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AEA papers and proceedings. American Economic Association最新文献

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China in Tax Havens 中国成为避税天堂
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.20231001
Christopher Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger
{"title":"China in Tax Havens","authors":"Christopher Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger","doi":"10.1257/pandp.20231001","DOIUrl":"https://doi.org/10.1257/pandp.20231001","url":null,"abstract":"We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital in both equity and bond markets. In the last 20 years, China's presence went from raising a negligible amount of capital in these markets to accounting for more than half of equity issuance and around a fifth of global corporate bonds outstanding in tax havens. Using rich micro data, we show that a range of Chinese firms, including both tech giants and state-owned enterprises, use these offshore centers. We conclude by discussing the macroeconomic and financial stability implications of these patterns.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135145707","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
Born to Be (Sub)Prime: An Exploratory Analysis 生而为(次)质数:探索性分析
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.20231096
Helena Bach, Pietro Campa, Giacomo De Giorgi, Jaromir Nosal, Davide Pietrobon
{"title":"Born to Be (Sub)Prime: An Exploratory Analysis","authors":"Helena Bach, Pietro Campa, Giacomo De Giorgi, Jaromir Nosal, Davide Pietrobon","doi":"10.1257/pandp.20231096","DOIUrl":"https://doi.org/10.1257/pandp.20231096","url":null,"abstract":"We study how inheriting parents' credit histories affects the initial credit scores, access to credit, and life cycle borrowing of young individuals entering the credit market. We establish that inherited histories significantly positively affect initial scores, which in turn are very persistent. Inherited histories only affect outcomes through initial credit scores, which then have significant persistent effects on credit use and access, such as having a mortgage. Our results are consistent with mechanisms of self-fulfilling liquidity traps: low credit scores mean lack of access to credit, reinforcing low credit scores. Future research should address the contribution of such mechanisms to wealth inequality.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135145713","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
Report of the Treasurer 司库报告
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.113.683
{"title":"Report of the Treasurer","authors":"","doi":"10.1257/pandp.113.683","DOIUrl":"https://doi.org/10.1257/pandp.113.683","url":null,"abstract":"","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135145699","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
Interest Rates and World Trade: An “Austrian” Perspective 利率与世界贸易:一个“奥地利学派”的视角
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.20231026
Pol Antràs
{"title":"Interest Rates and World Trade: An “Austrian” Perspective","authors":"Pol Antràs","doi":"10.1257/pandp.20231026","DOIUrl":"https://doi.org/10.1257/pandp.20231026","url":null,"abstract":"I develop a framework to study the interplay between world trade and interest rates. The model incorporates an explicit notion of time and production length, in the “Austrian” tradition of Bohm-Bawerk (1889). Changes in the interest rate affect production lengths, labor productivity, and the financial costs of exporting. I decompose the response of the volume of world trade to changes in the interest rate into four components: a labor productivity effect, a “propensity to consume out of labor income” effect, a “temporal dimension of variable trade costs” effect, and a “selection into exporting” effect.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135145813","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
Financial Bubbles in Infinitely Repeated Auctions with Tokens 无限重复代币拍卖中的金融泡沫
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.20231032
Andrea Canidio
{"title":"Financial Bubbles in Infinitely Repeated Auctions with Tokens","authors":"Andrea Canidio","doi":"10.1257/pandp.20231032","DOIUrl":"https://doi.org/10.1257/pandp.20231032","url":null,"abstract":"An auctioneer holds an infinite sequence of private value auctions. He can accept payments in a blockchain-based token that he creates and initially owns. I show that relative to a standard auction with dollars, the present-discounted value of the expected revenues is higher whenever financial bubbles on tokens emerge, which happens when the rate at which investors use their tokens for bidding is sufficiently low. Financial bubbles can also emerge if the auctioneer uses dollars and issues equity. But in this case, a bubble is possible only if an increasing amount of aggregate wealth is invested in equity, which seems counterfactual.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"99 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80276953","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: 2
The Mental Health of Caregivers and Young Children in Conflict-Affected Settings 受冲突影响环境中照顾者和幼儿的心理健康
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.20231017
Juliana Sánchez-Ariza, Jorge Cuartas, Andrés Moya
