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
Underinvestment and capital misallocation under sovereign risk 主权风险下的投资不足和资本配置不当
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-24 DOI: 10.1016/j.jinteco.2024.103973
Carlos Esquivel
{"title":"Underinvestment and capital misallocation under sovereign risk","authors":"Carlos Esquivel","doi":"10.1016/j.jinteco.2024.103973","DOIUrl":"10.1016/j.jinteco.2024.103973","url":null,"abstract":"<div><p>Capital and its sectoral allocation affect default incentives. Under general assumptions, default risk is decreasing in the total stock of capital and increasing in the share of capital allocated to non-tradable production. This implies that when competitive households make all investment decisions capital has two externalities: a <em>capital-stock externality</em> and a <em>portfolio externality</em>. These hamper the ability of a benevolent government to make optimal borrowing and default decisions and are exacerbated during periods of distress. Competitive equilibria feature underinvestment, larger non-traded sectors, more default, and lower debt and consumption than a centralized planner’s allocation.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"151 ","pages":"Article 103973"},"PeriodicalIF":3.8,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624001004/pdfft?md5=47d825638e38f198f2a6bcf61b279cc7&pid=1-s2.0-S0022199624001004-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141950711","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
All aboard: The effects of port development 全体登船：港口发展的影响
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-17 DOI: 10.1016/j.jinteco.2024.103963
César Ducruet , Réka Juhász , Dávid Krisztián Nagy , Claudia Steinwender
{"title":"All aboard: The effects of port development","authors":"César Ducruet ,&nbsp;Réka Juhász ,&nbsp;Dávid Krisztián Nagy ,&nbsp;Claudia Steinwender","doi":"10.1016/j.jinteco.2024.103963","DOIUrl":"10.1016/j.jinteco.2024.103963","url":null,"abstract":"<div><p>Seaports facilitate the fast flow of goods across space, but ports also entail local costs borne by host cities. We use the introduction of containerized shipping to explore the effects of port development. At the local level, we find that seaport development increases city population by making a city more attractive, but this market access effect is offset by costs which make the city less attractive. At the aggregate level, we find that the local costs associated with port development are heterogeneous across cities and reduce aggregate welfare gains. Net of the costs, our results suggest that containerization in seaports increased world welfare by 3.4%.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"151 ","pages":"Article 103963"},"PeriodicalIF":3.8,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141638230","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
When are tariff cuts not enough? Heterogeneous effects of trade preferences for the least developed countries 关税削减何时不够？贸易优惠对最不发达国家的异质性影响
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-15 DOI: 10.1016/j.jinteco.2024.103971
Fabien Forge, Jason Garred, Kyae Lim Kwon
{"title":"When are tariff cuts not enough? Heterogeneous effects of trade preferences for the least developed countries","authors":"Fabien Forge,&nbsp;Jason Garred,&nbsp;Kyae Lim Kwon","doi":"10.1016/j.jinteco.2024.103971","DOIUrl":"10.1016/j.jinteco.2024.103971","url":null,"abstract":"<div><p>Poor countries export a remarkably narrow range of products. To what extent have trade preferences targeted to the least developed countries (LDCs) changed this situation? We study a large set of recent reforms to the LDC trade preferences offered by OECD countries. Leveraging trade policy variation by importer, exporter, product and year, we show that tariff reductions have increased the prevalence of positive trade flows. However, new flows have been far more likely to emerge in cases with previous ‘export experience’, i.e. where countries already exported the same product to another OECD country, or exported a related product to the same importer. So this wave of tariff cuts for LDCs has resulted in an extension of existing patterns of trade rather than wider export diversification.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 103971"},"PeriodicalIF":3.8,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000989/pdfft?md5=93f95081d0af1343b3c560d5a03847e4&pid=1-s2.0-S0022199624000989-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141690430","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
Preparing for export opportunities 为出口机会做准备
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-14 DOI: 10.1016/j.jinteco.2024.103968
Claudio Labanca , Danielken Molina , Marc-Andreas Muendler
