Narrow search
Showing 1 - 10 of 98
Cover Image
Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effect
Fernández-Villaverde, Jesús; Mineyama, Tomohide; … - National Bureau of Economic Research - 2024
global markets--such as manufacturing, construction, finance, and wholesale and retail trade--are adversely affected. Finally …
Persistent link: https://www.econbiz.de/10014576667
Cover Image
Tracing the International Transmission of a Crisis Through Multinational Firms
Biermann, Marcus; Huber, Kilian - National Bureau of Economic Research - 2023
We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...
Persistent link: https://www.econbiz.de/10014247983
Cover Image
China as an International Lender of Last Resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - National Bureau of Economic Research - 2023
This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights into China's growing role in the global financial...
Persistent link: https://www.econbiz.de/10014250123
Cover Image
International Diversification, Reallocation, and the Labor Share
David, Joel M.; Rancière, Romain; Zeke, David - National Bureau of Economic Research - 2023
How does growing international financial diversification affect firm-level and aggregate labor shares? We study this question using a novel framework of firm labor choice in the face of aggregate risk. The theory implies a cross-section of labor risk premia and labor shares that appear as...
Persistent link: https://www.econbiz.de/10014250185
Cover Image
Dollar Reserves and U.S. Yields : Identifying the Price Impact of Official Flows
Ahmed, Rashad; Rebucci, Alessandro - National Bureau of Economic Research - 2022
This paper shows that the price impact of foreign official (FO) purchases or sales of U.S. Treasuries (USTs) is about twice as large as previously reported in the literature once critical sources of endogeneity are addressed. We also show that prevailing estimates of this price impact suffer...
Persistent link: https://www.econbiz.de/10013388832
Cover Image
An 'Austrian' Model of Global Value Chains
Antràs, Pol - National Bureau of Economic Research - 2023
processes, higher labor productivity, and higher wages. In a free trade equilibrium, countries with lower interest rates … specialize in relatively 'time intensive' stages in global value chains (GVCs). Yet, if free trade brings about interest rate … equalization, wages are also equalized and the pattern of trade is instead shaped by capital intensity and capital abundance …
Persistent link: https://www.econbiz.de/10013537793
Cover Image
Exporting Ideology : The Right and Left of Foreign Influence
Antràs, Pol; Padró i Miquel, Gerard - National Bureau of Economic Research - 2023
We present an economic rationale for countries resorting to foreign influence to export their ideology to other nations. Our model incorporates two fundamental elements: redistribution of the tax burden between capital owners and workers, and international capital mobility. The model highlights...
Persistent link: https://www.econbiz.de/10014322786
Cover Image
Exporting, Global Sourcing, and Multinational Activity : Theory and Evidence from the United States
Antràs, Pol; Fadeev, Evgenii; Fort, Teresa C.; … - National Bureau of Economic Research - 2023
Multinational firms (MNEs) dominate trade flows, yet their global production decisions are often ignored in firm …-level studies of exporting and importing. Using newly merged data on US firms' trade and multinational activity by country, we show … that MNEs are more likely to trade not only with countries in which they have affiliates, but also with other countries …
Persistent link: https://www.econbiz.de/10014322875
Cover Image
Export-Platform FDI : Cannibalization or Complementarity?
Antràs, Pol; Fadeev, Evgenii; Fort, Teresa C.; … - National Bureau of Economic Research - 2024
We develop a model of export-platform foreign direct investment (FDI) in which final goods are produced only with labor and there are no fixed costs of exporting. We derive a simple condition that determines whether an MNE's plants are substitutes or complements. This condition is shaped by the...
Persistent link: https://www.econbiz.de/10014468292
Cover Image
Internationalizing Like China
Clayton, Christopher; Santos, Amanda dos; Maggiori, Matteo - National Bureau of Economic Research - 2022
We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market to foreign investors and propose a dynamic reputation model to explain this internationalization strategy. The Chinese government deliberately controlled the entry of...
Persistent link: https://www.econbiz.de/10013361990