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
A many-location home market effect and a home biased geography 多地点住宅市场效应和住宅地理偏置
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-02-04 DOI: 10.1016/j.jinteco.2025.104057
Jordan J. Norris
{"title":"A many-location home market effect and a home biased geography","authors":"Jordan J. Norris","doi":"10.1016/j.jinteco.2025.104057","DOIUrl":"10.1016/j.jinteco.2025.104057","url":null,"abstract":"<div><div>In the presence of scale economies, industries are incentivized to localize production. Geography is key in determining where that localization happens. The Home Market Effect (HME) predicts that locations with the largest demand are the host and become net exporters. Yet, since its origin by <span><span>Krugman (1980)</span></span>, the prediction has only been shown to hold in two-location models, therefore questioning its generality and empirical relevance. I offer a new formalization of the HME, provide succinct, sufficient conditions for its presence in an arbitrary, many-location geography, and reveal an intimate connection of the HME with a home biased geography. Intuitively, without home bias, consumers don’t buy locally; production is therefore not incentivized to localize near them.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"154 ","pages":"Article 104057"},"PeriodicalIF":3.8,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143429703","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
Banking complexity in the global economy 全球经济中银行业的复杂性
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-14 DOI: 10.1016/j.jinteco.2025.104055
Raoul Minetti , Giacomo Romanini , Oren Ziv
{"title":"Banking complexity in the global economy","authors":"Raoul Minetti ,&nbsp;Giacomo Romanini ,&nbsp;Oren Ziv","doi":"10.1016/j.jinteco.2025.104055","DOIUrl":"10.1016/j.jinteco.2025.104055","url":null,"abstract":"<div><div>International lending flows are often intermediated through banking hubs and complex multi-national routing. We develop a dynamic stochastic general equilibrium model where global banks choose the path of direct or indirect lending through partner institutions in multiple countries. We show how conflating locational loan flows with ultimate lending biases results both by attributing ultimate lending to banking hubs, and by missing ultimate lending that occurs indirectly via third countries. We next study the effects of global banking complexity. Indirect lending allows countries to bypass shocked lending routes via alternative countries; however, it dilutes their ability to diversify sources of funds after shocks. The quantitative analysis reveals that banking complexity can exacerbate credit instability when countries feature heterogeneous banking efficiency.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"154 ","pages":"Article 104055"},"PeriodicalIF":3.8,"publicationDate":"2025-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143158971","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
Term premia and credit risk in emerging markets: The role of U.S. monetary policy 新兴市场的期限溢价和信用风险：美国货币政策的作用
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-12 DOI: 10.1016/j.jinteco.2025.104045
Pavel Solís
{"title":"Term premia and credit risk in emerging markets: The role of U.S. monetary policy","authors":"Pavel Solís","doi":"10.1016/j.jinteco.2025.104045","DOIUrl":"10.1016/j.jinteco.2025.104045","url":null,"abstract":"<div><div>This paper studies how U.S. monetary policy transmits to the sovereign yields of emerging markets without ignoring credit risk. To quantify the effects, I first identify different types of surprises in U.S. monetary policy using intraday data, and then propose a novel (three-part) decomposition of emerging market yields that accounts for credit risk. I find that surprises in U.S. monetary policy lead to a reassessment of policy rate expectations and a repricing of interest rate and credit risks in emerging markets. Specifically, investors expect monetary authorities in emerging markets to follow the monetary stance of the U.S. central bank rather than counteract it, unconventional U.S. monetary policies transmit to the term premia in emerging markets similarly to the U.S. term premium, and the sovereign credit risk in emerging markets responds to changes in U.S. monetary policy.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"154 ","pages":"Article 104045"},"PeriodicalIF":3.8,"publicationDate":"2025-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143158970","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 cleanup of US manufacturing through pollution offshoring 通过外包污染来清理美国制造业
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-11 DOI: 10.1016/j.jinteco.2025.104046
Jaerim Choi , Jay Hyun , Gueyon Kim , Ziho Park
