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Most international commerce is carried out by multinational firms, which use their foreign affiliates both to serve the market of the host country and to export to other markets outside the host country. In this paper, I examine the determinants of multinational firms' location and production...
Persistent link: https://www.econbiz.de/10012456439
Persistent link: https://www.econbiz.de/10000949574
Regional liberalization sweeps the globe like wildfire while multilateral trade talks proceed at a glacial pace. Why are countries eager to liberalize regionally but reluctant to do so multilaterally? The answer of the GATT-is-dead school is that multilateralism is too cumbersome for...
Persistent link: https://www.econbiz.de/10012474481
This paper considers the effect of taxation on the location of foreign direct investment (FDI) and taxable income reported by multinational firms with particular attention to the regional dynamics of tax competition and the role of chains of ownership. Confidential affiliate-level data are used...
Persistent link: https://www.econbiz.de/10012469485
Do bond investors demand credit quality or liquidity? The answer is both, but at different times and for different reasons. Using data on the Euro-area government bond market, which features a unique negative correlation between credit quality and liquidity across countries, we show that the...
Persistent link: https://www.econbiz.de/10012466289
We quantify the role of financial factors that have contributed to sluggish investment in Europe in the aftermath of the 2008-2009 crisis. Using a big data approach, we match the firms to their banks based on banking relationships in 8 European countries over time, obtaining over 2 million...
Persistent link: https://www.econbiz.de/10012453161
We estimate the effect of immigrant flows on native employment in Western Europe, and then ask whether the employment consequences of immigration vary with institutions that affect labor market flexibility. Reduced flexibility may protect natives from immigrant competition in the near term, but...
Persistent link: https://www.econbiz.de/10012470055
This paper examines the impact of trade unions in the US and the UK and elsewhere. In both the US and the UK, despite declining membership numbers, unions are able to raise wages substantially over the equivalent non-union wage. Unions in other countries, such as Australia, Austria, Brazil,...
Persistent link: https://www.econbiz.de/10012469308
political and lobbying expenditures have increased much more in America than in Europe, and using data across industries and …
Persistent link: https://www.econbiz.de/10012453020
The US has experienced a sustained increase in productivity growth since the mid-1990s, particularly in sectors that intensively use information technologies (IT). This has not occurred in Europe. If the US "productivity miracle" is due to a natural advantage of being located in the US then we...
Persistent link: https://www.econbiz.de/10012465569