We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign asset positions. We estimate this gravity equation...

Bleibende ökonomische Auswirkungen der Corona-Pandemie werden an der Entwicklung der gesamtwirtschaftlichen Produktionsfaktoren - dem Arbeitseinsatz, Sach- und Humankapital sowie dem Bestand an technischem Wissen - sichtbar werden. Verhaltensänderungen, wie etwa eine höhere Technikakzeptanz,...

While there is a consensus in the literature that offshoring has a polarising effect on the skill structure of labour demand, little is known about its impact on the capital side. In this paper, we analyse the effect of offshoring on the demand for capital by asset class using a rich...

In this article, a new composite globalisation index will be presented. With its 21 variables, it accounts for the multidimensionality of this phenomenon instead of relying purely on economic indicators. As compared to other existing globalisation indices, three major innovations are introduced...

We consider the relative effects of globalisation and regionalism in the context of recent developments in the world economy. We extent and advance the analysis of Chortareas and Pelagidis (2004) using the recently updated Penn World Tables data. This allows considering the recent ‘golden era'...

Bilateral trade imbalances are determined by aggregate trade imbalances, production and expenditure patterns, and trade barriers. We calibrate a dynamic many-sector trade model to match the recent sectoral trade and production shares of 40 economies and the rest of the world. Through a variance...

Growing evidence indicates that international trade in healthcare services is growing. Nevertheless, a major literature gap exists with regard to the nature of international healthcare trade and its extent. Taking a comprehensive approach, this research examines the magnitude, directions,...

A salient feature of the current globalization is a loss of manufacturing in developed countries and rapid industrialization in middle-sized developing countries. This paper aims to construct a simple three-country trade and geography model with different market sizes and endogenous wage rates....