Recent initiatives to hold back cross-border mergers and acquisitions for 'strategic' reasons have made headline news. We discuss whether the initiatives may mark the start of a new protectionist era. We argue that standard globalization indicators show no such signs. However, an increasing...

We present a model of multinational firms that predicts that aggregated affiliates' sales fall in distance. The distance effect on foreign affiliate sales is driven by the extensive margin: distance affects the number of affiliates negatively while it has an ambiguous effect on the average...

We propose a multi-country general equilibrium model with three sectors and heterogeneous firms to analyze the linkages between offshoring and exports. We model a world consisting of many advanced countries that trade differentiated goods among each other and one 'workbench country' that...

This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis that sectoral shocks are at the root of merger waves....

In the last decades, foreign direct investment (FDI) has increased strongly among industrialised countries. U.S. companies were the first to set up foreign affiliates followed later by companies from smaller industrialised countries. This paper develops a general equilibrium model of...

Multi-unit firms have productivity advantages over competitors because of their use of a non-rival asset—firm-specific knowledge—in several units. Using knowledge-intensive services leads to economies of scope in production by multi-unit firms. Such headquarter are usually supplied by parent...

In this paper, we model a manufacturing and a transport sector and use export volumes to determine the demand for transport services. If trade exceeds a particular level, transport service suppliers maximise profit by investing in an advanced transport technology, which lowers their marginal...

In dieser Untersuchung werden Indikatoren wie Offenheit, die Intensität des Intra-industriellen Handels, Feldstein-Horioka-Koeffizienten, grenzüberschreitende Flüsse von Lizenzzahlungen und Anteile der Produktion der Unternehmen eines Landes im Ausland herangezogen, um die Integration Japans...

Firms cluster their economic activities to exploit technological and informational spillovers from other firms. Spillovers through the entry of multinational firms can be particularly beneficial to domestic firms because of their technological superiority. Yet, the importance of foreign firm's...

1) Stability Oriented Monetary and Prudential Policies in EU Accession Countries, by Michael C. Bonello 2) Ensuring Financial Stability: Global and European Perspectives, by Fabrizio Saccomanni 3) Foreign Bank Ownership: A Bonus or Threat for Financial Stability? by Claudia M. Buch, Jörn...