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Consumption Smoothing Across States and Time: International Insurance vs. Foreign Loans

von Furstenberg, George M. - 2004

When countries, and macroeconomic models, open up to international capital markets, the welfare gains available through completion of financial markets for contingencies potentially are much greater than those available from access to noncontingent international borrowing. Intercasual insurance,...

Persistent link: https://www.econbiz.de/10010295640

Multinational enterprises international trade, and productivity growth: Firm-level evidence from the United States

Keller, Wolfgang; Yeaple, Stephen R. - 2005

We estimate international technology spillovers to U.S. manufacturing firms via imports and foreign direct investment (FDI) between the years of 1987 and 1996. In contrast to earlier work, our results suggest that FDI leads to substantial productivity gains for domestic firms. The size of FDI...

Persistent link: https://www.econbiz.de/10010295675

Business cycles and FDI: evidence from German sectoral data

Buch, Claudia M.; Lipponer, Alexander - 2005

Globalization has effected business cycle developments in OECD countries and has increased activities of firms across national borders. This paper analyzes whether these two developments are linked. We use a new firm-level dataset on the foreign activities of German firms to test whether foreign...

Persistent link: https://www.econbiz.de/10010295678

How safe was the "safe haven"? Financial market liquidity during the 1998 turbulences

Upper, Christian - 2000

investiert, die als besonders risikoarm und hochliquide angesehen wurden. Einer dieser 'sicheren Häfen' war der Markt für … hindeutet. Trotzdem war der Markt in der Lage, ein statistisch signifikant höhere Anzahl von Transaktionen und Volumina zu … handeln. In diesem Sinne war die Bereitstellung von Marktliquidität während der Turbulenzen außergewöhnlich effektiv. Das …

Persistent link: https://www.econbiz.de/10010295689

The information content of survey data on expected price developments for monetary policy

Gerberding, Christina - 2001

The present paper uses survey data on expected consumer price developments to analyse the role of inflation expectations in the inflation process. The survey measures of price expectations are derived from the European Commission's Consumer Survey and from the surveys of professional experts...

Persistent link: https://www.econbiz.de/10010295707

Long-Run Links Among Money, Prices, and Output: World-Wide Evidence

Reimers, Hans-Eggert; Herwartz, Helmut - 2001

Regarding inflation as being a monetary phenomenon in the long-run is a widely-held view in modern macro economics. We analyse this topic by means of a P-star model. Based on the quantity theory of money, this approach explains inflation via a supposed equilibrium price level (P-star), which...

Persistent link: https://www.econbiz.de/10010295711

Forecasting the price of crude oil via convenience yield predictions

Knetsch, Thomas A. - 2006

The paper develops an oil price forecasting technique which is based on the present value model of rational commodity pricing. The approach suggests shifting the forecasting problem to the marginal convenience yield which can be derived from the cost-of-carry relationship. In a recursive...

Persistent link: https://www.econbiz.de/10010295802

Political risk and export promotion: evidence from Germany

Moser, Christoph; Nestmann, Thorsten; Wedow, Michael - 2006

Political risk represents an important hidden transaction cost that reduces international trade. This paper investigates the claim that German public export credit guarantees (Hermes guarantees) mitigate this friction to trade flows and hence promote exports. We employ an empirical trade gravity...

Persistent link: https://www.econbiz.de/10010295825

The role of technology in M&As: a firm-level comparison of cross-border and domestic deals

Frey, Rainer; Hussinger, Katrin - 2006

Technological change is often hypothesized as one of the main drivers of merger activities. This paper analyzes the role of technology in mergers and acquisitions (M&As) at the firm level. Based on a newly created data set that combines financial information and patent data for public limited...

Persistent link: https://www.econbiz.de/10010295834

International investment positions and exchange rate dynamics: a dynamic panel analysis

Binder, Michael; Offermanns, Christian J. - 2007

In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our...

Persistent link: https://www.econbiz.de/10010295860