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Trade liberalization and labor monopsony: Evidence from Chinese firms 贸易自由化与劳动力垄断：来自中国企业的证据
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-09-26 DOI: 10.1016/j.jinteco.2024.104006
Illenin O. Kondo , Yao Amber Li , Wei Qian
{"title":"Trade liberalization and labor monopsony: Evidence from Chinese firms","authors":"Illenin O. Kondo ,&nbsp;Yao Amber Li ,&nbsp;Wei Qian","doi":"10.1016/j.jinteco.2024.104006","DOIUrl":"10.1016/j.jinteco.2024.104006","url":null,"abstract":"<div><div>We document that larger input tariff reductions were associated with lower labor markdowns in China, especially for skill-intensive firms. Guided by a stylized model of equilibrium labor market power, we leverage differences in the aggregate labor supply dynamics across labor markets – such as regional variations in China’s contemporaneous college expansion reforms – to that show trade-induced labor markdown decreased more in labor markets with more labor supply growth. Our estimates suggest that lower labor markdowns due to input trade liberalization offset China’s aggregate labor share decline by almost one-half percentage point in the early 2000s.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 104006"},"PeriodicalIF":3.8,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142326671","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
Geopolitical risk perceptions 地缘政治风险认知
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-09-25 DOI: 10.1016/j.jinteco.2024.104005
Yevheniia Bondarenko , Vivien Lewis , Matthias Rottner , Yves Schüler
{"title":"Geopolitical risk perceptions","authors":"Yevheniia Bondarenko ,&nbsp;Vivien Lewis ,&nbsp;Matthias Rottner ,&nbsp;Yves Schüler","doi":"10.1016/j.jinteco.2024.104005","DOIUrl":"10.1016/j.jinteco.2024.104005","url":null,"abstract":"<div><div>Geopolitical risk cannot be measured in a universal way. We develop new geopolitical risk indicators relying on local newspaper coverage to account for different perceptions. Using Russia as a case study, we demonstrate that geopolitical risk shocks identified from local news sources have significant adverse effects on the Russian economy, whereas geopolitical risk shocks identified from English-language news sources do not. We control for restricted press freedom by analyzing state-controlled and independent media separately. Employing a novel Russian sanctions index, we illustrate that geopolitical risk shocks propagate beyond the sanctions channel. Still, sanctions worsen the inflationary impact of geopolitical risk shocks substantially.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 104005"},"PeriodicalIF":3.8,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358093","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
Public debt and household inflation expectations 公共债务和家庭通胀预期
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-09-18 DOI: 10.1016/j.jinteco.2024.104003
Francesco Grigoli , Damiano Sandri
{"title":"Public debt and household inflation expectations","authors":"Francesco Grigoli ,&nbsp;Damiano Sandri","doi":"10.1016/j.jinteco.2024.104003","DOIUrl":"10.1016/j.jinteco.2024.104003","url":null,"abstract":"<div><p>We use randomized controlled trials in the US, UK, and Brazil to examine the causal effect of public debt news on household inflation expectations. People tend to underestimate public debt levels and increase inflation expectations when informed about the correct levels. The extent of the revisions is proportional to the size of the information surprise. Confidence in the central bank considerably reduces the sensitivity of inflation expectations to public debt, while confidence in fiscal authorities plays a more limited role. We also show that people associate high public debt with stagflationary effects but not with a greater risk of monetary finance.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 104003"},"PeriodicalIF":3.8,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142243769","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
Imports and the CO2 emissions of firms 进口与企业的二氧化碳排放量
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-09-10 DOI: 10.1016/j.jinteco.2024.104004
Anders Akerman , Rikard Forslid , Ossian Prane
{"title":"Imports and the CO2 emissions of firms","authors":"Anders Akerman ,&nbsp;Rikard Forslid ,&nbsp;Ossian Prane","doi":"10.1016/j.jinteco.2024.104004","DOIUrl":"10.1016/j.jinteco.2024.104004","url":null,"abstract":"<div><p>We explore how importing of intermediate goods affects the carbon intensity of firms in the Swedish manufacturing sector. By exploiting exogenous shocks to foreign export supply of intermediate goods, we estimate that a 10 percent increase in imports causes a 5.6 percent reduction in carbon intensity. Average carbon intensity among the firms in our sample between 2004 and 2016 decreased by around 50 percent, and our results suggest that import growth accounted for about a third of this decline. Exploring the mechanisms, we find evidence for both a technique effect and a product composition effect. Importing has a positive impact on productivity, scale of production, and abatement investments. It also encourages firms to focus more on their core products. We find no evidence for a pollution haven effect.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 104004"},"PeriodicalIF":3.8,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624001314/pdfft?md5=d1db05a07c37c19fa80674366e4c46d1&pid=1-s2.0-S0022199624001314-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142243767","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
