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Tintelnot, Felix - 2016

Most international commerce is carried out by multinational firms, which use their foreign affiliates both to serve the market of the host country and to export to other markets outside the host country. In this paper, I examine the determinants of multinational firms' location and production...

Persistent link: https://www.econbiz.de/10012456439

Scale, Scope, and the International Expansion Strategies of Multiproduct Firms

Yeaple, Stephen Ross - 2013

A growing literature seeks to understand how the characteristics of firms shape the manner in which they serve foreign markets. We consider an environment in which multiproduct firms can sell their products in multiple countries from multiple locations. We show that there are strong empirical...

Persistent link: https://www.econbiz.de/10012459495

Combinatorial Discrete Choice : A Quantitative Model of Multinational Location Decisions

Arkolakis, Costas; Eckert, Fabian; Shi, Rowan - National Bureau of Economic Research - 2023

We introduce a general quantifiable framework to study the location decisions of multinational firms. In the model, firms choose in which locations to pay the fixed costs of setting up production, taking into account potential complementarities among production locations. The firm's location...

Persistent link: https://www.econbiz.de/10014437008

The Limits of Financial Globalization

Stulz, Rene M. - 2005

impact of financial globalization has been remarkably limited. I argue that country attributes are still critical to … ability of a country to take advantage of financial globalization. The twin agency problems help explain why the impact of … financial globalization has been limited and why financial globalization can lead to capital flight and financial crises. The …

Persistent link: https://www.econbiz.de/10012467617

Equity Depletion from Government-Guaranteed Debt

Hall, Robert E. - 2008

Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of a guarantee payoff is highest. In a setting otherwise subject to Modigliani-Miller neutrality, firms issue guaranteed debt up to the limit the government permits. Declines in...

Persistent link: https://www.econbiz.de/10012464068

Transition Policy : A Conceptual Framework

Kaplow, Louis - 2003

Legal change, whether through legislation, regulation, or court decision, is a common phenomenon, and virtually all reform creates both gains and losses for those who under the prior regime took actions that would have lasting effects. This article offers a conceptual framework for assessing the...

Persistent link: https://www.econbiz.de/10012469102

Bailouts, Time Inconsistency, and Optimal Regulation

Chari, V.V. - 2013

We develop a model in which, in order to provide managerial incentives, it is optimal to have costly bankruptcy. If benevolent governments can commit to their policies, it is optimal not to interfere with private contracts. Such policies are time inconsistent in the sense that, without...

Persistent link: https://www.econbiz.de/10012459471

Generational Risk - Is It a Big Deal? : Simulating an 80-Period OLG Model with Aggregate Shocks

Hasanhodzic, Jasmina - 2013

Previous solution methods could not handle large-scale OLG models such as ours due to the well-known curse of dimensionality. The prior state of the art uses sparse-grid methods to handle 10 to 30 periods depending on the model's realism. Other methods used to solve large-scale, multi- period...

Persistent link: https://www.econbiz.de/10012459483

Macroprudential Regulation Versus Mopping Up After the Crash

Jeanne, Olivier - 2013

We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post....

Persistent link: https://www.econbiz.de/10012459987

The Political Risks of Fighting Market Failures : Subversion, Populism and the Government Sponsored Enterprises

Glaeser, Edward L. - 2012

There are many possible ways of reforming the Government-Sponsored Enterprises that insure mortgages against default, including a purely public option, complete privatization or a hybrid model with private firms and public catastrophic insurance. If the government is sufficiently capable and...

Persistent link: https://www.econbiz.de/10012460548

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