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Trade and Uncertainty
Novy, Dennis; Taylor, Alan M. - CESifo - 2014
We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach combines the uncertainty shock idea of Bloom (2009) with a model of international trade, extending the idea to the open economy. Firms import intermediate inputs from home or...
Persistent link: https://www.econbiz.de/10010779413
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Capacity Investment under Demand Uncertainty. An Empirical Study of the US Cement Industry, 1994-2006
Ponssard, Jean-Pierre; Thomas, Catherine - CESifo - 2010
this sector have the ability to deliver cement either from domestic plants or from imports. Since cement is costly to … transport via land, the difference in marginal cost between local production and imports varies across local markets. The … marginal cost of imports is lower in areas with access to a sea port, decreasing the relative value of investing in local …
Persistent link: https://www.econbiz.de/10008671710
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Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - CESifo - 2012
Due to buoyant capital inflows East Asian central banks with exchange rate targets accumulate foreign reserves and thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus liquidity that mainly emanates from past accumulation of...
Persistent link: https://www.econbiz.de/10009649702
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Exchange Rate Volatility and Growth in Emerging Europe and East Asia
Schnabl, Gunther - CESifo - 2007
The paper investigates the impact of exchange rate volatility on growth in Emerging Europe and East Asia. Exchange stability has been argued to affect growth negatively as it deprives countries from the ability to react in a flexible way to asymmetric real shocks and may enhance the probability...
Persistent link: https://www.econbiz.de/10005766163
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The Evolution of the East Asian Currency Baskets – Still Undisclosed and Changing
Schnabl, Gunther - CESifo - 2006
Both before and after the Asian crisis, the dollar has been the dominant anchor and reserve currency in East Asia. Due to underdeveloped capital markets and the limited international role of their domestic currencies, the East Asian countries (except Japan) are likely to continue to stabilize...
Persistent link: https://www.econbiz.de/10005416447
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No Guarantees, No Trade: How Banks Affect Export Patterns
Niepmann, Friederike; Schmidt-Eisenlohr, Tim - CESifo - 2014
This study provides evidence that shocks to the supply of trade finance have a causal effect on U.S. exports. The … a U.S. bank’s share of the trade finance market in a country is, the larger should be the effect on exports to that …’s supply of letters of credit increases export growth, on average, by 1.5 percentage points. The effect is larger for exports …
Persistent link: https://www.econbiz.de/10010948822
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Foreign Market Entry under Incomplete Contracts
Seidel, Tobias - CESifo - 2010
I show in this paper that incomplete contracts affect a firm’s decision about serving foreign customers through exports …
Persistent link: https://www.econbiz.de/10008727292
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Exchange Rate Volatility, Financial Constraints and Trade: Empirical Evidence from Chinese Firms
Héricourt, Jérôme; Poncet, Sandra - CESifo - 2013
This paper studies how firm-level export performance is affected by Real Exchange Rate (RER) volatility and investigates whether this effect depends on existing financial constraints. Our empirical analysis relies on export data for more than 100,000 Chinese exporters over the 2000-2006 period....
Persistent link: https://www.econbiz.de/10010671572
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Turkish Delight for Some, Cold Turkey for Others?: The Effects of the EU-Turkey Customs Union
Adam, Antonis; Moutos, Thomas - CESifo - 2005
“Northern” group’s exports to other EU15 countries (which have remained intact), the Southern countries’s exports to the other …
Persistent link: https://www.econbiz.de/10005094267
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Exports, Foreign Direct Investment and the Costs of Corporate Taxation
Keuschnigg, Christian - CESifo - 2007
-off between exports and foreign direct investment as alternative modes of foreign market access. The paper derives comparative …
Persistent link: https://www.econbiz.de/10005094313