发布求助
文献互助 智能选刊 最新文献

International Finance Discussion Paper最新文献

筛选
英文 中文
Exchange Rate Disconnect and the Trade Balance 汇率失调与贸易平衡
International Finance Discussion Paper Pub Date : 2024-07-01 DOI: 10.17016/ifdp.2024.1391
Martin Bodenstein, Pablo A. Cuba-Borda, Nils Goernemann, Ignacio Presno
{"title":"Exchange Rate Disconnect and the Trade Balance","authors":"Martin Bodenstein, Pablo A. Cuba-Borda, Nils Goernemann, Ignacio Presno","doi":"10.17016/ifdp.2024.1391","DOIUrl":"https://doi.org/10.17016/ifdp.2024.1391","url":null,"abstract":"We propose a model with costly international financial intermediation that links exchange rate movements to shifts in the demand for domestically produced goods relative to the demand for imported goods (trade rebalancing). Our model is consistent with stylized facts of exchange rate dynamics, including those related to the trade balance, which is typically overlooked in the literature on exchange rate determination. In a quantitative assessment, trade rebalancing explains nearly 50 percent of exchange rate fluctuations over the business cycle, whereas exogenous deviations from the uncovered interest rate parity—the primary source of exchange rate fluctuations in the literature—account for just above 20 percent. Using data on trade flows or the trade balance is key to properly identifying the determinants of the exchange rate. Thus, our model overcomes the sharp dichotomy between the real exchange rate and the macroeconomy embedded in other models of exchange rate determination.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"76 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141842882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tax Heterogeneity and Misallocation 税收异质性和分配不当
International Finance Discussion Paper Pub Date : 2024-07-01 DOI: 10.17016/ifdp.2024.1393
B. Kaymak, Immo Schott
{"title":"Tax Heterogeneity and Misallocation","authors":"B. Kaymak, Immo Schott","doi":"10.17016/ifdp.2024.1393","DOIUrl":"https://doi.org/10.17016/ifdp.2024.1393","url":null,"abstract":"There is substantial asymmetry in effective corporate income tax rates across firms. While tax asymmetries would reduce productivity in frictionless economies, they can improve efficiency in a distorted economy if taxes alleviate other economic frictions. We develop a framework to estimate to what extent tax asymmetries affect productivity in distorted economies. Using US firm-level balance sheet data alongside measures of effective marginal tax rates, we find a positive correlation between tax rates and factor productivity, suggesting that tax asymmetry exacerbates the distortions from other economic frictions. Eliminating tax rate asymmetries would raise aggregate productivity by 3 to 4 percent if taxes distort capital costs alone. Models where taxes also distort the marginal cost of labor predict potential gains as high as 9 percent.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141850915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate Bond Issuance Over Financial Stress Episodes: A Global Perspective 金融压力事件中的公司债券发行：全球视角
International Finance Discussion Paper Pub Date : 2024-05-01 DOI: 10.17016/ifdp.2024.1390
Valentina Bruno, Michele Dathan, Yuriy Kitsul
{"title":"Corporate Bond Issuance Over Financial Stress Episodes: A Global Perspective","authors":"Valentina Bruno, Michele Dathan, Yuriy Kitsul","doi":"10.17016/ifdp.2024.1390","DOIUrl":"https://doi.org/10.17016/ifdp.2024.1390","url":null,"abstract":"We use a merged global data set of security-level corporate bond issuance and firm-level financial statement data to show that, in contrast to earlier periods of financial stress, during the COVID pandemic nonfinancial firms around the world were more likely to issue bonds, driven by a boom in local-currency-denominated issuance. We observe a distinct cross-regional difference in the characteristics of issuing firms, finding that in advanced economies issuance during COVID was driven by less risky firms, as predicted by existing theories; in emerging markets, only issuance of U.S. dollar denominated bonds came from larger or less risky firms.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"69 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141029247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
