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Discussion Paper
Are U.S. Tariffs Turning Vietnam into an Export Powerhouse?

The imposition of Section 301 tariffs on about half of China?s exports to the United States has coincided with a fall in imports from China and gains for other countries. The U.S.-China trade conflict also appears to be accelerating an ongoing shift in foreign direct investment (FDI) from China to other emerging markets, particularly in Asia. Within the region, Vietnam is often cited as a clear beneficiary of these trends, a rising economy that could displace China, to some extent, in global supply chains. In this note, we examine the data and conclude that Vietnam is indeed gaining market ...
Liberty Street Economics , Paper 20190814

Payment intermediation and the origins of banking

The medieval banks of continental Europe facilitated trade by serving as payment intermediaries. Depositors commonly would pay one another by transferring bank balances with the aid of overdraft credit. We model this process in an environment of intermediate good exchange with incomplete contract enforcement. Our model suggests that the early banks were capable of accessing the ?netting credit? that exists by virtue of there being a high proportion of offsetting transactions in an economy. Individual traders are unable to net their individual positions because of difficulty in enforcing ...
Staff Reports , Paper 85

Settlement risk under gross and net settlement

Previous comparative analyses of gross and net settlement have focused on the credit risk of the central counterparty in net settlement arrangements, and on the incentives for participants to alter the risk of the portfolio under net settlement. By modeling the trading economy that generates the demand for payment services, we are able to show some largely unexplored advantages of net settlement. We find that net settlement systems avoid certain gridlock situations, which may arise in gross settlement in the absence of delivery versus payment requirements. In addition, net settlement can ...
Staff Reports , Paper 86

Journal Article
Uncle Sam wants you to export

Fedgazette , Volume 15 , Issue May , Pages 7-8

Journal Article
Anti-dumping: the free-trade antacid

The Region , Volume 15 , Issue Dec , Pages 22-27, 44-46

Global imbalances and structural change in the United States

Since the early 1990s, as the United States has borrowed from the rest of the world, employment in U.S. goods-producing sectors has fallen. Using a dynamic general equilibrium model, we find that rapid productivity growth in goods production, not U.S. borrowing, has been the most important driver of the decline in goods-sector employment. As the United States repays its debt, its trade balance will reverse, but goods-sector employment will continue to fall. A sudden stop in foreign lending in 2015?2016 would cause a sharp trade balance reversal and painful reallocation across sectors, but ...
Staff Report , Paper 489

Journal Article
On a trade mission

For district states, is it a pot-o-gold or a rainbow of hype at the end of a foreign trade mission?
Fedgazette , Volume 15 , Issue Jul , Pages 13-15

Journal Article
Globalization: not just for breakfast anymore

Minnesota manufacturers join the global business race.
Fedgazette , Volume 16 , Issue Nov , Pages 14-15

Journal Article
An unwanted rest for hustling exporters

Fedgazette , Volume 15 , Issue May , Pages 4-5

Journal Article
The beet generation

The upper Midwest is the nation's biggest sugar-producing region, but farmers are worried trade pacts could dissolve it all
Fedgazette , Volume 17 , Issue May , Pages 14-17



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Alessandria, George 8 items

Crowley, Meredith A. 7 items

Wirtz, Ronald A. 6 items

Kehoe, Timothy J. 5 items

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Bown, Chad P. 4 items

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