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Anticipated Protectionist Policies, Real Exchange Rates and the Current Account
Edwards, Sebastian; Ostry, Jonathan D. - 2021
In this paper a general equilibrium intertemporal model, with optimizing consumers and producers, is developed to analyze how the anticipation of future import tariffs affects real exchange rates and the current account. The model is completely real, and considers a small open economy that...
Persistent link: https://www.econbiz.de/10013218825
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Saving, Investment, and Gold : A Reassessment of Historical Current Account Data
Jones, Matthew T.; Obstfeld, Maurice - 2021
This paper revises pre-World War II current account data for thirteen countries by treating gold flows on a consistent basis. The standard historical data sources often fail to distinguish between monetary gold exports, which are capital-account credits, and nonmonetary gold exports, which are...
Persistent link: https://www.econbiz.de/10013243431
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Foreign Investment with Endogenous Protection
Grossman, Gene M. - 2011
Jagdish Bhagwati coined the phrase quid pro quo foreign investment to describe international investments made in anticipation of host country trade policy and perhaps with the intention of defusing a protectionist threat. We apply Bhagwati's notion to situations where (i) foreign investment is...
Persistent link: https://www.econbiz.de/10013125846
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Protectionist Threats and Foreign Direct Investment
Blonigen, Bruce A. - 2012
The recent literature on quid pro quo foreign direct investment (FDI) suggests that FDI may be induced by the threat of protection, and further, that FDI may be used as an instrument to defuse a protectionist threat. This paper uses a panel data set of 4-digit SIC level observations of Japanese...
Persistent link: https://www.econbiz.de/10013104882
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India'S Experience with Capital Flows : The Elusive Quest for a Sustainable Current Account Deficit
Shah, Ajay; Patnaik, Ila - 2021
From the early 1990s onwards, India has engaged in policies involving trade liberalisation, strong controls on debt flows, and encouragement for portfolio flows and FDI, under a pegged exchange rate regime. Domestic institutional factors have led to relatively little FDI and substantial...
Persistent link: https://www.econbiz.de/10013247425
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Current Account Deficits During Heightened Risk : Menacing or Mitigating?
Forbes, Kristin J. - 2016
Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It highlights the central importance of two...
Persistent link: https://www.econbiz.de/10012981097
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Are All Trade Protection Policies Created Equal? Empirical Evidence for Nonequivalent Market Power Effects of Tariffs and Quotas
Blonigen, Bruce A. - 2010
Over the past decades, the steel industry has been protected by a wide variety of trade policies, both tariff- and quota-based. We exploit this extensive heterogeneity in trade protection to examine the well-established theoretical literature predicting nonequivalent effects of tariffs and...
Persistent link: https://www.econbiz.de/10013137772
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Trade Wars and Trade Talks with Data
Ossa, Ralph - 2011
How large are optimal tariffs? What tariffs would prevail in a worldwide trade war? How costly would be a breakdown of international trade policy cooperation? And what is the scope for future multilateral trade negotiations? I address these and other questions using a unified framework which...
Persistent link: https://www.econbiz.de/10013121039
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Free Trade Agreements as Protectionist Devices : Rules of Origin
Krueger, Anne O. - 2011
In this paper it is argued that there is an important protectionist bias inherent in free trade agreements which is not present in custom unions. In any customs union or free trade agreement, one of the critical issues concerns "rules of origin." In a free trade agreement rules of origin have an...
Persistent link: https://www.econbiz.de/10013124656
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Financial Protectionism : The First Tests
Rose, Andrew Kenan - 2011
We provide the first empirical tests for financial protectionism, defined as a nationalistic change in banks' lending … of financial protectionism. After nationalisations, foreign banks reduced the fraction of loans going to the UK by about … nationalised banks seem to have engaged in financial protectionism, while British nationalised banks have not …
Persistent link: https://www.econbiz.de/10013124846