Download or read book Three Essays on Frictions of Trade written by Wenjin Bella Li 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 Three Essays on Spatial Frictions written by Pierre Cotterlaz and published by . This book was released on 2021 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial frictions are key to explain many economic phenomena. This thesis provides three pieces of evidence on the origins, prevalence and consequences of such frictions.In the first chapter, we focus on spatial frictions in the diffusion of knowledge. We explain the puzzling persistence and stability of the spatial decay in patent citation flows by innovator networks. We establish that knowledge percolates: firms disproportionately cite new patents from prior contacts, and form links with contacts of their contacts. Embedding this percolation into a network formation model is sufficient to rationalize the negative link between aggregate knowledge flows and distance.In the second chapter, we shed some light on the role of spatial information frictions in shaping international trade flows. We use the specific context of the XIXth Century, during which the creation of international news agencies facilitated the transmission of information across countries. We show that trade between a pair of countries increases when both are covered by a news agency. The reduction in information friction was therefore one of the many factors behind the First Globalization.The last chapter investigates whether transport costs are the main component of within-country trade costs. While it is well-established that international trade costs are not limited to transport costs, evidence is much scarcer for intra-national trade flows. We use hurricane Sandy as a natural experiment shifting upwards transport costs in some areas of the US to establish that if transport costs were the sole driver of the distance elasticity of trade flows within the US, this distance elasticity would be much lower.

Download or read book Three Essays in International Trade and Uncertainty written by Richard Edward Baldwin and published by . This book was released on 1986 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Challenges in International Trade and Finance written by Nannette Lindenberg and published by . This book was released on 2011 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Frictions and Incomplete Markets written by Jonathan Heathcote and published by . This book was released on 1998 with total page 125 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 Trade Distribution and Tariffs written by Can Dogan and published by . This book was released on 2008 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in International Trade with Market Frictions written by Lijuan Yin and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contains three essays on International Trade and Market Frictions. Chapter 1 investigates the effects of globalization on human capital investment under labor market frictions. I present a new economic geographical general equilibrium model with individuals' endogenous education choices in the institutional context of China. The model indicates that the expanding market access due to globalization, along with the restrictive household registration system and rural land policies of China, tends to intensify rural-urban college educational inequality, although globalization promotes the total human capital formation; such effects of market access on urban-rural dispersions vary across regions. Based on the testable predictions of the model from chapter 1, Chapter 2 quantified the effects imposed by market access on individuals' education decisions by using China Income Project Data for year 1995 and 2002. Chapter 2 demonstrated that each one percent increase in market access is associated with an increase in the difference between the probability of getting higher education for urban hukou holders by around 1.2 percentage points than that for rural hukou holders. Chapter 2 also provides a discussion of the econometric issues in identification and estimation of the effects of market access on individuals' education choices. Chapter 3 moves beyond labor market frictions to study the role of China's extensive subsidies in an open economy. We build a general equilibrium open economy model with heterogeneous firms to quantify the welfare effect of Chinese capital-biased subsidies. Firms are heterogeneous not in the productivities but also their capabilities to obtain subsidies from the government. Combining this two characteristics, the government decision rule is revealed as the distribution of subsidized firms which we can observe and calibrate from the Chinese firm-level data.

Download or read book Three Essays in International Trade and Finance written by Huancheng Du and published by . This book was released on 2018 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the economic interactions and outcomes in the nexus of international trade and finance. The entire dissertation is divided into three chapters with each chapter addresses one specific economic problem that roots in the interaction of international trade and finance. In the first chapter, I attempt to draw theoretical implications on two particular questions. First, what is the trade liberalization effect on capital market outcomes? Second, how do trade liberalization and capital market conditions jointly affect labor market outcomes such as income inequality? The objective of this chapter is to integrate both labor market frictions and capital market imperfection into one coherent theoretical framework and study the important interactions of trade liberalization and financial market development, as well as their joint impacts on aggregate income inequality. In the second chapter, I aim to provide both theoretical foundation and empirical evidence in partially explaining country authorities' decisions on financial policies. In the third chapter, [w]e provide a novel way of extracting country-level fundamental news from the international trade network. Specifically, we show that sovereign CDS returns provide value-relevant information that slowly propagates through credit markets reflecting underreaction on a global scale.

