Showing 1 - 10 of 1,153
We evaluate the 2017 Tax Cuts and Jobs Act. Combining reduced-form estimates from tax data with a global investment model, we estimate responses, identify parameters, and conduct counterfactuals. Domestic investment of firms with the mean tax change increases 20% versus a no-change baseline. Due...
Persistent link: https://www.econbiz.de/10014512034
spillovers from multinationals to domestic firms justify pro- FDI policies. For the first time, we use firm-to-firm transaction …. However, we also document that starting to supply other "superstar firms" such as those who heavily export or are very large …
Persistent link: https://www.econbiz.de/10014250146
foreign direct investment (FDI) dynamics at different levels of aggregation as well as at firm level. We propose a theoretical … reduction in FDI resulting from both physical and transition risks but an ambiguous interaction effect of these risks with … we do not find consistent evidence for statistically significant effects of physical and transition risks on FDI. However …
Persistent link: https://www.econbiz.de/10013388808
This paper defines risk-on risk-off (RORO), an elusive terminology in pervasive use, as the variation in global investor risk aversion. Our high-frequency RORO index captures time-varying investor risk appetite across multiple dimensions: advanced economy credit risk, equity market volatility,...
Persistent link: https://www.econbiz.de/10014437038
about U.S. export dynamics in 2003-2011 and estimate the model. We find a significant role for uncertainty in explaining the …We examine the interaction of economic and policy uncertainty in a dynamic, heterogeneous firms model. Uncertainty … about foreign income, trade protection and their interaction dampens export investment. This can be mitigated by trade …
Persistent link: https://www.econbiz.de/10012453346
We assess the impact of U.S. trade policy uncertainty (TPU) toward China in a tractable general equilibrium framework … with heterogeneous firms. We show that increased TPU reduces investment in export entry and technology upgrading, which in … turn reduces trade flows and real income for consumers. We apply the model to analyze China's export boom around its WTO …
Persistent link: https://www.econbiz.de/10012459285
This paper studies the cross-country patterns of risky innovation and growth through the lens of international trade. We use a simple theoretical framework of risky quality upgrading by firms under varying levels of financial development to derive two predictions. First, the mean rate of quality...
Persistent link: https://www.econbiz.de/10014226112
direct investment by U.S. firms and the export trade of the United States, a subject of bitter controversy for at least the …
Persistent link: https://www.econbiz.de/10012478996
The relationship between direct investment and trade has always been recognized as one of the most difficult aspects of the study of multinational companies and their impact on their own countries and their affiliates' host countries. We cannot solve the fundamental dilemma of the inability to...
Persistent link: https://www.econbiz.de/10012479039
&D spending is found to have a larger impact on firm productivity in the export market than in the domestic market. Export market … are 30.4 and 8.9 percent, respectively. R&D adjustments in response to export tariffs mainly occur on the intensive …
Persistent link: https://www.econbiz.de/10012482206