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Rethinking the Effects of Financial Liberalization

Broner, Fernando; Ventura, Jaume - Barcelona Graduate School of Economics (Barcelona GSE) - 2010

During the last few decades, many emerging markets have lifted restrictions on cross-border financial transactions. The conventional view was that this would allow these countries to: (i) receive capital in flows from advanced countries that would finance higher investment and growth; (ii)...

Persistent link: https://www.econbiz.de/10010851384

Financial Reforms and Capital Flows: Insights from General Equilibrium

Martin, Alberto; Ventura, Jaume - Barcelona Graduate School of Economics (Barcelona GSE) - 2012

As a result of debt enforcement problems, many high-productivity firms in emerging economies are unable to pledge enough future profits to their creditors and this constrains the financing they can raise. Many have argued that, by relaxing these credit constraints, reforms that strengthen...

Persistent link: https://www.econbiz.de/10010851426

The curse of aid

Djankov, Simeon; Montalvo, José G.; Reynal-Querol, Marta - Barcelona Graduate School of Economics (Barcelona GSE) - 2005

Foreign aid provides a windfall of resources to recipient countries and may result in the same rent seeking behavior as documented in the "curse of natural resources" literature. In this paper we discuss this effect and document its magnitude. Using data for 108 recipient countries in the period...

Persistent link: https://www.econbiz.de/10010746941

Offshoring and Directed Technical Change

Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio - Barcelona Graduate School of Economics (Barcelona GSE) - 2014

We study the short- and long-run implications of offshoring on innovation, technology adoption, wage and income …-abundant West to a skill-scarce East. Profit maximization determines both the extent of offshoring and technological progress …. offshoring induces technical change with an ambiguous factor bias. When the initial level of offshoring is low, an increase in …

Persistent link: https://www.econbiz.de/10010950605

Firm Dynamics, Job Turnover, and Wage Distributions in an Open Economy

Cosar, A. Kerem; Guner, Nezih; Tybout, James - Barcelona Graduate School of Economics (Barcelona GSE) - 2013

This paper explores the combined effects of reductions in trade frictions, tariffs, and firing costs on firm dynamics, job turnover, and wage distributions. It uses establishment-level data from Colombia to estimate an open economy dynamic model that links trade to job flows in a new way. The...

Persistent link: https://www.econbiz.de/10010851452

Betting on Exports: Trade and Endogenous Heterogeneity

Bonfiglioli, Alessandra; Gancia, Gino - Barcelona Graduate School of Economics (Barcelona GSE) - 2015

We study the equilibrium determinants of firm-level heterogeneity in a model in which firms can choose between different probability distributions when drawing productivity at the entry stage and explore the implications in closed and open economy. One novel result is that export opportunities,...

Persistent link: https://www.econbiz.de/10011261232

The Skill Bias of World Trade

Epifani, Paolo; Gancia, Gino - Barcelona Graduate School of Economics (Barcelona GSE) - 2004

Under plausible assumptions about preferences and technology, the model in this paper suggests that the entire volume of world trade matters for wage inequality. Therefore, trade integration, even among identical countries, is likely to increase the skill premium. Further, we argue that...

Persistent link: https://www.econbiz.de/10010547181

Horizontal Innovation in the Theory of Growth and Development

Gancia, Gino; Zilibotti, Fabrizio - Barcelona Graduate School of Economics (Barcelona GSE) - 2005

We analyze recent contributions to growth theory based on the model of expanding variety of Romer (1990). In the first part, we present different versions of the benchmark linear model with imperfect competition. These include the "lab equipment" model, "labor-for-intermediates" and "directed...

Persistent link: https://www.econbiz.de/10010547273

Trade, Migration and Regional Unemployment

Epifani, Paolo; Gancia, Gino - Barcelona Graduate School of Economics (Barcelona GSE) - 2004

A by now large literature in regional economics has greatly improved our understanding of the determinants of the observed spatial disparities in productivity. However, this literature neglects what seems to be a robust and persistent fact accompanying regional productivity differences: high...

Persistent link: https://www.econbiz.de/10010547284

Increasing Returns, Imperfect Competition and Factor Prices

Epifani, Paolo; Gancia, Gino - Barcelona Graduate School of Economics (Barcelona GSE) - 2004

We show how, in general equilibrium models featuring increasing returns, imperfect competition and endogenous markups, changes in the scale of economic activity affect income distribution across factors. Whenever final goods are gross-substitutes (gross-complements), a scale expansion raises...

Persistent link: https://www.econbiz.de/10010547304