Journal of International Economics最新文献_第9页

International joint ventures and internal technology transfer vs. external technology spillovers: Evidence from China 国际合资企业和内部技术转让与外部技术溢出：来自中国的证据

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-23 DOI: 10.1016/j.jinteco.2024.103939

Kun Jiang , Wolfgang Keller , Larry D. Qiu , William Ridley

{"title":"International joint ventures and internal technology transfer vs. external technology spillovers: Evidence from China","authors":"Kun Jiang , Wolfgang Keller , Larry D. Qiu , William Ridley","doi":"10.1016/j.jinteco.2024.103939","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103939","url":null,"abstract":"<div><p>We study the economics of international joint ventures using administrative data for China. We first show that foreign investors choose Chinese partners that are relatively large, productive, and more innovative to set up their joint venture. Using a difference-in-differences framework, we then provide evidence that joint ventures lead to domestic benefits in the form of productivity and technological spillovers to both the Chinese partners in joint ventures as well as other domestic Chinese firms. Exploiting the easing of joint venture requirements as China entered the WTO in the year 2001, we further show that intraindustry spillovers from joint ventures to other domestic firms increased in the wake of China’s WTO accession, consistent with gains from foreign technology rising due to enhanced commitment through the rules-based WTO system. Our results shed new light on the efficacy of FDI performance requirements as well as on claims regarding international technology transfer that underpinned the China–US trade war.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"150 ","pages":"Article 103939"},"PeriodicalIF":3.3,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141097744","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

A theory of capital flow retrenchment 资本流动紧缩理论

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-23 DOI: 10.1016/j.jinteco.2024.103952

J. Scott Davis , Eric van Wincoop

引用次数: 0

Buying lottery tickets for foreign workers: Lost quota rents induced by H-1B policy 为外国工人买彩票：H-1B 政策导致的配额租金损失

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-08 DOI: 10.1016/j.jinteco.2024.103932

Rishi R. Sharma, Chad Sparber

引用次数: 0

Unmitigated disasters? Risk sharing and macroeconomic recovery in a large international panel 无妄之灾？大型国际小组的风险分担与宏观经济复苏

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jinteco.2024.103920

Goetz von Peter , Sebastian von Dahlen , Sweta Saxena

{"title":"Unmitigated disasters? Risk sharing and macroeconomic recovery in a large international panel","authors":"Goetz von Peter , Sebastian von Dahlen , Sweta Saxena","doi":"10.1016/j.jinteco.2024.103920","DOIUrl":"10.1016/j.jinteco.2024.103920","url":null,"abstract":"<div><p>This paper examines the patterns of macroeconomic recovery following natural disasters. In a panel with global coverage from 1960 to 2011, we make use of insurer-assessed losses to estimate growth responses conditional on risk transfer. We find that major disasters reduce growth by 1 to 2 percentage points on impact, and over time produce an output cost of 2<span><math><mtext>%</mtext></math></span> to 4<span><math><mtext>%</mtext></math></span> of GDP, on top of the initial damage to property and infrastructure. Akin to wars and financial crises, natural disasters have permanent effects, in the sense that output losses are not fully recovered over time. But it is the uninsured losses that drive the macroeconomic cost; insured losses are less consequential in the aggregate, and can even stimulate growth. By helping to finance the recovery, insurance mitigates the macroeconomic cost of disasters. Many countries lack the capacity to (re)insure themselves and would stand to benefit from more international risk sharing.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"149 ","pages":"Article 103920"},"PeriodicalIF":3.3,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000448/pdfft?md5=dbc2c6d9e2fff2bc694eee071bdd1cfd&pid=1-s2.0-S0022199624000448-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140399618","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

Whatever-it-takes policymaking during the pandemic 大流行病期间不择手段的决策

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jinteco.2024.103915

Kathryn M.E. Dominguez , Andrea Foschi

{"title":"Whatever-it-takes policymaking during the pandemic","authors":"Kathryn M.E. Dominguez , Andrea Foschi","doi":"10.1016/j.jinteco.2024.103915","DOIUrl":"10.1016/j.jinteco.2024.103915","url":null,"abstract":"<div><p>Central banks across the globe introduced large-scale asset purchase programs to address the unprecedented circumstances experienced during the pandemic. Many of these programs were announced as open-ended to shock-and-awe market participants and restore confidence in financial markets. This paper examines whether these whatever-it-takes announcements had larger effects than announcements with explicit limits on scale. We use a narrative approach to categorize announcements made by twenty-two central banks, and event study, propensity-score-matching, and local projection methods to measure the short-term effects of policy announcements on exchange rates and sovereign bond yields. We find that on average a central bank’s first whatever-it-takes announcement lowers 10-year bond yields by an additional 47 basis points relative to size-limited announcements, suggesting that communication of potential policy scale matters. Our results for yields hold for both advanced and emerging economies, while exchange rates go in opposing directions, muting their response when we group all countries together.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"149 ","pages":"Article 103915"},"PeriodicalIF":3.3,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000394/pdfft?md5=cc4320aba2fb2aeaa7138e8538263389&pid=1-s2.0-S0022199624000394-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140154226","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

From dominant to producer currency pricing: Dynamics of Chilean exports 从主导货币定价到生产者货币定价：智利出口的动态

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jinteco.2024.103934

José De Gregorio , Pablo García , Emiliano Luttini , Marco Rojas

引用次数: 0

Reprint of “Unveiling the dance of commodity prices and the global financial cycle” 重印 "揭开商品价格与全球金融周期之舞的面纱"

