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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
What Drives International technology Diffusion? A Gravity Approach
Santacreu, Ana Maria (2019-11-04)
We derive a theory-based gravity-type equation that determines the main drivers of international technology diffusion under perfect enforcement of intellectual property rights. We estimate the gravity equation using bilateral royalty payments data for a sample of 53 countries and the period 1995-2012 to infer the amount of technology diffusion predicted by the model. We then analyze differences between the model and the data, and find that they are mainly driven by characteristics of the importing-technology country that are not captured by the model. We explore the role of three channels: ...
Working Papers , Paper 2019-31

Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens
Santacreu, Ana Maria (2023-03-31)
This paper investigates the determinants of international technology licensing using data for 50 countries during 1996-2012. A multi-country model of innovation and international technology licensing yields a dynamic structural gravity equation for royalty payments as a function of fundamentals, including imperfect intellectual property protection and differences in corporate taxation. The gravity equation is estimated with nonlinear methods. The model's fundamentals account for about 60% of the variation in royalty payments. A quantitative analysis sheds light on the impact of global ...
Working Papers , Paper 2019-031

Working Paper
Goods-Market Frictions and International Trade
McCallum, Andrew H.; Krolikowski, Pawel (2016-12-23)
We present a tractable framework that embeds goods-market frictions in a general equilibrium dynamic model with heterogeneous exporters and identical importers. These frictions arise because it takes time and expense for exporters and importers to meet. We show that search frictions lead to an endogenous fraction of unmatched exporters, alter the gains from trade, endogenize entry costs, and imply that the competitive equilibrium does not generally result in the socially optimal number of searching firms. Finally, ignoring search frictions results in biased estimates of the effect of tariffs ...
Working Papers (Old Series) , Paper 1635

Working Paper
Unifying Macro Elasticities in International Economics
Yilmazkuday, Hakan (2017-01-01)
International trade studies have higher macro (Armington) elasticity measures compared to international finance studies. This observation has evoked not only mixed policy implications regarding tariffs and exchange rates but also mixed welfare gains from trade. Regarding the policy implications, this so-called international elasticity puzzle is solved in this paper by distinguishing between elasticities of substitution and price elasticities of demand that are connected to each other through expenditure shares. It is shown theoretically and confirmed empirically that the macro elasticity in ...
Globalization Institute Working Papers , Paper 299

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
The Impact of the 2017 Tax Cuts and Jobs Act on U.S. Multinationals’ Intangible Assets
Santacreu, Ana Maria; Stewart, Ashley (2024-08)
This paper investigates the impact of the 2017 Tax Cuts and Jobs Act (TCJA) on U.S. multinationals’ intangibles. We develop a theoretical model that incorporates key provisions of the TCJA—the Global Intangible Low-Taxed Income (GILTI) and the Foreign-Derived Intangible Income (FDII)—and derive testable implications for changes in licensing and patent transfer patterns. Using data on international royalty flows and patent assignments, we test the model’s predictions. Our findings suggest that the TCJA may have impacted profit shifting strategies through intangibles, aligning with our ...
Working Papers , Paper 2024-020

Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens
Santacreu, Ana Maria (2023-09-08)
This paper investigates the determinants of international technology licensing using data for 50 countries during 1996-2012. A multi-country model of innovation and international technology licensing yields a dynamic structural gravity equation for royalty payments as a function of fundamentals, including imperfect intellectual property protection and differences in corporate taxation. The gravity equation is estimated with nonlinear methods. The model's fundamentals account for about 60% of the variation in royalty payments. A quantitative analysis sheds light on the impact of global ...
Working Papers , Paper 2019-031

Working Paper
Spoils of War: Trade Shocks and Segmented Labor Markets in Spain during WWI
Fuchs, Simon (2021-05-28)
How does intranational factor mobility shape the welfare effects of a trade shock? I provide evidence that during WWI, a demand shock emanated from belligerent countries and affected neutral Spain. Within Spain, labor predominantly reallocated locally, while the most affected provinces experienced drastic increases in wages and consumer prices. Embedding imperfect labor mobility in an economic geography model, I show that external demand shocks can improve allocative efficiency, but asymmetric shocks cause localized increases in wages and consumer prices instead of reallocation. Adjusting an ...
FRB Atlanta Working Paper , Paper 2021-14

Working Paper
Knowledge Diffusion, Trade and Innovation across Countries and Sectors
Li, Nan; Santacreu, Ana Maria; Cai, Jie (2019-11-18)
We provide a unified framework for quantifying the cross country and cross-sector interactions among trade, innovation, and knowledge diffusion. We study the effect of trade liberalization in a multi-country, multi-sector endogenous growth model in which comparative advantage and the stock of knowledge are determined by innovation and diffusion. A reduction in trade costs induces a re-allocation of comparative advantage in production and innovation across sectors, which translates into higher growth along the counterfactual balanced growth path (BGP). Heterogeneous knowledge diffusion across ...
Working Papers , Paper 2017-29

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