Costs of sovereign debt crises: Restructuring strategies and bank intermediation 主权债务危机的成本：重组战略与银行中介
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-09-05 DOI: 10.1016/j.jinteco.2024.104002
Tamon Asonuma , Marcos Chamon , Aitor Erce , Akira Sasahara
{"title":"Costs of sovereign debt crises: Restructuring strategies and bank intermediation","authors":"Tamon Asonuma ,&nbsp;Marcos Chamon ,&nbsp;Aitor Erce ,&nbsp;Akira Sasahara","doi":"10.1016/j.jinteco.2024.104002","DOIUrl":"10.1016/j.jinteco.2024.104002","url":null,"abstract":"<div><p>Sovereign debt restructurings are associated with declines in the growth of GDP, investment, bank credit to the private sector and capital flows. Our empirical findings show that the intensity of these losses depends on two aspects: whether the restructuring preempts a default and the extent of the reliance of the country’s private sector on domestic bank credit. Post-default restructurings are associated with worse outcomes than restructurings that take place preemptively without missing payments and going into default. Much of that difference is driven by restructurings in countries with relatively large banking sectors, in particular during post-default episodes.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 104002"},"PeriodicalIF":3.8,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142163389","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
Using equity market reactions to infer exposure to trade liberalization 利用股市反应推断贸易自由化的风险敞口
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-08-31 DOI: 10.1016/j.jinteco.2024.104000
Andrew Greenland , Mihai Ion , John Lopresti , Peter K. Schott
{"title":"Using equity market reactions to infer exposure to trade liberalization","authors":"Andrew Greenland ,&nbsp;Mihai Ion ,&nbsp;John Lopresti ,&nbsp;Peter K. Schott","doi":"10.1016/j.jinteco.2024.104000","DOIUrl":"10.1016/j.jinteco.2024.104000","url":null,"abstract":"<div><p>We propose a method for identifying exposure to changes in trade policy based on asset prices that has several advantages over standard measures: it encompasses all avenues of exposure, it is natively firm-level, it yields estimates for both goods and service producers, and it can be used to study reductions in difficult-to-quantify non-tariff-barriers in a way that controls naturally for broader macroeconomic shocks. Applying our method to two well-studied US trade liberalizations provides new insight into service-sector responses and reveals dramatically different outcomes among small versus large firms, even within narrow industries.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 104000"},"PeriodicalIF":3.8,"publicationDate":"2024-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142243768","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 small open economy in a generalized gravity model 广义引力模型中的小型开放经济
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-08-29 DOI: 10.1016/j.jinteco.2024.103997
Svetlana Demidova , Konstantin Kucheryavyy , Takumi Naito , Andrés Rodríguez-Clare
{"title":"The small open economy in a generalized gravity model","authors":"Svetlana Demidova ,&nbsp;Konstantin Kucheryavyy ,&nbsp;Takumi Naito ,&nbsp;Andrés Rodríguez-Clare","doi":"10.1016/j.jinteco.2024.103997","DOIUrl":"10.1016/j.jinteco.2024.103997","url":null,"abstract":"<div><p>To provide sharp answers to basic questions in international trade, a standard approach is to focus on a small open economy (SOE). Whereas the classic tradition is to define a SOE as an economy that takes world prices as given, in the new trade literature it is defined instead as one that takes foreign-good prices and export demand schedules as given. We develop a gravity model that nests all its standard microfoundations and show how to take the limit so that an economy that becomes infinitesimally small behaves like a SOE. We then derive comparative statics and optimal policy for the SOE. Ignoring standard tax indeterminacies, optimal policy is characterized by export taxes and import tariffs equal to the (inverse) foreign demand and supply elasticities, respectively, and employment subsidies determined by the scale elasticity (under perfect competition) or markups (under monopolistic competition).</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 103997"},"PeriodicalIF":3.8,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624001247/pdfft?md5=f2b6581e6fa0675c6bf07d0896a921c5&pid=1-s2.0-S0022199624001247-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142128868","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
