Showing 1 - 10 of 19
tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in … substantial fragmentation from 2010 onward. Flight to quality was present at the height of the crisis, but has largely dissipated … in yields following the OMT announcement, the high current degree of fragmentation poses difficult challenges for policy …
Persistent link: https://www.econbiz.de/10011276387
's initial level of domestic political fragmentation. We emphasize the role of the 'Military Revolution', which raised the cost …
Persistent link: https://www.econbiz.de/10009385769
paper evaluates the impact of dark trading and fragmentation in visible order books on liquidity. We consider global … traditional market only. We find that fragmentation in visible order books improves global liquidity, whereas dark trading has a … detrimental effect. In addition, local liquidity is lowered by fragmentation in visible order books, which suggests that the …
Persistent link: https://www.econbiz.de/10009359491
paper, we adapt a general model of fragmentation of production activities to try to capture the specific features of …
Persistent link: https://www.econbiz.de/10005662176
This Paper presents a macroeconomic model where firms may endogenously outsource part of their production process. We start from the premise that adaptation to uncertainty cannot be contracted upon in the worker - employer relationship. Outsourcing decisions then balance flexibility gains...
Persistent link: https://www.econbiz.de/10005789121
We survey an emerging literature at the intersection of organizational economics and international trade. We argue that a proper modelling of the organizational aspects of production provides valuable insights on the aggregate workings of the world economy. In reviewing the literature, we...
Persistent link: https://www.econbiz.de/10005791747
of trade are higher with fragmentation for most countries but interestingly, for a large block of countries, these … variables fall following fragmentation. Countries with moderate trade costs engage in market-oriented assembly, while those with … trade accelerate as trade costs go to zero with and without fragmentation. …
Persistent link: https://www.econbiz.de/10005791871
paper is motivated by recent evidence that trade has greatly expanded on the extensive margin (aka fragmentation, offshoring … understood, a sufficient condition for all countries to gain from fragmentation is that the relative world prices of initially … results in interesting subtleties as initially-traded goods change their trade status following fragmentation. I illustrate …
Persistent link: https://www.econbiz.de/10008468576
This Paper looks at the impact of international vertical specialization when the final good industry is imperfectly competitive. Final goods are assembled out of different fragments. In the absence of international vertical specialization all fragments required to produce a given final good must...
Persistent link: https://www.econbiz.de/10005497923
stages is bounded only by the fragmentation of the underlying engineering process, and lower frictions monotonically increase …
Persistent link: https://www.econbiz.de/10008784697