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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 …
Persistent link: https://www.econbiz.de/10014322792
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Internationalization and the evolution of corporate valuation
Levine, Ross - 2005
"By documenting the evolution of Tobin's "q" before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across 74 countries over the period 1989-2000, we find that...
Persistent link: https://www.econbiz.de/10010522397
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Global Supply Chains : The Looming "Great Reallocation"
Alfaro, Laura; Chor, Davin - National Bureau of Economic Research - 2023
Global supply chains have come under unprecedented stress as a result of US-China trade tensions, the Covid-19 pandemic, and geopolitical shocks. We document shifts in the pattern of US participation in global value chains over the last four decades, in terms of partner countries, products, and...
Persistent link: https://www.econbiz.de/10014372418
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Neoclassical Growth in an Interdependent World
Kleinman, Benny; Liu, Ernest; Redding, Stephen; Yogo, … - National Bureau of Economic Research - 2023
We generalize the closed-economy neoclassical growth model (CNGM) to allow for costly goods trade and capital flows with imperfect substitutability between countries. We develop a tractable, multi-country, quantitative model that matches key features of the observed data (e.g., gravity equations...
Persistent link: https://www.econbiz.de/10014447272
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The Future of Global Economic Power
Benzell, Seth G.; Kotlikoff, Laurence J.; Kazakova, Marija - National Bureau of Economic Research - 2022
Which region(s) will come to dominate the world economy? This paper develops the Global Gaidar Model (GGM), a 17-region … productivity growth using each region's long-term record, predict China and India becoming the world's top two economic hegemons …. GGM also predicts an evolving global savings glut, major reductions in world interest rates, substantial increases in tax …
Persistent link: https://www.econbiz.de/10013435118
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Can Evidence-Based Information Shift Preferences Towards Trade Policy?
Alfaro, Laura; Chen, Maggie Xiaoyang; Chor, Davin - National Bureau of Economic Research - 2023
We investigate the role of evidence-based information in shaping individuals' preferences for trade policies through a series of survey experiments that contain randomized information treatments. Each treatment provides a concise statement of economics research findings on how openness to trade...
Persistent link: https://www.econbiz.de/10014287341
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Central Banks as Dollar Lenders of Last Resort : Implications for Regulation and Reserve Holdings
Das, Mitali; Gopinath, Gita; Kim, Taehoon; Stein, Jeremy C. - National Bureau of Economic Research - 2022
This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...
Persistent link: https://www.econbiz.de/10013477280
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Corporate Debt Structure with Home and International Currency Bias
Maggiori, Matteo; Neiman, Brent; Schreger, Jesse - National Bureau of Economic Research - 2023
We explore the consequences of global capital market segmentation by currency for the optimal currency composition of borrowing by firms. Global bond portfolios are driven by the currency of denomination of assets as investors prefer to lend in their home currency or the international currency,...
Persistent link: https://www.econbiz.de/10014437022
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The International Monetary System and International Financial System as an Analogy to the Copernican Heliocentric system : A simple multi-layers network model with simultaneous reg...
Bordo, Michael D.; Bastidon, Cécile - National Bureau of Economic Research - 2023
The evolution of the IMS and IFS in the past several hundred years can be viewed through the lens of the Copernican heliocentric system developed over 500 years ago. We trace out the evolution across regimes of the IMS and IFS in terms of network representations of the Copernican system. We...
Persistent link: https://www.econbiz.de/10014372472
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Global Liquidity : Drivers, Volatility and Toolkits
Goldberg, Linda S. - National Bureau of Economic Research - 2023
Global liquidity refers to the volumes of financial flows - largely intermediated through global banks and non-bank financial institutions - that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like risk sentiment, discussed in the context...
Persistent link: https://www.econbiz.de/10014322743