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A Gravity Model of International Lending: Trade, Default and Credit

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2002

One reason why countries service their external debts is the fear that default might lead to shrinkage of international trade. If so, then creditors should systematically lend more to countries with which they share closer trade links. We develop a simple theoretical model to capture this...

Persistent link: https://www.econbiz.de/10005789181

Financial Protectionism: the First Tests

Rose, Andrew K; Wieladek, Tomasz - C.E.P.R. Discussion Papers - 2011

foreigners. We use a bank-level panel data set spanning all British and foreign banks providing loans within the United Kingdom … credit guarantees, or received capital injections. We use standard empirical panel-data techniques to study the "loan mix …," domestic (British) loans of a bank expressed as a fraction of its total loan activity. We also study effective short …

Persistent link: https://www.econbiz.de/10009024484

Testing Uncovered Interest Parity: A Continuous-Time Approach

Diez de los Rios, Antonio; Sentana, Enrique - C.E.P.R. Discussion Papers - 2007

Nowadays researchers can choose the sampling frequency of exchange rates and interest rates. If the number of observations per contract period is large relative to the sample size, standard GMM asymptotic theory provides unreliable inferences in UIP regression tests. We specify a bivariate...

Persistent link: https://www.econbiz.de/10005067657

Who Benefits from Regional Trade Agreements? The View from the Stock Market

Moser, Christoph; Rose, Andrew K - C.E.P.R. Discussion Papers - 2011

The effects of Regional Trade Agreements (RTAs) are disputed. In this paper, we assess these effects using capital market data and an event-study approach, using a daily data set covering a thousand announcements spanning over eighty economies and a hundred RTAs over twenty recent years. We...

Persistent link: https://www.econbiz.de/10009293663

One Money, One Market: Estimating the Effect of Common Currencies on Trade

Rose, Andrew K - C.E.P.R. Discussion Papers - 1999

trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries …

Persistent link: https://www.econbiz.de/10005666776

One Reason Countries Pay Their Debts: Renegotiation and International Trade

Rose, Andrew K - C.E.P.R. Discussion Papers - 2002

large panel data set covering fifty years and over 200 trading partners. The model controls for a host of factors that …

Persistent link: https://www.econbiz.de/10005788986

Does the WTO Make Trade More Stable?

Rose, Andrew K - C.E.P.R. Discussion Papers - 2004

I examine the hypothesis that membership in the World Trade Organization (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) has increased the stability and predictability of trade flows. I use a large dataset covering annual bilateral trade flows between over 175...

Persistent link: https://www.econbiz.de/10005789132

Currency Crashes in Emerging Markets: Empirical Indicators

Frankel, Jeffrey A; Rose, Andrew K - C.E.P.R. Discussion Papers - 1996

We use a panel of annual data for over one hundred developing countries from 1971–92 to characterize currency crashes …

Persistent link: https://www.econbiz.de/10005789137

The Foreign Service and Foreign Trade: Embassies as Export Promotion

Rose, Andrew K - C.E.P.R. Discussion Papers - 2005

As communication costs fall, foreign embassies and consulates have lost much of their role in decision-making and information-gathering. Accordingly, foreign services are increasingly marketing themselves as agents of export promotion. I investigate whether exports are in fact systematically...

Persistent link: https://www.econbiz.de/10005791718

Do Monetary Handcuffs Restrain Leviathan? Fiscal Policy in Extreme Exchange Rate Regimes

Fatás, Antonio; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001

This Paper is an empirical study of fiscal policy in countries with extreme monetary regimes. We study members of multilateral currency unions, dollarized countries that officially use the money of another country, and countries using currency boards. We find that belonging to an international...

Persistent link: https://www.econbiz.de/10005791738