Download or read book Three Essays on the Role of Extensive and Intensive Margin in International Trade written by Rishav Bista and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Political Economy and Trade Policy microform written by Sivaramayya, Neeraja and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1998 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Trade and Mode of Supply written by Pamela Bombarda and published by . This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on International Trade and Financial Frictions written by Jing Wang and published by . This book was released on 2017 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays Applying Microeconomic Theory to International Trade Issues written by Nils Johan Bjorksten and published by . This book was released on 1993 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on International Trade and Regional Productivity written by Hanpil Moon and published by . This book was released on 2011 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: A firm's productivity is composed of two parts: pure technical change and location-specific (agglomeration) externalities. Regional productivity is thus an aggregation of productivity of firms producing similar goods and located in a given region. International trade can affect both components of regional productivity. First, trade openness in a closed economy may alter its internal economic geography. Some regions which become more attractive to firms than before gain an advantage over others from integration into global markets. Second, as a competition pressure, trade liberalization forces the least productive firms to exit, resulting in the growth of aggregate productivity in the industry. The three essays presented in this dissertation explore the relationship between international trade and regional productivity in the presence of heterogeneous firms. In the first essay, a theoretical framework is introduced in order to describe how the above two channels, through which trade affects regional productivity, shape a country's spatial distribution of productivity. Results show that industries, each having its own cost-minimizing location, can be spatially relocated within a country via heterogeneous trade liberalization across industries. Moreover, trade intensifies localization for each industry since most firms in an industry move to or gather around their industry-specific cost- minimizing location. The consequent clustering of firms generates additional localization economies. More importantly, the intensification of localization economies can slow or delay the selection process, i.e. exit of low productivity firms, following trade liberalization. These findings suggest that trade openness induces significant industrial and spatial dynamics (entry, exit and survival) within an economy. The second and third essays are empirical tests on the second channel through which trade openness affects regional productivity using county-level data from Korea and firm-level data from India, respectively. In addition to trade liberalization, regional infrastructure is considered to be another competition pressure for domestic firms, i.e. improved infrastructure in a region induces a similar selection process among firms. These empirical essays investigate the effect of falling trade costs and improving domestic infrastructure on the regional variation of raw productivity using a common methodology. That is, a spatial econometric procedure is applied to a production function framework to estimate total factor productivity (TFP) by region and industry, while controlling for potential external and spatial effects. The mean and alternative percentiles of the regional raw productivity distribution are then specified as functions of international and domestic competition indicators. International competition is represented by trade costs, which are estimated as frictions in a gravity-type trade model, while road density is considered to capture the level of a region's infrastructure. In both Korea and India, it is found that trade costs reduction significantly shifted to the right, particularly the 10th percentile value of, the regional productivity distribution. However, a change in the level of infrastructure appears to bring about a higher change in regional productivity relative to a change in the international competition level. Therefore, the relative contribution of trade costs and infrastructure to regional productivity should be evaluated with attention to the costs underlying these options for regional development.

Download or read book Three Essays on Economic Effects of Trade Costs written by Kanda Naknoi and published by . This book was released on 2004 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Financial Markets written by Cagdas Tahaoglu and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that address recent topics in financial markets that concern for scholars, policymakers, and investors. The first essay examines the benefits of international diversification for US investors, while accounting for market development, corporate governance, market cap effects, and structural change across countries over period August 1996 -July 2013. Improved risk adjusted returns are obtained from a diversified portfolio consisting of a mix of developed and emerging countries. Additionally, we find that diversification benefits are not significant for most of the small-cap foreign assets when an investor already holds position in corresponding countries large-cap assets. Diversification benefits based on the governance effectiveness of a country's companies are not ubiquitous. We find that economically significant improvements in risk-return performance can be attained by adding large caps of developed countries with high and low overall Governance Metrics International (GMI) ratings and large and small caps of emerging countries with low overall GMI ratings to the investment universe containing the assets of common law developed countries. However, diversification benefits are economically significant only for large and small caps of low GMI emerging countries when short selling is not allowed. The second essay looks at the market impact of recent regulatory changes in Canada that provide for trading halts on individual stocks that experience large upside or downside movements. The focus is on all stocks traded on the Toronto Stock Exchange since the inception of the single stock circuit breaker rule (SSCB) in February 2012, to replace the short-sale uptick rule. The results support pricing efficiency: material information that caused the circuit breaker is incorporated in stock prices on the day of the halt (neither overreaction nor underreaction), with no decline in market liquidity. Using trade-by-trade data constructed on 5-minute trading intervals, we refine the daily results, and show that shocks in realized volatility are focused in the ten-minute trading interval surrounding the halts. While circuit breakers provide a limited "safety net" for investors when their stocks are subject to severe volatility, they do not provide for a quick turnaround for stocks experiencing severe price decline events. The last essay re-examines the historical vs implied volatility spread anomaly, reported by Goyal and Saretto (2009) using a second-order stochastic dominance (SSD) criterion. The approach incorporates transaction frictions, and is robust to model specification problems, return distributions, as well as preferences. It is found that option trading frictions such as cash collateral requirements and option trading costs significantly reduce but do not eliminate returns to a long-short straddle trading strategy pre-2006 period. However, the anomaly disappears after 2006, consistent with market efficiency. The SSD test results confirm the findings.