Showing 1 - 10 of 34
The aim of the paper is to present a review of the fiscal imbalances and debt crisis in Greece and identify the possible links with the recent developments in the Greek property market. We follow a non-technical approach to discuss a number of factors that have contributed to the fiscal crisis...
Persistent link: https://www.econbiz.de/10011071100
We study a dynamic general equilibrium model in which firms choose their investment level and their capital structure, trading off the tax advantages of debt against the risk of costly default. The costs of bankruptcy are endogenously determined, as bankrupt firms are forced to liquidate their...
Persistent link: https://www.econbiz.de/10011170093
relevance for the assessment of trade policies. Estimation of models for the number of exporting sectors, however, poses a …
Persistent link: https://www.econbiz.de/10011125898
The theoretical result that there are welfare gains from trade is a central tenet of international economics. In a … class of trade models that satisfy a "gravity equation," the welfare gains from trade can be computed using only the open … economy domestic trade share and the elasticity of trade with respect to variable trade costs. The measured welfare gains from …
Persistent link: https://www.econbiz.de/10011125924
Median voter theory applied to trade policy predicts positive tariffs in capital-abundant countries and negative … component and a positive in terms of trade component. Positive terms of trade effects raise tariffs in all countries, and can …-abundant countries. As expected, terms of trade effects raise tariffs across all countries and are stronger among non-members of the WTO. …
Persistent link: https://www.econbiz.de/10011126297
This paper uses the natural experiment of Argentina’s integration into world markets in the late-nineteenth century to provide evidence on the role of internal geography in shaping the effects of external integration. We develop a quantitative model of the distribution of economic activity...
Persistent link: https://www.econbiz.de/10011126394
endogenous trade cost elasticity. Trade is more sensitive to trade costs if the exporting country only provides a small share of … the destination country's imports. As a result, trade costs have a heterogeneous impact across country pairs, with some … trade flows predicted to be zero. I test the translog gravity equation and find empirical evidence that is in many ways …
Persistent link: https://www.econbiz.de/10011126685
This paper presents a model of international trade that features heterogeneous firms, relative endowment differences … across countries, and consumer taste for variety. The paper demonstrates that firm reactions to trade liberalization generate … wide range of firmlevel reactions to falling trade costs, the model also shows that, as trade costs fall, firms in …
Persistent link: https://www.econbiz.de/10010884531
This paper examines the role of international trade in the reallocation of U.S. manufacturing activity within and … across industries from 1977 to 1997. It introduces a new measure of industry exposure to international trade, motivated by …. Plants are also more likely to alter their product mix (i.e. switch industries) in response to trade with low-wage countries …
Persistent link: https://www.econbiz.de/10011071123
Relative wages vary considerably across regions of the United Kingdom, with skill-abundant regions exhibiting lower skill premia than skill-scarce regions. This paper shows that the location of economic activity is correlated with the variation in relative wages. U.K. regions with low skill...
Persistent link: https://www.econbiz.de/10010928674