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Fajgelbaum, Pablo D. - 2014

Individuals that consume different baskets of goods are differentially affected by relative price changes caused by international trade. We develop a methodology to measure the unequal gains from trade across consumers within countries. The approach requires data on aggregate expenditures and...

Persistent link: https://www.econbiz.de/10013050158

Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets

Kaminsky, Graciela - 2021

The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...

Persistent link: https://www.econbiz.de/10013224423

International Financial Integration and Crisis Contagion

Devereux, Michael B. - 2014

International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral con- straints....

Persistent link: https://www.econbiz.de/10013046603

An Alternative Interpretation of the 'Resource Curse' : Theory and Policy Implications

Hausmann, Ricardo; Rigobon, Roberto - 2021

between two building blocks: specialization in non-tradables and financial market imperfections. We show that if a country has … generates significant volatility in the demand for non-tradables. However, when the non-resource tradable sector disappears, the … economy becomes much more volatile, because shocks to the demand for non-tradables - possibly associated with shocks to …

Persistent link: https://www.econbiz.de/10013235591

International Trade with Indirect Additivity

Bertoletti, Paolo - 2016

We develop a general equilibrium model of monopolistic competition and trade based on indirectly additive preferences and heterogenous firms. It generates markups independent from destination population but increasing in destination per capita income, as documented empirically. Trade...

Persistent link: https://www.econbiz.de/10012998951

The Real Exchange Rate, Mercantilism and the Learning by Doing Externality

Aizenman, Joshua - 2008

This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD...

Persistent link: https://www.econbiz.de/10012772382

Thresholds in the Process of International Financial Integration

Kose, M. Ayhan - 2009

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications …

Persistent link: https://www.econbiz.de/10013160341

Financial Entanglement : A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

Garleanu, Nicolae - 2013

We propose a unified model of limited market integration, asset-price determination, leveraging, and contagion. Investors and firms are located on a circle, and access to markets involves participation costs that increase with distance. Despite the ex-ante symmetry of investors, their strategies...

Persistent link: https://www.econbiz.de/10013076913

Trade Theory with Numbers : Quantifying the Consequences of Globalization

Costinot, Arnaud - 2013

We review a recent body of theoretical work that aims to put numbers on the consequences of globalization. A unifying … globalization …

Persistent link: https://www.econbiz.de/10013085119

Trapped Factors and China's Impact on Global Growth

Bloom, Nicholas - 2014

In a general equilibrium product-cycle model, lower trade barriers increase Southern purchasing power, which lifts long-run growth by increasing the profit from innovation. In the short run, factors of production must be reallocated inside firms, which lowers the opportunity cost of innovation,...

Persistent link: https://www.econbiz.de/10013057413

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