On the GDP Effects of Severe Physical Hazards 关于严重物理灾害对国内生产总值的影响
International Finance Discussion Paper Pub Date : 2024-02-01 DOI: 10.17016/ifdp.2024.1386
Martin Bodenstein, Mikaël Scaramucci
{"title":"On the GDP Effects of Severe Physical Hazards","authors":"Martin Bodenstein, Mikaël Scaramucci","doi":"10.17016/ifdp.2024.1386","DOIUrl":"https://doi.org/10.17016/ifdp.2024.1386","url":null,"abstract":"We assess the impacts from physical hazards (or severe weather events) on economic activity in a panel of 98 countries using local projection methods. Proxying the strength of an event by the monetary damages it caused, we find severe weather events to reduce the level of GDP. For most events in the EM-DAT data set the effects are small. The largest events in our sample (above the 90th percentile of damages) bring down the level of GDP by 0.5 percent for several years without recovery to trend. Smaller events (below the 90th percentile) see a less immediate decrease in initial years (0.1 percent) that progressively widens to become similar to the effect of larger disasters after 10 years. Climatological hazards (droughts and forest fires) appear to have the largest effects. These findings are robust across country groupings by development and alternative measures of the strength of the physical hazard.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"23 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139886032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
On the GDP Effects of Severe Physical Hazards 关于严重物理灾害对国内生产总值的影响
International Finance Discussion Paper Pub Date : 2024-02-01 DOI: 10.17016/ifdp.2024.1386
Martin Bodenstein, Mikaël Scaramucci
{"title":"On the GDP Effects of Severe Physical Hazards","authors":"Martin Bodenstein, Mikaël Scaramucci","doi":"10.17016/ifdp.2024.1386","DOIUrl":"https://doi.org/10.17016/ifdp.2024.1386","url":null,"abstract":"We assess the impacts from physical hazards (or severe weather events) on economic activity in a panel of 98 countries using local projection methods. Proxying the strength of an event by the monetary damages it caused, we find severe weather events to reduce the level of GDP. For most events in the EM-DAT data set the effects are small. The largest events in our sample (above the 90th percentile of damages) bring down the level of GDP by 0.5 percent for several years without recovery to trend. Smaller events (below the 90th percentile) see a less immediate decrease in initial years (0.1 percent) that progressively widens to become similar to the effect of larger disasters after 10 years. Climatological hazards (droughts and forest fires) appear to have the largest effects. These findings are robust across country groupings by development and alternative measures of the strength of the physical hazard.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"175 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139825856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Price of Macroeconomic Uncertainty: Evidence from Daily Options 宏观经济不确定性的价格:来自每日期权的证据
International Finance Discussion Paper Pub Date : 2023-06-01 DOI: 10.17016/ifdp.2023.1376
Juan M. Londoño, M. Samadi
{"title":"The Price of Macroeconomic Uncertainty: Evidence from Daily Options","authors":"Juan M. Londoño, M. Samadi","doi":"10.17016/ifdp.2023.1376","DOIUrl":"https://doi.org/10.17016/ifdp.2023.1376","url":null,"abstract":"Using recently available daily SandP 500 index option expirations, we examine the ex ante pricing of uncertainty surrounding key economic releases and the determinants of risk premia associated with these releases. The cost of insurance against price, variance, and downside risk is higher for options that span U.S. CPI, FOMC, Nonfarm Payroll, and GDP releases compared to neighboring expirations. We calculate release-driven forward equity and variance risk premia and find that premia vary considerably across economic releases and increase with risk aversion as well as with monetary policy and real economic uncertainty. The empirical framework presented in this paper can be used to examine the ex ante pricing of a wide variety of events.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114408345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What is Measured in National Accounts? 国民经济核算中衡量的是什么?
