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Models of Currency Crises with Self-Fulfilling Features
Obstfeld, Maurice - 1995
The discomfort a government suffers from speculation against its currency determines the strategic incentives of speculators and the scope for multiple currency-market equilibria. After describing an illustrative model in which high unemployment may cause an exchange- rate crisis with...
Persistent link: https://www.econbiz.de/10012473585
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Standards and Related Regulations in International Trade : A Modeling Approach
Ganslandt, Mattias - 2001
Standards and technical regulations which govern the admissibility of imported goods into an economy raise costs of exporters entering new markets, and may have a particularly high impact on firms seeking to export from developing countries. Yet standards may also have a positive side, such as...
Persistent link: https://www.econbiz.de/10012470378
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A Unified Approach to Intra-Industry Trade and Direct Foreign Investment
Markusen, James R. - 2001
into each other. The purpose of this paper is to show how the theory of direct investment can now be integrated with the … theory of international trade in goods, and to show how the two combine to determine the pattern of trade and foreign … affiliate production. Empirical estimation gives good support to the predictions of the theory for intra-industry affiliate …
Persistent link: https://www.econbiz.de/10012470389
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General-Equilibrium Approaches to the Multinational Firm : A Review of Theory and Evidence
Markusen, James R. - 2001
, general-equilibrium theory of international trade. Recent advances indicate how vertical and horizontal multinationals arise … theory. In the second part of the paper, we examine empirical results that relate foreign affiliate production to country …
Persistent link: https://www.econbiz.de/10012470390
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Do We Really Need a New International Monetary Compact?
Obstfeld, Maurice - 2000
In recent years, many countries have instituted monetary reforms aimed at improving anti-inflation credibility. Is it a problem, however, that international welfare spillover effects seldom receive much consideration in the design of monetary reforms? Surprisingly, the answer may be no. Under...
Persistent link: https://www.econbiz.de/10012470879
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Foreign Direct Investments in Services and the Domestic Market for Expertise
Markusen, James R. - 2000
Producer services such as managerial and engineering consulting can provide domestic firms with the substantial benefits of specialized knowledge that would be costly in terms of both time and money for domestic firms to develop on their own. These intermediate services are often non-traded, or...
Persistent link: https://www.econbiz.de/10012471061
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New Directions for Stochastic Open Economy Models
Obstfeld, Maurice - 1999
The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade....
Persistent link: https://www.econbiz.de/10012471471
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EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509
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Discriminating Among Alternative Theories of the Multinational Enterprise
Markusen, James R. - 1999
trade. One simple taxonomy separates the theory into vertical' models in which firms geographically separate activities by …
Persistent link: https://www.econbiz.de/10012471623
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Estimating the Knowledge-Capital Model of the Multinational Enterprise
Carr, David L. - 1998
What we term the firm includes three principal assumptions. First, services of knowledge-based and knowledge-generating activities, such as R&D, can be geographically separated from production and supplied to production facilities at low cost. Second, these knowledge-intensive activities are...
Persistent link: https://www.econbiz.de/10012472041