{"title":"The cleanup of US manufacturing through pollution offshoring","authors":"Jaerim Choi ,&nbsp;Jay Hyun ,&nbsp;Gueyon Kim ,&nbsp;Ziho Park","doi":"10.1016/j.jinteco.2025.104046","DOIUrl":"10.1016/j.jinteco.2025.104046","url":null,"abstract":"<div><div>We study the role of offshoring in understanding long-run environmental impacts of trade liberalization and the cleanup of US manufacturing. Leveraging establishment-level pollution emissions and business activity data and a change in US trade policy toward China in the early 2000s, we show that US establishments decrease toxic emissions in response to a reduction in trade policy uncertainty. Emission abatement is mainly driven by a decline in pollution emission intensity. We provide comprehensive evidence that highlights the role of offshoring: US manufacturers, especially those that emit pollutants intensely, source from abroad and establish more subsidiaries in China following the event.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"154 ","pages":"Article 104046"},"PeriodicalIF":3.8,"publicationDate":"2025-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143158163","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
International trade and the allocation of capital within firms 国际贸易和企业内部的资本配置
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-01 DOI: 10.1016/j.jinteco.2024.104023
S. Doerr , D. Marin , D. Suverato , T. Verdier
{"title":"International trade and the allocation of capital within firms","authors":"S. Doerr ,&nbsp;D. Marin ,&nbsp;D. Suverato ,&nbsp;T. Verdier","doi":"10.1016/j.jinteco.2024.104023","DOIUrl":"10.1016/j.jinteco.2024.104023","url":null,"abstract":"<div><div>This paper introduces an internal capital market into a two-factor model of multi-segment firms. It features empire building by managers and informational frictions within the organization. The headquarters knows less about a segment’s true cost than its divisional managers do, so managers can over-report their costs and receive more capital than optimal. Our novel theory, which enables us to endogenize the cost structure of multi-segment firms, shows that international trade imposes discipline on divisional managers and improves the capital allocation between divisions, thereby lowering the conglomerate discount. The theory can explain why exporters exhibit a lower conglomerate discount than non-exporters. We exploit the China shock as an exogenous change to competition to confirm the model’s predictions with data on US companies.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"153 ","pages":"Article 104023"},"PeriodicalIF":3.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099462","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
Changing global linkages: A new Cold War? 变化中的全球联系：一场新的冷战？
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-01 DOI: 10.1016/j.jinteco.2024.104042
Gita Gopinath , Pierre-Olivier Gourinchas , Andrea F. Presbitero , Petia Topalova
{"title":"Changing global linkages: A new Cold War?","authors":"Gita Gopinath ,&nbsp;Pierre-Olivier Gourinchas ,&nbsp;Andrea F. Presbitero ,&nbsp;Petia Topalova","doi":"10.1016/j.jinteco.2024.104042","DOIUrl":"10.1016/j.jinteco.2024.104042","url":null,"abstract":"<div><div>Global linkages are changing amidst elevated geopolitical tensions and a surge in policies directed at increasing supply chain resilience and national security. Using granular bilateral data, we provide new evidence of trade and investment fragmentation along geopolitical lines and compare it to the early years of the Cold War. Gravity model estimates point to significant declines in trade, FDI, and portfolio flows between countries in geopolitically distant blocs since the onset of the war in Ukraine, relative to flows between countries in the same bloc. While the extent of fragmentation is still relatively small, the decoupling between the rival geopolitical blocs during the Cold War suggests it could worsen considerably should geopolitical tensions persist and trade restrictive policies intensify. Different from the early years of the Cold War, a set of nonaligned ‘connector’ countries are rapidly gaining importance and serving as a bridge between blocs.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"153 ","pages":"Article 104042"},"PeriodicalIF":3.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099006","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
Navigating trade uncertainty: The role of trade financing and the spillover effects 驾驭贸易不确定性：贸易融资的作用和溢出效应
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-01 DOI: 10.1016/j.jinteco.2024.104043
Mauricio Calani , Paula Margaretic , David Moreno
{"title":"Navigating trade uncertainty: The role of trade financing and the spillover effects","authors":"Mauricio Calani ,&nbsp;Paula Margaretic ,&nbsp;David Moreno","doi":"10.1016/j.jinteco.2024.104043","DOIUrl":"10.1016/j.jinteco.2024.104043","url":null,"abstract":"<div><div>This paper exploits the exogenous changes of destination/origin-specific trade uncertainty (TU) to investigate the direct and spillover effects of TU on firms’ foreign-trade operations and credit outcomes. Using transaction-level data of Chilean firms and banks, we first show that increasing TU dampens export growth through a deterioration of firms’ working capital. This is especially true when exports are mainly financed by cash-in-advance, a payment mode that entails shorter and less permanent relationships between firms. Second, we find that increases in TU induce a bank-firm portfolio redistribution away from small firms toward large importers and firms involved in the global value chain (GVC). Our results are consistent with a risk-mitigating channel from banks that grant larger loans to firms that are perceived as relatively less risky during periods of high trade tensions. This way, TU shocks spill over to other firms not initially affected by TU through the bank credit market.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"153 ","pages":"Article 104043"},"PeriodicalIF":3.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099010","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
