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Fixed Costs and FDI: The Conflicting Effects of Productivity Shocks
Razin, Assaf; Rubinstein, Yona; Sadka, Efraim - C.E.P.R. Discussion Papers - 2004
The Paper develops a model with lumpy setup costs of new investment, which govern the flows of FDI. Foreign investment decisions are two-fold: whether to export FDI and, if so, how much. The first decision is governed by total profitability considerations, whereas the second is governed by...
Persistent link: https://www.econbiz.de/10005124221
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Cash Flow Taxes in an Open Economy
Bond, Stephen Roy; Devereux, Michael P. - C.E.P.R. Discussion Papers - 2002
source basis. We explore two alternatives, based on the location of consumption, rather than production – destination … to their impact on location decisions and domestic welfare. …
Persistent link: https://www.econbiz.de/10005124352
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The Geography of Multi-Speed Europe
Martin, Philippe; Ottaviano, Gianmarco - C.E.P.R. Discussion Papers - 1995
This paper describes the possible impact of multi-speed integration on the location of economic activities in Europe … lower income. We analyse the effect of different integration sequences on industrial location and convergence during the … differentials at the time of integration are the main determinant of industry location. A long transition period may then be called …
Persistent link: https://www.econbiz.de/10005497760
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Global Liquidity and Drivers of Cross-Border Bank Flows
Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - C.E.P.R. Discussion Papers - 2014
This paper studies the determinants of global liquidity using data on cross-border bank flows, with a longer time series and broader country sample than previous studies. We define global liquidity as non-price determinants of cross-border credit supply, consistent with its meaning as the...
Persistent link: https://www.econbiz.de/10011145399
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Institutions, Volatility and Investment
Besley, Timothy J.; Mueller, Hannes Felix - C.E.P.R. Discussion Papers - 2015
Countries with strong executive constraints have lower growth volatility but similar average growth to those with weak constraints. This paper argues that this may explain a strong reduced-form correlation between executive constraints and inflows of foreign investment. It uses a novel dataset...
Persistent link: https://www.econbiz.de/10011145416
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Capital Flows, Push versus Pull Factors and the Global Financial Crisis
Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2011
The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks--key crisis events as well as...
Persistent link: https://www.econbiz.de/10009207523
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Risk Sharing with the Monarch: Contigent Debt and Excusable Defaults in the Age of Philip II, 1556-1598
Drelichman, Mauricio; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2011
Contingent sovereign debt has the potential to create important welfare gains--but actual issuance is rare. Using hand-collected archival data, we examine the first known case of large-scale issuance of contingent sovereign debt in history. Philip II of Spain entered into hundreds of contracts...
Persistent link: https://www.econbiz.de/10009207526
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Sovereigns, Upstream Capital Flows, and Global Imbalances
Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym - C.E.P.R. Discussion Papers - 2011
The paper presents new stylized facts on the direction of capital flows. We find (i) international capital flows net of government debt and/or official aid are positively correlated with growth; (ii) sovereign debt flows are negatively correlated with growth only if debt is financed by another...
Persistent link: https://www.econbiz.de/10009364326
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Risk Sharing through Capital Gains
Balli, Faruk; Kalemli-Ozcan, Sebnem; Sørensen, Bent E - C.E.P.R. Discussion Papers - 2011
We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero...
Persistent link: https://www.econbiz.de/10009367425
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Grossman-Hart (1986) Goes Global: Incomplete Contracts, Property Rights, and the International Organization of Production
Antràs, Pol - C.E.P.R. Discussion Papers - 2011
I survey the influence of Grossman and Hart's (1986) seminal paper in the field of International Trade. I discuss the implementation of the theory in open-economy environments and its implications for the international organization of production and the structure of international trade flows. I...
Persistent link: https://www.econbiz.de/10009320400