{"title":"Preparing for export opportunities","authors":"Claudio Labanca ,&nbsp;Danielken Molina ,&nbsp;Marc-Andreas Muendler","doi":"10.1016/j.jinteco.2024.103968","DOIUrl":"10.1016/j.jinteco.2024.103968","url":null,"abstract":"<div><p>This paper investigates how firms prepare their workforce to export. We employ a novel identification strategy to isolate how a firm’s hiring decision at home responds to export opportunities that arise from exogenous changes to product demand abroad. Combining Brazilian exporter and linked employer–employee data, we show that firms act on better chances to export by hiring workers with prior experience at exporting firms. We find that firms concentrate this preparatory hiring of experts in skilled blue-collar occupations and that firms separate from the previously hired experts when the predicted export-market participation fails to materialize. The evidence is consistent with the tenet that a few exporting experts in select occupations shape a firm’s competitive advantage.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 103968"},"PeriodicalIF":3.8,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000953/pdfft?md5=c5b4df15aa1c6e5bad39d2171f2e39ed&pid=1-s2.0-S0022199624000953-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141712937","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
US trade policy and the US dollar 美国贸易政策与美元
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-14 DOI: 10.1016/j.jinteco.2024.103970
Makram Khalil, Felix Strobel
{"title":"US trade policy and the US dollar","authors":"Makram Khalil,&nbsp;Felix Strobel","doi":"10.1016/j.jinteco.2024.103970","DOIUrl":"10.1016/j.jinteco.2024.103970","url":null,"abstract":"<div><p>We show that the US dollar response to trade policy uncertainty (TPU) is key to assessing the impact of US trade policy. Employing structural vector autoregressive models, we find that TPU shocks supported a multilateral USD appreciation during the 2018–19 trade tensions between the US and some of its major trading partners. We rationalize this in a two-country New Keynesian model with financial frictions that links the increase in TPU to rising demand for safe USD assets. Our findings suggest that the TPU-induced appreciation of the USD in 2018–19 significantly counteracted US trade policy attempts to raise US competitiveness.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"151 ","pages":"Article 103970"},"PeriodicalIF":3.8,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000977/pdfft?md5=9138e486015890dc617041eef9b2a2c8&pid=1-s2.0-S0022199624000977-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141715110","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
Bond convenience curves and funding costs 债券便利曲线和筹资成本
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-14 DOI: 10.1016/j.jinteco.2024.103969
Juuso Nissinen , Markus Sihvonen
{"title":"Bond convenience curves and funding costs","authors":"Juuso Nissinen ,&nbsp;Markus Sihvonen","doi":"10.1016/j.jinteco.2024.103969","DOIUrl":"10.1016/j.jinteco.2024.103969","url":null,"abstract":"<div><p>A convenience yield represents a difference between yield on a safe bond and yield on a synthetic safe bond, constructed by combining a risky bond with a CDS contract. We explain the shapes of eurozone sovereign convenience curves using a model in which arbitrageurs face higher funding costs on bonds with credit risk and bond demand shocks induce funding risk. We provide novel causal evidence for our mechanism using variation in funding costs generated through exogenous haircut category changes. Changes in convenience yields represent a key transmission channel of unconventional monetary policy to bond yields.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"151 ","pages":"Article 103969"},"PeriodicalIF":3.8,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141728934","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
Dynamic trade, education and intergenerational inequality 动态贸易、教育和代际不平等
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-08 DOI: 10.1016/j.jinteco.2024.103967
Han Yang
{"title":"Dynamic trade, education and intergenerational inequality","authors":"Han Yang","doi":"10.1016/j.jinteco.2024.103967","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103967","url":null,"abstract":"<div><p>I present a dynamic trade model spanning many countries to explore the transitional paths of trade-induced inequality. By incorporating capital-skill complementarity, human capital accumulation, and capital accumulation, this paper examines the exact transitional path following a shift from autarky to trade. It reveals that trade increases the skill premium, skill share, and real wages for both skilled and unskilled workers in the majority of countries at the steady state. However, the short-term impact of trade on inequality is more pronounced. The exact transitional path indicates that the dynamic of trade-induced inequality is influenced by the flexibility in adjusting factor supplies during the transition at different stages, and education alleviates approximately 50% of trade-induced inequality in the long run. Furthermore, the analysis illuminates the observed patterns of skill premium in recent trade liberalization episodes in Mexico, China, and South Korea, and raises the possibility that globalization may intensify intergenerational inequality.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"151 ","pages":"Article 103967"},"PeriodicalIF":3.8,"publicationDate":"2024-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141605084","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 agreements when profits matter 利润重要时的贸易协定
