Download or read book Essays on International Trade and International Macroeconomics written by Ana Filipa Vieira Nadais and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation consists of three essays studying different aspects of international economics. The first two chapters focus on international trade, namely on estimating the size of trade barriers by looking at how firms manage their inventories, while Chapter 3 focus on international macroeconomics; in specific, the likelihood of a country to default on its debt when there is an informal sector. The first chapter provides evidence supporting the common assumption that international fixed ordering costs are higher than domestic fixed ordering costs. The canonical inventory model (the EOQ model) is extended to include two inputs sourced from different countries. Given the demand for each of the inputs, the fixed ordering costs and the inventory holding cost, the firm decides the optimal quantity to order each period. The model is estimated using firmlevel data on inventories of raw materials and inputs used from domestic and international sources. Assuming constant returns on inventory holding costs, the model reveals that it is between 20 and 60 times more expensive to place an order internationally than domestically, but yields an elasticity of inventories to demand much smaller than in the data. Allowing for a more general holding cost structure, that depends on the level of inventories in stock captures the variation of inventories' cost with firm's size. With this more general setup, foreign ordering costs are estimated to be between 3.5 and 5.2 times higher than domestic, suggesting that there are strong economies of scale in holding inventories. Those estimates are corroborated when I allow total fixed ordering costs to depend on total demand as this specification results in international fixed ordering costs between 4.1 and 7.2 times higher than domestic. The second chapter uses firm-level data on inventory holdings and source of inputs to estimate domestic and international trade barriers looking not only at fixed costs, but also at time lags and computing their tariff equivalents. It starts by documenting three features related to inventories, import decisions, and firm's size. First, inventories increase strongly in size, with an elasticity right below one. Second, importers hold more inventories than non-importers and third, inventories increase in import intensity. Given inventory carrying costs, the inventory holdings are used to infer relative domestic and international trade barriers. I develop a model of heterogeneous firms that produce using imperfectly substitutable domestic and imported intermediates and face demand and supply uncertainty. Given ordering costs and delivery lags that differ by source country, interest charges and inventory holding costs, producers use inventories to economize on trade costs. I find it is 5 times more costly to place an international than a domestic order but, when scaled by average shipment size, the international fixed ordering cost is just twice as large; the international time lag is 3 times larger than the domestic and there is complementarity in inputs, reflected in higher domestic inventories to domestic purchases ratio for importers than for non-importers. Overall, domestic and international trade frictions have a 17.3% tariff equivalent. I decompose these tariffs into their three components and observe that due to the substitutability between fixed ordering costs and inventory holding costs, these barriers have the same relevance while that of time lag is slightly smaller. This framework can then be used to evaluate the benefits of infrastructure investments and policy changes to reduce time delays, uncertainty or fixed ordering costs. The last chapter starts from the observation that, although emerging markets are often characterized by a large informal sector, frequent default and procyclical fiscal policies, sovereign default models proposing explanations for the high sovereign bonds interest rate spreads faced by developing economies have abstracted from the existence of the informal sector and its role. To address this concern, I propose a mechanism through which the size of the informal sector impacts a country's default decision. I extend a small open economy sovereign default model by including an informal and a formal sector and pro-cyclical fiscal policies, where a benevolent government makes default and tax decisions in order to maximize agent's utility and satisfy its level of public spending. I conclude that the taxable base decreases in the size of the informal sector leading to more distortions, which translate into higher tax rates, and more frequent defaults and that these results are magnified over the business cycle"--Pages vi-viii.

Download or read book Essays in International Macroeconomics and Trade written by Malgorzata Mitka and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in International Macroeconomics and International Trade written by Yang Jiao and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Quality of public institutions has been recognized as a crucial determinant of macroeconomic outcomes. We propose that a country's intrinsic level of openness (due to population size, geography, or exogenous trade opportunities) affects its incentives in investing in better institutions. We present a simple theory and extensive empirical evidence validating the role of intrinsic openness in determining institutional quality. This suggests an indirect but important channel for globalization to improve welfare by raising the quality of institutions.

Download or read book Essays in International Macroeconomics written by Rudolfs Bems and published by . This book was released on 2005 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Studies in International Economics and Finance written by Naoyuki Yoshino and published by Springer Nature. This book was released on 2022-03-30 with total page 671 pages. Available in PDF, EPUB and Kindle. Book excerpt: This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions. - Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers. - Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume. - Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments. - Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA

Download or read book Essays in International Macroeconomics and Trade written by Diego Gruber and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Empirical Methods in International Trade written by Mordechai Elihau Kreinin and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Internationalization of the world economy has made trade a key factor in the growth potential of nearly every economy. Hence, economists have become increasingly interested in the determinants of international trade and competitiveness. Empirical Models i

