fairness. We present three main findings. First, efficient climate policies that disregard distributional concerns significantly exacerbate between-country inequality. Second, equity can be achieved alongside efficiency when climate policies are complemented by economically feasible international transfers, either equalizing carbon tax costs or accounting for historical emissions, with minimal economic impact on high-income countries. Third, carbon tax schemes with heterogeneous pricing – featuring lower rates for low- and middle-income countries – do not necessarily result in fairer outcomes.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"160 ","pages":"Article 104228"},"PeriodicalIF":4.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147397620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书