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Technology Differences and Capital Flows

Claro, Sebastian - Econometric Society - 2004

The one-to-one mapping between cross-country differences in capital returns and the direction of international capital flows is broken in a multisector world where international factor price differences are driven by technology differences. A technology-backward or low-return-to-capital country...

Persistent link: https://www.econbiz.de/10005699622

The GATT and Gradualism

Zissimos, Ben; Lockwood, Ben - Econometric Society - 2004

This paper shows how the institutional rules imposed on its signatories by the GATT created a strategic incentive for countries to liberalize gradually. Free trade can never be achieved if punishment for deviation from a trade agreement is limited to a 'withdrawal of equivalent concessions.'...

Persistent link: https://www.econbiz.de/10005702631

On the hidden links between financing costs and international trade patterns

Jinjarak, Yothin - Econometric Society - 2004

This paper investigates whether there is a link between financing costs and international trade patterns, and if so, whether this link is determined by the strength of trade and financial ties between trading partners. The potential importance of these considerations stems from the fact that...

Persistent link: https://www.econbiz.de/10005702744

A Note on Free Trade Agreement and Wage Bargaining Structure

Riyanto, Yohanes E.; Hur, Jung - Econometric Society - 2004

Mezzeti and Dinopoulos (1991) show that a free trade agreement (trade liberalization) decreases wage rate. However, Naylor (1998) shows that trade liberalization increases wage rate. Both papers consider tariff as exogenously given. In this paper we show that these conflicting results can be...

Persistent link: https://www.econbiz.de/10005702769

International Business Cycles: Evidence from Capital Coefficient Based Measures of Capacity Utilisation

Graff, Michael - Econometric Society - 2004

The paper refers to capacity utilisation, applying a short-cut that is sometimes used in business cycle research to yearly GDP and investment data from 1960 to the present for 22 countries. The basic idea is that the empirical short-run fluctuations of the capital output ratio v are mainly due...

Persistent link: https://www.econbiz.de/10005342165

Trading Blocs and Foreign Direct Investment: Endogenous Coalition Structure

Im, Hyejoon - Econometric Society - 2004

I examine the relationship between trading blocs and Foreign Direct Investment (FDI). Firms in the model serve foreign markets either by exporting or by setting up plants abroad, which is FDI. I find that countries forming a bloc could attract FDI from non-member countries. However, I show by...

Persistent link: https://www.econbiz.de/10005063769

International Evidence on Monetary Neutrality Under Broken Trend Stationary Models

Velazquez, R.; Noriega, A.E.; Soria, L.M. - Econometric Society - 2004

notion of deterministic monetary neutrality, which naturally arises in the absence of permanent stochastic shocks to the …

Persistent link: https://www.econbiz.de/10005699639

What moves GNP?

Uhlig, Harald - Econometric Society - 2004

This paper aims at identifying the main shocks, which cause movements in real GNP. It does so by searching for two … shocks in the context of a VAR model, which explain the majority of the k-step ahead prediction error variances in real GNP … for horizons between 0 and 5 years. We find that two shocks can typically explain more than 90\% of the variance at all …

Persistent link: https://www.econbiz.de/10005699655

Nonlinear estimators with integrated regressors but without exogeneity

Jong, Robert de - Econometric Society - 2004

This paper analyzes nonlinear cointegrating regressions as have been recently analyzed in a paper by Park and Phillips in Econometrica. I analyze the consequences of removing Park and Phillips' exogeneity assumption, which for the special case of a linear model would imply the asymptotic...

Persistent link: https://www.econbiz.de/10005699677

Fractional Output Convergence, with an Application to Nine Developed Countries

Beyaert, Arielle - Econometric Society - 2004

We argue that cross-country convergence of output per capita should be examined in a fractional-integration time-series context and we propose a new empirical strategy to test it, which is the first one that discriminates between fractional long-run convergence and fractional catching-up. The...

Persistent link: https://www.econbiz.de/10005702532