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jinteco.2024.103941

Luciana Juvenal , Ivan Petrella

{"title":"Reprint of “Unveiling the dance of commodity prices and the global financial cycle”","authors":"Luciana Juvenal , Ivan Petrella","doi":"10.1016/j.jinteco.2024.103941","DOIUrl":"10.1016/j.jinteco.2024.103941","url":null,"abstract":"<div><p>We examine the impact of commodity price changes on the business cycles and capital flows in emerging markets and developing economies (EMDEs), distinguishing between their role as a source of shock and as a channel of transmission of global shocks. Our findings reveal that surges in export prices, triggered by commodity price shocks, boost domestic GDP, an effect further amplified by the endogenous decline of country spreads. However, the effects on capital flows appear muted. Shifts in U.S. monetary policy and global risk appetite drive the global financial cycle in EMDEs. Eased global credit conditions, attributed to looser U.S. monetary policy or lower global risk appetite, lead to a rise in export prices, higher output, a decrease in government borrowing costs, and stimulate greater capital flows. The endogenous response of export prices amplifies the output effects of a more accommodative U.S. monetary policy while country spreads magnify the impact of shifts in global risk appetite.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"149 ","pages":"Article 103941"},"PeriodicalIF":3.3,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000680/pdfft?md5=8839c69de8a76335c20613edaf7eb494&pid=1-s2.0-S0022199624000680-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141030500","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

Nonbank lenders as global shock absorbers: Evidence from US monetary policy spillovers 作为全球冲击吸收器的非银行贷款人：美国货币政策溢出效应的证据

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jinteco.2024.103908

David Elliott , Ralf R. Meisenzahl , José-Luis Peydró

引用次数: 0

Global natural rates in the long run: Postwar macro trends and the market-implied r∗ in 10 advanced economies 全球长期自然增长率：战后宏观趋势和 10 个发达经济体的市场预期[公式省略]

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jinteco.2024.103919

Josh Davis , Cristian Fuenzalida , Leon Huetsch , Benjamin Mills , Alan M. Taylor

{"title":"Global natural rates in the long run: Postwar macro trends and the market-implied r∗ in 10 advanced economies","authors":"Josh Davis , Cristian Fuenzalida , Leon Huetsch , Benjamin Mills , Alan M. Taylor","doi":"10.1016/j.jinteco.2024.103919","DOIUrl":"10.1016/j.jinteco.2024.103919","url":null,"abstract":"<div><p>Benchmark finance and macroeconomic models appear to deliver conflicting estimates of the natural rate and bond risk premia. This natural rate puzzle applies not only in the U.S. but across many advanced economies. We use a unified no-arbitrage macro-finance model with two trend factors to estimate the natural rate <span><math><msup><mrow><mi>r</mi></mrow><mrow><mo>∗</mo></mrow></msup></math></span> for 10 advanced economies. We cover a longer and wider sample than previous studies and draw on new sources to construct yield curves and excess returns. The two-trend model improves the explanatory power of yield regressions and return forecasts. Most variation in yields is due to the macro trends <span><math><msup><mrow><mi>r</mi></mrow><mrow><mo>∗</mo></mrow></msup></math></span> and <span><math><msup><mrow><mi>π</mi></mrow><mrow><mo>∗</mo></mrow></msup></math></span>, and not bond risk premia, which are flatter than previous estimates. Our <span><math><msup><mrow><mi>r</mi></mrow><mrow><mo>∗</mo></mrow></msup></math></span> estimates covary with growth and demographic variables in a manner consistent with theory and previous findings.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"149 ","pages":"Article 103919"},"PeriodicalIF":3.3,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000436/pdfft?md5=3dc4109e21ff682851287e56422d6503&pid=1-s2.0-S0022199624000436-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140575907","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

Reprint of: Quantifying the Germany shock: Structural labor-market reforms and spillovers in a currency union 重印本：量化德国冲击：货币联盟中的结构性劳动力市场改革和溢出效应

IF 3.3 1区经济学

Journal of International Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jinteco.2024.103931

Harald Fadinger , Philipp Herkenhoff , Jan Schymik

{"title":"Reprint of: Quantifying the Germany shock: Structural labor-market reforms and spillovers in a currency union","authors":"Harald Fadinger , Philipp Herkenhoff , Jan Schymik","doi":"10.1016/j.jinteco.2024.103931","DOIUrl":"10.1016/j.jinteco.2024.103931","url":null,"abstract":"<div><p>We examine the effects of unilateral structural reforms within a currency union. Focusing on the surge of German competitiveness following the introduction of the Euro, we first provide reduced-form causal evidence supporting the notion that German structural labor-market reforms in the early 2000s led to a crowding-out of manufacturing employment in other Eurozone economies. To assess the impact of this German competitiveness shock, we build a quantitative multi-sector trade model that features downward nominal wage rigidities, endogenous labor supply, unemployment-insurance benefits and international savings. The fixed nominal exchange rate can create binding nominal rigidities in response to a foreign real supply shock – like the one prompted by the German reforms – resulting in significant contraction of manufacturing sectors and increased involuntary unemployment across other Eurozone countries. We consider a number of counterfactual scenarios, such as the impact of German labor-market reforms in the absence of a fixed exchange-rate regime, the role of coordinated reforms within the Eurozone and a higher average inflation rate.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":"149 ","pages":"Article 103931"},"PeriodicalIF":3.3,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000588/pdfft?md5=891449ac50a0cec0584c9db4f3c8e851&pid=1-s2.0-S0022199624000588-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141059050","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