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Misallocation, Property Rights, and Access to Finance: Evidence from Within and Across Africa
Kalemli-Ozcan, Sebnem; Sorensen, Bent E. - National Bureau of Economic Research (NBER) - 2012
We study capital misallocation within and across 10 African countries using the World Bank Enterprise Surveys. First, we compare the extent of misallocation among firms within countries. We document high variation in firms' marginal product of capital (MPK), implying that countries could produce...
Persistent link: https://www.econbiz.de/10011271364
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Distance and Political Boundaries: Estimating Border Effects under Inequality Constraints.
Cavallo, Alberto Felipe; Rigobon, Roberto; Borraz, Fernando - National Bureau of Economic Research (NBER) - 2012
The "border effect" literature finds that political borders have a very large impact on relative prices, implicitly adding several thousands of miles to trade. In this paper we show that the standard empirical specification suffers from selection bias, and propose a new methodology based on...
Persistent link: https://www.econbiz.de/10010969225
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Price Setting in Online Markets: Basic Facts, International Comparisons, and Cross-border Integration
Gorodnichenko, Yuriy; Talavera, Oleksandr - National Bureau of Economic Research (NBER) - 2014
We document basic facts about prices in online markets in the U.S. and Canada, a rapidly growing segment of the retail sector. Relative to prices in regular stores, prices in online markets are more flexible as well as exhibit stronger pass-through (60-75 percent) and faster convergence...
Persistent link: https://www.econbiz.de/10010890102
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Segmented Asset Markets and Optimal Exchange Rate Regimes
Lahiri, Amartya; Singh, Rajesh; Vegh, Carlos - National Bureau of Economic Research (NBER) - 2007
This paper revisits the issue of the optimal exchange rate regime in a flexible price environment. The key innovation is that we analyze this question in the context of environments where only a fraction of agents participate in asset market transactions (i.e., asset markets are segmented)....
Persistent link: https://www.econbiz.de/10005085360
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A Re-Examination of the Border Effect
Gorodnichenko, Yuriy; Tesar, Linda L. - National Bureau of Economic Research (NBER) - 2005
This paper reexamines the evidence on the border effect, the finding that the border drives a wedge between domestic and foreign prices. We argue that the border effect can be inflated by the volatility and persistence of the nominal exchange rate and by the cross-country heterogeneity in the...
Persistent link: https://www.econbiz.de/10005710399
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The Law of One Price Without the Border: The Role of Distance Versus Sticky Prices
Crucini, Mario John; Shintani, Mototsugu; Tsuruga, Takayuki - National Bureau of Economic Research (NBER) - 2009
We examine the role of nominal price rigidities in explaining the deviations from the Law of One Price (LOP) across cities in Japan. Focusing on intra-national relative prices isolates the border effect and thus enables us to extract the pure effect of sticky prices. A two-city model with...
Persistent link: https://www.econbiz.de/10005775015
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The Great Recession: A Self-Fulfilling Global Panic
Bacchetta, Philippe; van Wincoop, Eric - National Bureau of Economic Research (NBER) - 2013
, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong …
Persistent link: https://www.econbiz.de/10010821917
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Information Immobility and the Home Bias Puzzle
Van Nieuwerburgh, Stijn; Veldkamp, Laura - National Bureau of Economic Research (NBER) - 2007
Many argue that home bias arises because home investors can predict home asset payoffs more accurately than foreigners can. But why doesn't global information access eliminate this asymmetry? We model investors, endowed with a small home information advantage, who choose what information to...
Persistent link: https://www.econbiz.de/10005084715
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Measuring International Trade in Services
Lipsey, Robert E. - National Bureau of Economic Research (NBER) - 2006
World trade in services has recently been a little under $US2 trillion, about a quarter of world trade in goods. That ratio does not appear to have changed much in the last 50 years. For the US, exports of services have recently been over 40% and imports about 20% of exports and imports of...
Persistent link: https://www.econbiz.de/10005085043
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International Consumption Risk Is Shared After All: An Asset Return View
Lewis, Karen K.; Liu, Edith X. - National Bureau of Economic Research (NBER) - 2012
International consumption risk sharing studies have largely ignored their models' counterfactual implications for asset … variance of equity returns and the risk-free rate requires persistent consumption risk, leading to three main findings: (1 …) risk-sharing gains decrease as the ability to diversify persistent consumption risk decreases; (2) the international …
Persistent link: https://www.econbiz.de/10009652809