Does democracy shape international merger activity? 民主会影响国际兼并活动吗？
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-08-27 DOI: 10.1016/j.jinteco.2024.103995
Muhammad Farooq Ahmad , Thomas Lambert , José M. Martín-Flores , Arthur Romec
{"title":"Does democracy shape international merger activity?","authors":"Muhammad Farooq Ahmad ,&nbsp;Thomas Lambert ,&nbsp;José M. Martín-Flores ,&nbsp;Arthur Romec","doi":"10.1016/j.jinteco.2024.103995","DOIUrl":"10.1016/j.jinteco.2024.103995","url":null,"abstract":"<div><p>Democracy matters for international merger activity. Using a sample of 101,834 cross-border deals announced between 1985 and 2018, we show that merger flows predominantly involve acquirers from more democratic countries than their targets. This result is primarily driven by a “pull” factor: firms in countries with weaker democratic institutions attract more cross-border deals. We find evidence of bonding as the key mechanism behind this effect. The democracy effect is stronger when target countries have weaker corporate governance standards. Furthermore, target abnormal returns around deal announcements increase with the difference in democracy between acquirer and target countries. Importantly, differences in investor protection or economic development do not directly explain the democracy effect. Combined, our findings imply that democracy is a fundamental, yet previously overlooked, determinant of cross-border mergers.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 103995"},"PeriodicalIF":3.8,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624001223/pdfft?md5=a362b3858089ab125b23c594bec8a1ef&pid=1-s2.0-S0022199624001223-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142128869","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
Common trade exposure and business cycle comovement 共同的贸易风险和商业周期关联
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-08-26 DOI: 10.1016/j.jinteco.2024.103998
Oscar Avila-Montealegre , Carter Mix
{"title":"Common trade exposure and business cycle comovement","authors":"Oscar Avila-Montealegre ,&nbsp;Carter Mix","doi":"10.1016/j.jinteco.2024.103998","DOIUrl":"10.1016/j.jinteco.2024.103998","url":null,"abstract":"<div><p>Bilateral trade is considered a key driver of business-cycle transmission, as countries with higher bilateral trade have more correlated business cycles. We show, however, that when we account for the common trade exposure of a country pair to similar foreign cycles, the effect of bilateral trade on comovement falls sharply. Furthermore, common trade exposure is also a robust predictor of comovement. We conclude that trade is indeed a driver of business-cycle transmission, but often through common exposure to foreign cycles rather than just bilateral linkages. Finally, we consider the implications of these empirical results for the “trade-comovement puzzle.”</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 103998"},"PeriodicalIF":3.8,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142099406","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-country price dispersion: Retail network or national border? 跨国价格分散：零售网络还是国家边界？
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-08-24 DOI: 10.1016/j.jinteco.2024.103996
Teresa Messner , Fabio Rumler , Georg Strasser
{"title":"Cross-country price dispersion: Retail network or national border?","authors":"Teresa Messner ,&nbsp;Fabio Rumler ,&nbsp;Georg Strasser","doi":"10.1016/j.jinteco.2024.103996","DOIUrl":"10.1016/j.jinteco.2024.103996","url":null,"abstract":"<div><p>Why do prices differ among regions without significant trade frictions, such as the euro area? This study examines the impact of a national border on grocery prices in the economically and culturally integrated German–Austrian border region. Based on retail transactions from a large household panel, we analyse price differences of identical products sold within a narrow band along the border. We show that even retailers operating in both countries charge different prices for identical products on each side of the border. Over all products, prices are on average more than 14% higher on the Austrian side. The underlying absolute price differences average to around 20%, but vary over products and time, suggesting limits to arbitrage in cross-border shopping. This study demonstrates that even in highly integrated areas, national borders continue to matter for retail pricing.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 103996"},"PeriodicalIF":3.8,"publicationDate":"2024-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142099407","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
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