International Finance Discussion Paper Pub Date : 2023-05-25 DOI: 10.17016/ifdp.2023.1375
François de Soyres, Alexandre Gaillard, H. Young
{"title":"What is Measured in National Accounts?","authors":"François de Soyres, Alexandre Gaillard, H. Young","doi":"10.17016/ifdp.2023.1375","DOIUrl":"https://doi.org/10.17016/ifdp.2023.1375","url":null,"abstract":"Most statistical agencies construct sectoral real GDP using double deflation and base period prices. When the base period price used for intermediate inputs is not equal to their marginal revenue product, such as when firms apply a markup, real GDP fluctuations become mechanically linked to variations in intermediate inputs. This is because these inputs generate profits that are incorporated into real value added. Taking this channel into account, we demonstrate that real GDP reported in national accounts substantially diverges from a theory-consistent \"physical\" value added. This, in turn, has implications for the measurement of productivity. Between 1999 and 2021, \"physical\" productivity cumulative growth in the Finance sector was 15pp lower compared to the Solow Residual, while it was 15pp higher in the Manufacturing sector.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129135761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of Information Overload on Financial Markets: How Much Is Too Much? 信息过载对金融市场的影响:多少才算过多?
International Finance Discussion Paper Pub Date : 2023-03-01 DOI: 10.17016/ifdp.2023.1372
A. Bernales, Marcela Valenzuela, Ilknur Zer
{"title":"Effects of Information Overload on Financial Markets: How Much Is Too Much?","authors":"A. Bernales, Marcela Valenzuela, Ilknur Zer","doi":"10.17016/ifdp.2023.1372","DOIUrl":"https://doi.org/10.17016/ifdp.2023.1372","url":null,"abstract":"Motivated by cognitive theories verifying that investors have limited capacity to process information, we study the effects of information overload on stock market dynamics. We construct an information overload index using textual analysis tools on daily data from The New York Times since 1885. We structure our empirical analysis around a discrete-time learning model, which links information overload with asset prices and trading volume when investors are attention constrained. We find that our index is associated with lower trading volume and predicts higher market returns for up to 18 months, even after controlling for standard predictors and other news-based measures. Information overload also affects the cross-section of stock returns: Investors require higher risk premia to hold small, high beta, high volatile, and unprofitable stocks. Such findings are consistent with theories emphasizing that information overload increases information and estimation risk and deteriorates investors' decision accuracy amid their limited attention.\u0000","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131417176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
What are Large Global Banks Doing About Climate Change? 大型全球银行在气候变化问题上做了什么?
International Finance Discussion Paper Pub Date : 2023-01-01 DOI: 10.17016/ifdp.2023.1368
Daniel O. Beltran, Hannah Bensen, Amy Kvien, Erin McDevitt, Mónica Sanz, Pinar Uysal
{"title":"What are Large Global Banks Doing About Climate Change?","authors":"Daniel O. Beltran, Hannah Bensen, Amy Kvien, Erin McDevitt, Mónica Sanz, Pinar Uysal","doi":"10.17016/ifdp.2023.1368","DOIUrl":"https://doi.org/10.17016/ifdp.2023.1368","url":null,"abstract":"We review the \"climate action plans\" of Global Systemically Important Banks (GSIBs) and the progress they are making toward achieving them. G-SIBs have identified the drivers of climate risk and their transmission channels to credit and other risks. Additionally, some have started to measure and model these risks. While most GSIBs have committed to fully offsetting their emissions by mid-century, they are only beginning to measure financed emissions resulting from their loans and investments, which comprise the vast majority of their emissions. G-SIBs have also committed to increase green finance and have started to do so. All told, despite some progress by large global banks to address climate change considerations, much work lies ahead to properly measure and disclose climate-related risks, and to better align financing activities with their net-zero targets.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126300409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Financing Repeat Borrowers: Designing Credible Incentives for Today and Tomorrow 为重复借款人融资：为今天和明天设计可信的激励措施
International Finance Discussion Paper Pub Date : 2022-12-01 DOI: 10.17016/ifdp.2022.1364
A. Jain, Piruz Saboury
{"title":"Financing Repeat Borrowers: Designing Credible Incentives for Today and Tomorrow","authors":"A. Jain, Piruz Saboury","doi":"10.17016/ifdp.2022.1364","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1364","url":null,"abstract":"<jats:p />","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"193 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122502159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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