{"title":"The Mental Health of Caregivers and Young Children in Conflict-Affected Settings","authors":"Juliana Sánchez-Ariza, Jorge Cuartas, Andrés Moya","doi":"10.1257/pandp.20231017","DOIUrl":"https://doi.org/10.1257/pandp.20231017","url":null,"abstract":"We analyze the effects of conflict-related violence on the mental health of caregivers and young children, as well as the role of caregivers' mental health in explaining the toll of conflict on early childhood mental health. Although an upcoming body of work has demonstrated the link between caregivers' and children's mental health, the role of caregivers' psychological constraints has been largely ignored in research and programming in conflict-affected settings. We demonstrate how these constraints play a role in the intergenerational transmission of mental health problems and emphasize the urgency of addressing caregivers' mental health within early childhood development programs in conflict-affected settings.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75491453","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
Optimal Lending Contracts with Retrospective and Prospective Bias 具有回顾性和前瞻性偏差的最优贷款合同
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.20231115
J. Bohren, Daniel N. Hauser
{"title":"Optimal Lending Contracts with Retrospective and Prospective Bias","authors":"J. Bohren, Daniel N. Hauser","doi":"10.1257/pandp.20231115","DOIUrl":"https://doi.org/10.1257/pandp.20231115","url":null,"abstract":"Model misspecification is a common approach to model belief formation distortions. Misspecified models can be decomposed into two classes of distortions: prospective and retrospective biases (Bohren and Hauser 2023). Prospective biases correspond to distortions in forecasting future beliefs, while retrospective biases correspond to distortions in interpreting information ex post. We disentangle the impact of these two distortions on optimal lending contracts in the context of an entrepreneur who borrows to invest in a project. The entrepreneur learns about project quality from a signal, which she interprets with a misspecified model. A lender leverages each form of bias in distinct ways.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"201 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72416703","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
Robot Hubs: The Skewed Distribution of Robots in US Manufacturing 机器人中心:美国制造业中机器人的倾斜分布
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.20231038
E. Brynjolfsson, Catherine D. Buffington, Nathan Goldschlag, J. F. Li, Javier Miranda, Robert C. Seamans
{"title":"Robot Hubs: The Skewed Distribution of Robots in US Manufacturing","authors":"E. Brynjolfsson, Catherine D. Buffington, Nathan Goldschlag, J. F. Li, Javier Miranda, Robert C. Seamans","doi":"10.1257/pandp.20231038","DOIUrl":"https://doi.org/10.1257/pandp.20231038","url":null,"abstract":"We use establishment-level data from the US Census Bureau's Annual Survey of Manufactures to study the characteristics and geographic locations of investments in robots. We find that the distribution of robots is highly skewed across locations. Some locations, which we call Robot Hubs, have far more robots than one would expect even after accounting for industry and manufacturing employment. We characterize these Robot Hubs along several industry, demographic, and institutional dimensions. The presences of robot integrators, which specialize in helping manufacturers install robots, and of higher levels of union membership are positively correlated with being a Robot Hub.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"52 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74760662","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
Report of the Editor, American Economic Review 《美国经济评论》编辑报告
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.113.707
{"title":"Report of the Editor, American Economic Review","authors":"","doi":"10.1257/pandp.113.707","DOIUrl":"https://doi.org/10.1257/pandp.113.707","url":null,"abstract":"","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"2010 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86298715","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
Selection Bias in Voluntary Random Testing: Evidence from a COVID-19 Antibody Study 自愿随机检测中的选择偏倚:来自COVID-19抗体研究的证据
AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI: 10.1257/pandp.20231091
D. Dutz, M. Greenstone, Ali Hortaçsu, Santiago E. Lacouture, M. Mogstad, Danae Roumis, A. Shaikh, Alexander Torgovitsky, Winnie van Dijk
{"title":"Selection Bias in Voluntary Random Testing: Evidence from a COVID-19 Antibody Study","authors":"D. Dutz, M. Greenstone, Ali Hortaçsu, Santiago E. Lacouture, M. Mogstad, Danae Roumis, A. Shaikh, Alexander Torgovitsky, Winnie van Dijk","doi":"10.1257/pandp.20231091","DOIUrl":"https://doi.org/10.1257/pandp.20231091","url":null,"abstract":"We use data from a serological study that experimentally varied financial incentives for participation to detect and characterize selection bias. Participants are from neighborhoods with substantially lower COVID-19 risks. Existing methods to account for the resulting selection bias produce wide bounds or estimates that are inconsistent with the population. One explanation for these inconsistent estimates is that the underlying methods presume a single dimension of unobserved heterogeneity. The data suggest that there are two types of nonparticipants with opposing selection patterns. Allowing for these different types may lead to better accounting for selection bias.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"103 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80636515","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
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