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-06 DOI: 10.1016/j.jinteco.2024.103966
Monika Mrázová
{"title":"Trade agreements when profits matter","authors":"Monika Mrázová","doi":"10.1016/j.jinteco.2024.103966","DOIUrl":"10.1016/j.jinteco.2024.103966","url":null,"abstract":"<div><p>This paper suggests a rationale for the GATT/WTO ban on export subsidies by showing that, in a linear Cournot profit-shifting model in which countries invest in a policy infrastructure before imposing trade policy, an agreement banning export subsidies tends to be more self-enforcing than one banning tariffs. Oligopoly introduces asymmetry between import tariffs and export subsidies: terms-of-trade and profit-shifting effects run in the same direction for import tariffs but in opposite directions for export subsidies. This asymmetry and the fact that it takes time for countries to change their trade policy infrastructure imply that the payoffs on the off-equilibrium path under an import-tariff-only agreement tend to be lower than those on the off-equilibrium path under an export-subsidy-only agreement. Specifically, punishment with tariffs is harsher than punishment with subsidies. When the set of instruments is restricted to import tariffs, a trade agreement needs to neutralize both the terms-of-trade and profit-shifting externalities.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"152 ","pages":"Article 103966"},"PeriodicalIF":3.8,"publicationDate":"2024-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S002219962400093X/pdfft?md5=3626f43f84e5e50206bbbebb845fa224&pid=1-s2.0-S002219962400093X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141689475","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
Capital controls and trade policy 资本管制和贸易政策
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-07-03 DOI: 10.1016/j.jinteco.2024.103965
Simon P. Lloyd , Emile A. Marin
{"title":"Capital controls and trade policy","authors":"Simon P. Lloyd ,&nbsp;Emile A. Marin","doi":"10.1016/j.jinteco.2024.103965","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103965","url":null,"abstract":"<div><p>How does optimal capital-flow management change with prevailing trade policies? We study the joint optimal determination of capital controls and trade tariffs in a two-country, two-good model with trade in goods and assets. Because countries are large in both markets, a country-planner can achieve higher domestic welfare by departing from free trade in addition to levying capital controls, despite the cooperative optimal allocation being efficient. However, time variation in the optimal tariff induces households to over- or under-borrow through its effects on the path of the real exchange rate. As a result, optimal capital controls are generally smaller when trade policy is constrained (i.e., by a Free-Trade Agreement), but, absent retaliation, can be larger depending on the paths of underlying fundamentals.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"151 ","pages":"Article 103965"},"PeriodicalIF":3.8,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141605224","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
Consumption, exchange rate, and external adjustment during a crisis 危机期间的消费、汇率和外部调整
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2024-06-21 DOI: 10.1016/j.jinteco.2024.103964
Wenbo Yu
{"title":"Consumption, exchange rate, and external adjustment during a crisis","authors":"Wenbo Yu","doi":"10.1016/j.jinteco.2024.103964","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103964","url":null,"abstract":"<div><p>I develop a two-country open economy model featuring asymmetric financial frictions to explain two puzzling observations during the 2008 global financial crisis: (1) real consumption growth declined more in foreign countries than in the US, despite the crisis originating in the US, and (2) the US dollar appreciated against foreign currencies despite a significant deterioration in the US net foreign asset position. Subject to a less stringent financial constraint, the US tends to hold more risky assets relative to foreign countries in tranquil times, thereby exposing itself more to financial risks. As the crisis unfolds, the US incurs greater capital losses and is forced to liquidate its risky asset holdings to deleverage. This deleveraging process triggers a capital retrenchment in the US, thereby smoothing US consumption and prompting a US dollar appreciation. Consequently, this model challenges the “exorbitant duty” hypothesis and provides insights into the “reserve currency paradox”.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"151 ","pages":"Article 103964"},"PeriodicalIF":3.8,"publicationDate":"2024-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141539805","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
首页 上一页 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：481959085
Book学术官方微信