Optimal trade policy with international technology diffusion 国际技术扩散下的最优贸易政策
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-01 DOI: 10.1016/j.jinteco.2024.104038
Yan Bai , Keyu Jin , Dan Lu , Hanxi Wang
{"title":"Optimal trade policy with international technology diffusion","authors":"Yan Bai ,&nbsp;Keyu Jin ,&nbsp;Dan Lu ,&nbsp;Hanxi Wang","doi":"10.1016/j.jinteco.2024.104038","DOIUrl":"10.1016/j.jinteco.2024.104038","url":null,"abstract":"<div><div>We study optimal dynamic trade policies in an Eaton–Kortum model with technology diffusion through trade. Trade affects technology by determining the distribution from which potential producers draw their insights. Our theory shows that optimal policies capture dynamic motives for a country to alter global technology. These policies take into account selection effects and country endowments that affect the degree and quality of diffusion. We provide explicit formulas showing that a country should subsidize imports that raise domestic learning quality and reduce export taxes when higher foreign productivity benefits the home country and increased exports improve foreign learning. We quantify these dynamic policies and their welfare implications using cross-country data.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"153 ","pages":"Article 104038"},"PeriodicalIF":3.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099463","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 Percolation of Knowledge across Space 知识在空间中的渗透
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-01 DOI: 10.1016/j.jinteco.2024.104026
Pierre Cotterlaz , Arthur Guillouzouic
{"title":"The Percolation of Knowledge across Space","authors":"Pierre Cotterlaz ,&nbsp;Arthur Guillouzouic","doi":"10.1016/j.jinteco.2024.104026","DOIUrl":"10.1016/j.jinteco.2024.104026","url":null,"abstract":"<div><div>This paper shows that the negative effect of geographical distance on knowledge flows stems from how firms gain sources of knowledge through their existing network. We start by documenting two stylized facts. First, in aggregate, the distance elasticity of patent citations flows is sizable and has remained constant since the 1980s, despite the rise of the internet. Second, at the micro level, firms’ network of knowledge sources expands through existing knowledge sources. We introduce a framework featuring the latter phenomenon, and generating a negative distance elasticity in aggregate. The model predicts Pareto-distributed innovator sizes, and citation distances increasing with innovator size. These predictions hold well empirically. We investigate changes of the underlying parameters and geographical composition effects over the period. While the distance effect should have decreased with constant country composition, the rise of East Asian economies, associated to large distance elasticities, compensated lower frictions in other countries.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"153 ","pages":"Article 104026"},"PeriodicalIF":3.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099464","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
From macro to micro: Large exporters coping with global crises 从宏观到微观：大型出口商应对全球危机
IF 3.8 1区 经济学
Journal of International Economics Pub Date : 2025-01-01 DOI: 10.1016/j.jinteco.2024.104037
Jean-Charles Bricongne , Juan Carluccio , Lionel Fontagné , Guillaume Gaulier , Sebastian Stumpner
{"title":"From macro to micro: Large exporters coping with global crises","authors":"Jean-Charles Bricongne ,&nbsp;Juan Carluccio ,&nbsp;Lionel Fontagné ,&nbsp;Guillaume Gaulier ,&nbsp;Sebastian Stumpner","doi":"10.1016/j.jinteco.2024.104037","DOIUrl":"10.1016/j.jinteco.2024.104037","url":null,"abstract":"<div><div>Using monthly firm-level exports and imports over 1993–2020, we uncover four facts: (i) deviations of large exporters from the average growth rate explain a large share of aggregate fluctuations; (ii) an important source for these deviations is the top exporters’ higher loadings on common shocks; (iii) the stronger reaction of the top 1% exporters to the GFC and Covid crises contributed to the export collapses; (iv) a higher elasticity to large demand shocks, not a different exposure to global value chain shocks, contributes to this stronger reaction. The results show that idiosyncratic reactions of large firms to common shocks matter for aggregate export fluctuations, and are especially relevant for the trade collapses of the 2008/2009 crisis and the Pandemic.</div></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"153 ","pages":"Article 104037"},"PeriodicalIF":3.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143099461","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：604180095
Book学术官方微信