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Effective trade costs and the current account : an empirical analysis
Boz, Emine; Li, Nan; Zhang, Hongrui - 2019
A view receiving increased support is that the height of trade costs in prime export sectors has a strong effect on … current account balances: countries specializing in sectors that face relatively high trade costs, such as services, tend to … run current account deficits, and similarly, countries specializing in low trade cost sectors, such as manufacturing, tend …
Persistent link: https://www.econbiz.de/10012001519
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Transactions Costs and Vehicle Currencies
International Monetary Fund - 1989
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...
Persistent link: https://www.econbiz.de/10014396025
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Border and Behind-The-Border Trade Barriers and Country Exports
Sadikov, Azim M. - 2007
How do signatures required for exporting and business registration procedures affect the volume and composition of country''s exports? To answer this question, I develop a model where a country can export two types of products: differentiated and homogeneous. I show that export signatures and...
Persistent link: https://www.econbiz.de/10014400884
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The Determinants of International Portfolio Holdings and Home Bias
Li, Shujing - 2004
Despite the liberalization of foreign portfolio investment around the globe since the early 1980s, the home-bias phenomenon is still found to exist. Using a relatively new IMF survey dataset of cross-border equity holdings, this paper tests new structural equations from a consumption-based...
Persistent link: https://www.econbiz.de/10014401969
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Swing pricing and fragility in open-end mutual funds
Jin, Dunhong; Kacperczyk, Marcin; Kahraman, Bige; … - 2019
How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds' net asset values to pass on funds' trading costs to transacting shareholders. Using...
Persistent link: https://www.econbiz.de/10012154553
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Financial innovation and Risk, the Role of Information
Piazza, Roberto - 2010
Financial innovation has increased diversification opportunities and lowered investment costs, but has not reduced the relative cost of active (informed) investment strategies relative to passive (less informed) strategies. What are the consequences? I study an economy with linear production...
Persistent link: https://www.econbiz.de/10014402928
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Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention
Bertola, Giuseppe - 2000
We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each “reserve maintenance period,” when the...
Persistent link: https://www.econbiz.de/10014400093
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Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume
Kramer, Charles Frederick - 1994
The relationship of stock returns and trading volume is the focus of much recent interest. I examine an economic model of a rational trader who operates in a market with transactions costs and noise trading. The level of trading affects the rational trader’s marginal cost of transacting; as a...
Persistent link: https://www.econbiz.de/10014397789
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Monetary Transaction Costs and the Term Premium
Espinoza, Raphael A. - 2013
We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the …-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified …
Persistent link: https://www.econbiz.de/10014395261
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The macroeconomic costs of conflict
Novta, Natalija; Pugacheva, Evgenia - 2020
. Conflict is also associated with dramatic declines in official trade, with exports (imports) estimated to be 58 (34) percent …
Persistent link: https://www.econbiz.de/10012252077