Search Results
Journal Article
U.S. trade springs back
The evidence suggests that the combination of a slowdown in trade finance and inventory adjustments likely explain the recent trade dynamics.
Working Paper
Multinational firms' entry and productivity: some aggregate implications of firm-level heterogeneity
Despite the microeconomic evidence supporting the superior idiosyncratic productivity of multinational firms (MNFs) and their affiliates, cross-country studies fail to find robust evidence of a positive relationship between foreign direct investment and growth. In order to study the aggregate implications of MNFs entry and production, I develop a dynamic general equilibrium model with firm heterogeneity where MNFs sort according to their own productivity. The entry and production of MNFs contribute to aggregate productivity growth at decreasing rates and affect domestic producers through ...
Journal Article
Get by with a little help from my…other exports
The European debt crisis could certainly affect the U.S. economy through other channels?but its direct impact on U.S. exports is likely to be small.>
Journal Article
Multinationals from emerging economies: growing but little understood
Their share of the foreign investment pie grew from 0.4 percent in 1970 to 15.8 percent in 2008. What's behind the growth?
Journal Article
Translating Kurzarbeit
With more research and given the limits of conventional fiscal and monetary policies in addressing the consequences of jobless recoveries, a U.S. version of Kurzarbeit may provide another option in the policymaker?s toolkit.
Journal Article
International trade, female labor, and entrepreneurship in MENA countries
Middle Eastern and North African (MENA) countries stand out in international comparisons of de jure obstacles to female employment and entrepreneurship. These obstacles manifest themselves in low rates of female labor participation, entrepreneurship, and ownership. Recent research suggests a connection between international trade and female labor participation. In this article, the authors focus on the relationship between international trade and gender in the MENA countries. They first analyze female labor as a production factor and then focus on female entrepreneurship and firm ownership. ...
Journal Article
An application of conventional sovereign debt sustainability analysis to the current debt crises
The developing international debt crisis has unleashed unanticipated fears that governments in some advanced economies may default on their sovereign debt and trigger a global financial tsunami. This article provides a primer on sovereign debt sustainability and interprets the recent experience of advanced economies in the light of a uniform approach that allows an answer to this question: What are the main factors that contribute to make a country?s debt sustainable or unsustainable?
Journal Article
Banking crises around the world: different governments, different responses
Over the past 40 years, there have been more than 120 banking crises around the world. Different governments have responded in different ways. The gross and net costs as a percentage of GDP range wildly, anywhere from less than 1 percent to well beyond 30 percent.
Working Paper
The cyclical properties of disaggregated capital flows
We describe the second-moment properties of the components of international capital flows and their relationship (covariance and correlation) to business cycle variables of 22 emerging and OECD countries. Disaggregated flows have different volatility properties, with debt being the most volatile and FDI the least volatile. We show that (a) inward flows are procyclical, outward and net outward flows are countercyclical for most industrial and emerging countries while, for the G-7, both inward and outward flows are procyclical and net outflows are countercyclical; (b) inward FDI flows are ...
Working Paper
The (non-)resiliency of foreign direct investment in the United States during the 2007-2009 financial crisis
We study the contraction of Foreign Direct Investment (FDI) flows in the United States during the recent financial crisis and show their unusual non-resiliency, which depends in part on the global nature of the economic recession, but also on the increases in the cost of financing FDI in the economies in which the flows originate. To formally study the effects of external financial conditions on FDI in the United States, we exploit the three dimensions of a panel of U.S. inward FDI flows organized by recipient U.S. industries, source countries, and years for the recorded flows. Changes in the ...