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Banking across borders with heterogeneous banks
Niepmann, Friederike (2013-04-01)
Individual banks differ substantially in their foreign operations. This paper introduces heterogeneous banks into a general equilibrium framework of banking across borders to explain the documented variation. While the model matches existing micro and macro evidence, novel and unexplored predictions of the theory are also strongly supported by the data: The efficiency of the least efficient bank active in a host country increases the greater the impediments to banking across borders and the efficiency of the banking sector in the host country. There is also evidence of a tradeoff between ...
Staff Reports , Paper 609

Working Paper
No Guarantees, No Trade: How Banks Affect Export Patterns
Niepmann, Friederike; Schmidt-Eisenlohr, Tim (2016-02-10)
How relevant are financial instruments to manage risk in international trade for exporting? Employing a unique dataset of U.S. banks' trade finance claims by country, this paper estimates the effect of shocks to the supply of letters of credit on U.S. exports. We show that a one-standard deviation negative shock to a country's supply of letters of credit reduces U.S. exports to that country by 1.5 percentage points. This effect is stronger for smaller and poorer destinations. It more than doubles during crisis times, suggesting a non-negligible role for finance in explaining the Great Trade ...
International Finance Discussion Papers , Paper 1158

Working Paper
How do Firms in Different Sectors Organize their Supply Chains? Evidence from Transaction-Level Import Data
Heise, Sebastian; Pierce, Justin R.; Schaur, Georg; Schott, Peter K. (2025-02-27)
Heise et al. (2021) develop a model-based empirical measure—sellers per shipment (SPS)—to characterize how firms organize supply chains in response to a quality control problem. High SPS indicates spot-market purchasing with costly inspections, while low SPS suggests long-term relationships where buyers pay an incentive premium to prevent cheating. Here, we document intuitive variation in US importers' SPS across sectors, and that show shipping characteristics such as average price, quantity shipped and shipment frequency are in each sector consistent with the model of sourcing developed ...
International Finance Discussion Papers , Paper 1405

Working Paper
Banking Across Borders With Heterogeneous Banks
Niepmann, Friederike (2016-07-19)
This paper develops a model of banking across borders where banks differ in their efficiencies that can replicate key patterns in the data. More efficient banks are more likely to have assets, liabilities and affiliates abroad and have larger foreign operations. Banks are more likely to be active in countries that have less efficient domestic banks, are bigger and more open to foreign entry. In the model, banking sector integration leads to bank exit and entry and convergence in the return on loans and funding costs across countries. Bank heterogeneity matters for the associated welfare ...
International Finance Discussion Papers , Paper 1177

Working Paper
Multinationals, Monopsony, and Local Development: Evidence from the United Fruit Company
Van Patten, Diana; Méndez-Chacón, Esteban (2021-03-15)
This paper studies the short- and long-run effects of large firms on economic development. We use evidence from one of the largest multinationals of the 20th century: the United Fruit Company (UFCo). The firm was given a large land concession in Costa Rica—one of the so-called "Banana Republics"—from 1899 to 1984. Using administrative census data with census-block geo-references from 1973 to 2011, we implement a geographic regression discontinuity design that exploits a quasi-random assignment of land. We find that the firm had a positive and persistent effect on living standards. Company ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 46

Working Paper
Exporting and Pollution Abatement Expenditure: Evidence from Firm-Level Data
Roy, Jayjit; Banerjee, Soumendra N.; Yasar, Mahmut (2020-07-17)
The relevance of analyzing whether exporting firms engage in greater pollution abatement cannot be overemphasized. For instance, the question relates to the possibility of export promotion policies being environmentally beneficial. In fact, the issue is especially relevant for developing countries typically characterized by ineffective environmental regulation. However, despite the significance of the topic, the extant literature examining the environmental consequences of firm-level trade is skewed toward developed countries. Moreover, the existing contributions rarely attend to concerns ...
Globalization Institute Working Papers , Paper 393

Journal Article
Global integration in the banking industry
Smith, David C.; Berger, Allen N. (2003-11)
Lowered regulatory barriers and advances in technology have reduced the cost of supplying banking services across borders. At the same time, growth in activity by multinational corporations has increased the demand for international financial services. As a result, many observers believe that global integration is under way in the banking industry, that banks are expanding their reach across borders, and that many banking markets will therefore develop large foreign components. The authors report on a study conducted by them, along with Qinglei Dai and Steven Ongena, that examined the ...
Federal Reserve Bulletin , Volume 89 , Issue Nov , Pages 451-460

Working Paper
Multinational firms' entry and productivity: some aggregate implications of firm-level heterogeneity
Contessi, Silvio (2015-09-01)
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 ...
Globalization Institute Working Papers , Paper 248

Working Paper
Multinational Firms' Entry and Productivity: Some Aggregate Implications of Firm-level Heterogeneity
Contessi, Silvio (2010)
Despite the microeconomic evidence supporting the superior idiosyncratic productivity of multinational firms (MFN) 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 MNF entry and production, I develop a Dynamic Stochastic General Equilibrium model with firm heterogeneity where MNF sort according to their own productivity. Entry and production of MNF contribute to aggregate productivity growth at decreasing rates over time but potentially crowd out ...
Working Papers , Paper 2010-043

Journal Article
International activities of U.S. banks and in U.S. banking markets
Houpt, James V. (1999-09)
The international activity of U.S. banks has grown relatively rapidly during the 1990s, as both the trading and derivatives activities of their foreign offices and their cross-border lending have increased. The growth has taken place mainly in relation to the Group of Ten and other industrial countries. Foreign bank activity in U.S. markets has also grown, but at a slightly slower pace than U.S. banking overall, resulting in a small decline in the foreign bank share of domestic commercial bank assets. The role of Japanese banks has declined sharply, and the role of European banks has expanded.
Federal Reserve Bulletin , Volume 85 , Issue Sep

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