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When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts
Acharya, Viral V.; Rajan, Raghuram Govind; Shim, Jack - National Bureau of Economic Research - 2022
We examine the dynamics of a country's growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country's access to external borrowing. In turn, access to borrowing...
Persistent link: https://www.econbiz.de/10013334513
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An Import(ant) Price of Brexit Uncertainty
Graziano, Alejandro G.; Handley, Kyle; Limão, Nuno - National Bureau of Economic Research - 2023
We estimate the impact of trade policy uncertainty (TPU) on CES import price indices, focusing on the implications of Britain's exit from the European Union (Brexit). Our analysis reveals that an increase in the probability of Brexit increases U.K. import price indices by raising the prices of...
Persistent link: https://www.econbiz.de/10014337833
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A Framework for Geoeconomics
Clayton, Christopher; Maggiori, Matteo; Schreger, Jesse - National Bureau of Economic Research - 2023
Governments use their countries' economic strength from existing financial and trade relationships to achieve geopolitical and economic goals. We refer to this practice as geoeconomics. We build a framework based on three core ingredients: input output linkages, limited contract enforceability,...
Persistent link: https://www.econbiz.de/10014436983
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The Dollar in an Era of International Retrenchment
Chahrour, Ryan; Valchev, Rosen - National Bureau of Economic Research - 2023
Recent trends suggest the world economy may be tending towards an equilibrium with two distinct trading blocs, each internally integrated, but with significant isolation between the blocs. This paper uses a quantitative theory to explore how far this bifurcation would need to go to pose a threat...
Persistent link: https://www.econbiz.de/10014322792
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International Climate Agreements and the Scream of Greta
Maggi, Giovanni; Staiger, Robert W. - National Bureau of Economic Research - 2022
Current policies directed at mitigating global warming appear unlikely to prevent temperatures from rising to levels that would trigger a precipitous increase in the costs of climate change. Various attempts at international cooperation to avoid this outcome have failed. Why is this problem so...
Persistent link: https://www.econbiz.de/10013462728
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Is Secessionism Mostly About Income or Identity? A Global Analysis of 3,003 Subnational Regions
Desmet, Klaus; Ortuño-Ortín, Ignacio; Özak, Ömer - National Bureau of Economic Research - 2022
This paper analyzes whether the propensity to secede by subnational regions responds mostly to differences in income per capita or to distinct identities. We explore this question in a quantitative political economy model where people's willingness to finance a public good depends on their...
Persistent link: https://www.econbiz.de/10013388783
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Fighting Communism Supporting Collusion
Galiani, Sebastián; Paz y Miño, José Manuel; … - National Bureau of Economic Research - 2022
We develop a simple model to explain why a powerful importer country like the United States may provide political support for international collusive agreements concerning certain commodities (e.g., coffee). This behavior raises questions due to the fact that an importer country should have...
Persistent link: https://www.econbiz.de/10013334385
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Trade Invoicing in the Accession Countries : Are They Suited to the Euro?
Goldberg, Linda - 2005
The accession countries to the euro area are increasingly binding their economic activity, external and internal, to … the euro area countries. One aspect of this phenomenon concerns the currency invoicing of international trade transactions … within exporter profitability. These considerations yield country-specific estimates about the degree of euro …
Persistent link: https://www.econbiz.de/10012467023
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A Long Term Perspective on the Euro
Bordo, Michael D. - 2008
This study grounds the establishment of EMU and the euro in the context of the history of international monetary … for a more expansive monetary policy. Such demands might arise in some parts or regions or countries of the euro area, but …
Persistent link: https://www.econbiz.de/10012464832
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Goods and Factor Market Integration : A Quantitative Assessment of the EU Enlargement
Caliendo, Lorenzo - 2017
The economic effects from labor market integration are crucially affected by the extent to which countries are open to trade. In this paper we build a multi-country dynamic general equilibrium model with trade in goods and labor mobility across countries to study and quantify the economic...
Persistent link: https://www.econbiz.de/10012454987