Download or read book Essays in International Economics written by Peter B. Kenen and published by Princeton University Press. This book was released on 2019-01-29 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written form 1957 through 1978 by one of the foremost authorities in the field of international economics, this collection of Peter Kenen's previously published essays deals with issues in the pure theory of international trade, international monetary theory, and international monetary reform. The essays in Part I, "Trade, Tariffs, and Welfare," concern the roles of tangible and human capital in the determination of trade patterns, the joint determination of demand conditions and trade patterns, the gains from international trade, and the effects of migration on economic welfare. Part II, "International Monetary Theory and Policy," contains essays on the theory of gold-exchange standard, the determination of forward exchange rates, the demand for international reserves, economic integration and the delineation of currency areas, and the process of balance of payments adjustment under pegged and floating exchange rates. The essays in Part III, "Monetary Reform and the Dollar," are arranged in chonological order, from 1963 through 1977, and focus on the problems and progress of international monetary reform and on the functioning of the present international monetary system. Peter B. Kenen is Walker Professor of Economics and International Finance at Princeton University. The Princeton Sereies of Collected Essays provides facsimile reprints, in paperback and in cloth, of important articles by leading scholars. Originally published in 1981. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Download or read book Three Essays in International Macroeconomics and Finance written by Enrique Martinez-Garcia and published by . This book was released on 2007 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Macroeconomics and International Trade written by Sebastian Heise and published by . This book was released on 2016 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Macroeconomics and International Trade written by Spencer G. Lyon and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Macroeconomics and International Trade written by Amy Southard Brown and published by . This book was released on 2010 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Macroeconomics written by Susanne Ingrid Karbe and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Macroeconomics written by Adam Hubert Gulan and published by . This book was released on 2011 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three separate essays in the field of international macroeconomics. The objective of the first and third chapters is to add to the understanding of some of the aspects of international business cycle fluctuations, both of developed economies, as well as developing ones. The second chapter sheds some new light on the behavior of current account positions in advanced economies. In the first chapter, I revisit the consumption correlation as well as the Backus--Smith puzzles by inspecting the role of financial markets. Relative to the existing literature, I introduce explicit international trade in stocks and bonds in an otherwise standard model of international business cycles. The results show that markets with symmetric trade in stocks allow for a high degree of risk sharing and closely mimic the Arrow--Debreu economy despite being formally incomplete. Risk sharing decreases in asymmetric stock and nominal bond markets, but is still higher than in a single commodity bond economy. The results, therefore, cast doubt on the explanation of the two puzzles based on highly restricted asset trade and large degree of market incompleteness. I also provide empirical evidence that output net of investment and government spending tends to be less correlated across countries than consumption, much less than output itself. This constitutes a new form of the consumption correlation puzzle. The puzzle can be accounted for in the presence of high home bias and low elasticities of substitution between domestic and foreign baskets. In the second chapter, I apply the weak axiom of revealed preference theory (WARP) in the context of a 2-period model of the current account. According to this argument, certain changes in current account positions should be precluded. In particular, a country which initially ran a current account deficit, should remain in deficit after the exogenously given interest rate drops. Similarly, a country running a surplus should remain a lender if the interest rate goes up. The argument holds for both an endowment economy as well as for a model with production. To check whether the changes in CA positions are in line with WARP I employ econometric models of binary choice on a panel of 22 developed economies. The results suggest that the axiom is largely at work, i.e. I find no statistical evidence of violations of the revealed preference axiom in all but one regression. In the third chapter, I turn the attention to the peculiarities of business cycle fluctuations in developing countries. Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging markets. In order to capture this, most business cycle models of emerging economies have nonetheless relied on ad hoc and exogenous countercyclical interest rate processes. I offer a solution to this shortcoming by embedding a financial contract a la citet{bgg1999} into a standard real business cycle model of a small open economy. Because of the existence of agency problems between foreign lenders and domestic borrowers, this financial structure allows me to fully endogenize the existence of an external finance premium that drives country interest rates. I then take the model to data from emerging economies and show that this modification allows to properly account for many of the stylized facts of business cycles in emerging economies, particularly the strong volatility and countercyclicality of interest rates. I also fit the model to data from developed small open economies and find that the estimated parameters that define the financial contract differ in nontrivial ways from those estimated to emerging economies.

Download or read book Essays in International Macroeconomics written by Xuan Liu and published by . This book was released on 2007 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays in international macroeconomics. The first essay shows that optimal fiscal and monetary policy is time consistent in a standard small open economy. Further, there exist many maturity structures of public debt capable of rendering the optimal policy time consistent. This result is in sharp contrast with that obtained in the context of closed-economy models. In the closed economy, the time consistency of optimal monetary and fiscal policy imposes severe restrictions on public debt in the form of a unique term structure of public debt that governments can leave to their successors at each point in time. The time consistent result is robust: optimal policy is time consistent when both real and nominal bonds have finite horizons. While in a closed economy, governments must have both nominal and real bonds, and have at least real bonds over an infinite horizon to render optimal policy time consistent.

Download or read book Essays on International Macroeconomics written by Oscar Avila and published by . This book was released on 2020 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: "International macroeconomics literature has made important contributions to understand how business cycles transmit across countries, and to analyze how trade policy affects welfare. This dissertation contains three papers that are closely related to these branches of the economic literature. On the one hand, we explore the effect of common trade partners on business cycle comovement and find that countries with more similar trade partners have more synchronized business cycles. Once we account for the effect of common trade partners, the overall effect of trade on business cycle comovement doubles. On the other hand, we study Colombia's trade integration over a 30 year period through the lens of a general equilibrium model with a dynamic export technology. We find that a decline in tariffs accounts for about 75 percent of the growth in exports as a share of manufacturing sales. The remaining 25 percent can be attributed to changes in the export technology and market access. These changes in policy and export technology boost welfare and production, specially in the short run. Finally, we develop a two-country multi-sector model with input-output linkages and dynamic export decisions to analyze aggregate and sector trade policies. This paper fills the gap between static-multi sector models and the literature of one-sector dynamic exporters. We use our set-up to analyze Colombia's trade liberalization in the early 1990's and find that a unilateral trade liberalization has a positive effect on welfare, exports, investment and output. Consistent with the static literature we observe that welfare gains are bigger when we include input-output linkages, add more sectors and liberalize sectors with no comparative advantage"--Pages xi-xii.

Download or read book Essays in Macroeconomics International Trade and the Environment written by Shiva Sikdar and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: