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China's admission into the WTO in 2001 heralded a new era of globalization, increasing both import competition in … during the post globalization period (2003-2019) increased by 11.5% of the corresponding pre-globalization period (1984 … contrast, following globalization, the average aggregate domestic profitability of US firms remained flat, and firms employed …
Persistent link: https://www.econbiz.de/10014512056
This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy … vulnerabilities. They can be described as the impossible policy choices at the heart of globalization …
Persistent link: https://www.econbiz.de/10013388862
Which income group is pro-globalization or anti-globalization--the wealthy skilled-labor or the poor low-skilled labor …? How globalization affect income-based attitudes towards globalization? The paper addresses these issues in the framework …
Persistent link: https://www.econbiz.de/10013477205
In the face of rising climate risk, financial institutions may adapt by transferring such risk to securitizers that have the skill and expertise to build diversified pools, such as Mortgage-Backed Securities. In diversified pools, exposure to climate risk may be a drop in the ocean of cash...
Persistent link: https://www.econbiz.de/10014512098
This paper proposes latent factor models for multidimensional panels called 3D-PCA. Factor weights are constructed from a small set of dimension-specific building blocks, which give rise to proportionality restrictions of factor weights. While the set of feasible factors is restricted, factors...
Persistent link: https://www.econbiz.de/10014512115
We assess the pattern of Euro Area financial integration adjusting for the role of "onshore offshore financial centers" (OOFCs) within the Euro Area. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as both hubs of investment fund intermediation and centers of securities...
Persistent link: https://www.econbiz.de/10014512129
At a time when the returns to college and graduate school are at historic highs, why do so many students struggle with their student loans? The increase in aggregate student debt and the struggles of today's student loan borrowers can be traced to changes in federal policies intended to broaden...
Persistent link: https://www.econbiz.de/10014544747
We study the role of risk preferences and frictions in portfolio choice using variation in 401(k) default options. Patterns of active choice in response to different default funds imply that, absent participation frictions, 94% of investors prefer holding stocks, with an equity share of...
Persistent link: https://www.econbiz.de/10014544754
We present two valuation models that we use to account for the annual data on price per share and dividends per share for the CRSP Value-Weighted Index from 1929-2023. We show that it is a simple matter to account for these data based purely on a model of variation in the expected ratio of...
Persistent link: https://www.econbiz.de/10014544759
We build a model of the law of small numbers (LSN)--the incorrect belief that even small samples represent the properties of the underlying population--to study its implications for trading behavior and asset prices. In our model, a belief in the LSN induces investors to expect short-term price...
Persistent link: https://www.econbiz.de/10014544796