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Articles 1 - 30 of 594

Full-Text Articles in International Economics

Long-Run Impacts Of Trade Shocks And Export Competitiveness: Evidence From The U.S. Bse Event, Chen-Ti Chen, John M. Crespi, William Hahn, Lee L. Schulz, Fawzi Taha Oct 2019

Long-Run Impacts Of Trade Shocks And Export Competitiveness: Evidence From The U.S. Bse Event, Chen-Ti Chen, John M. Crespi, William Hahn, Lee L. Schulz, Fawzi Taha

John Crespi

This paper examines how comparative advantages of major beef exporters changed following the 2003 bovine spongiform encephalopathy outbreak (BSE), which significantly disrupted the U.S. beef trade until approximately April 2007. Using longitudinal data on beef export values and constructed revealed comparative advantage measures, we show that while some measure of the long-run impacts of BSE on U.S. beef export competitiveness have returned to pre-2003 levels, the U.S.’s comparative advantage has not. We also examine a hypothetical scenario of no BSE event in 2003 and predict what exporters’ competitiveness would have looked like. The authors discuss the ...


Long-Run Impacts Of Trade Shocks And Export Competitiveness: Evidence From The U.S. Bse Event, Chen-Ti Chen, John M. Crespi, William Hahn, Lee L. Schulz, Fawzi Taha Oct 2019

Long-Run Impacts Of Trade Shocks And Export Competitiveness: Evidence From The U.S. Bse Event, Chen-Ti Chen, John M. Crespi, William Hahn, Lee L. Schulz, Fawzi Taha

Lee Schulz

This paper examines how comparative advantages of major beef exporters changed following the 2003 bovine spongiform encephalopathy outbreak (BSE), which significantly disrupted the U.S. beef trade until approximately April 2007. Using longitudinal data on beef export values and constructed revealed comparative advantage measures, we show that while some measure of the long-run impacts of BSE on U.S. beef export competitiveness have returned to pre-2003 levels, the U.S.’s comparative advantage has not. We also examine a hypothetical scenario of no BSE event in 2003 and predict what exporters’ competitiveness would have looked like. The authors discuss the ...


The Impact Of The 2018 Trade Disruptions On The Iowa Economy, Edward J. Balistreri, Chad E. Hart, Dermot J. Hayes, Minghao Li, Lee Schulz, David A. Swenson, Wendong Zhang, John M. Crespi Sep 2019

The Impact Of The 2018 Trade Disruptions On The Iowa Economy, Edward J. Balistreri, Chad E. Hart, Dermot J. Hayes, Minghao Li, Lee Schulz, David A. Swenson, Wendong Zhang, John M. Crespi

Wendong Zhang

In this analysis, we use historical trade patterns, revenue linkages, and recent futures market price changes to discern the 2018 tariffs’ near-term impacts on the state of Iowa. We use two distinct modeling techniques, and in each technique we make two distinct assumptions. First, we use partial-equilibrium modeling approaches that do not directly consider linkages among the markets and industries across the state of Iowa. In these approaches, two assumptions about price changes are invoked—either the price changes are based upon supply and demand elasticities or the price changes are based upon observations in the futures market. The partial ...


The Arab World Needs Free Markets As Much As Democracy, Nathan B. Oman Sep 2019

The Arab World Needs Free Markets As Much As Democracy, Nathan B. Oman

Nathan B. Oman

No abstract provided.


In Israeli-Palestinian Conflict, Could Commerce Foster Trust, Tolerance, And Peace?, Nathan B. Oman Sep 2019

In Israeli-Palestinian Conflict, Could Commerce Foster Trust, Tolerance, And Peace?, Nathan B. Oman

Nathan B. Oman

No abstract provided.


Economic Effects Of Standard-Like Nontariff Measures: Analytical And Methodological Dimensions, John Beghin, Bo Xiong Sep 2019

Economic Effects Of Standard-Like Nontariff Measures: Analytical And Methodological Dimensions, John Beghin, Bo Xiong

John Beghin

We provide a selective review of the empirical international trade literature on nontariff measures (NTMs) acting like standards–the so-called technical measures under the MAST classification. This review focuses on analytical and methodological dimensions involved in evaluating these NTMs and their economic effects, and draws from established approaches to measure standard-like NTMs and rigorous models used to quantify their effects on trade and welfare. The quantification of technical measures and the assessment of their effects are often entangled. We present each of these major approaches and methodologies with some formalism and details to help guide future investigations of technical measures ...


Local Environmental Quality And Inter-Jurisdictional Spillovers, John W. Hatfield, Katrina Kosec Jul 2019

Local Environmental Quality And Inter-Jurisdictional Spillovers, John W. Hatfield, Katrina Kosec

Katrina Kosec

We investigate the classic question of how the provision of a local publicly-provided good--air quality--varies with the degree of decentralization of policymaking. Exploiting exogenous variation in the natural topography of the United States to instrument for the number of local government jurisdictions in a metropolitan area, we show that areas with more jurisdictions have significantly lower air quality, and significantly higher concentrations of the toxic air pollutants most closely associated with cancer and non-cancer health risks. Moreover, we estimate that this increase in pollution lowers housing values by at least 3%. By contrast, local drinking water quality--a publicly-provided good not ...


Factors Related To Depression Among Latina Immigrant Mothers, Dawn Browder, Kimberly A. Greder, Sedahlia Jasper Jun 2019

Factors Related To Depression Among Latina Immigrant Mothers, Dawn Browder, Kimberly A. Greder, Sedahlia Jasper

Kimberly A. Greder

Latinos account for 16.3 percent (50.5 million) of the total U.S. population, for more than half of the total growth of the U.S. population in the last decade (Humes, Jones, and Ramirez, 2011), and halting, and in some cases reversing, the gradual population decline in pockets of rural America (Kandel and Cromatie, 2004). However, as the Latino population has grown, so has the prevalence of poverty (21.5% in 2000; 26.6% in 2010) (DeNavas-Walt C, Proctor BD, and Smith, 2011) and food insecurity (21.8% in 2000; 26.2% in 2010) (Nord, Andrews and Carlson ...


Winning The War: Sanction Effectiveness And Consequences, Kevin Allen Jun 2019

Winning The War: Sanction Effectiveness And Consequences, Kevin Allen

Kevin Allen

Chapter 1 shows that there is a negative relationship observed between sanctions and civil liberties in the target country, which is driven by how exposed the target country's trade was to the sanctioning countries. Using a fixed panel regression covering 160 countries from 1972-2005, it is found that import exposure to the sanctioning countries drives this negative relationship, with every percentage point of import exposure reducing the inverted FHI freedom score by 0.165 points. This implies that restricting imports to a country that promotes an oppressive response by the targeted government.
Chapter 2 examines whether countries change their ...


Market Risk And Market-Implied Inflation Expectations, Lucjan T. Orlowski, Carolyne Soper Dec 2018

Market Risk And Market-Implied Inflation Expectations, Lucjan T. Orlowski, Carolyne Soper

Lucjan T. Orlowski

We examine interactions between market risk and market-implied inflation expectations. We argue
that these interactions are asymmetric and varied in time. Specifically, market risk becomes
elevated by expectations of either very low or high expected inflation. Market risk does not react
to expectations of moderate, stable inflation. In our analysis, market risk is proxied by VIX and
market-implied inflation expectations are reflected by five- and ten-year breakeven inflation. We
use daily data for 5 and 10 year breakeven inflation and VIX for the sample period January 3, 2003
– January 24, 2019 for empirical testing. We employ asymptotic VAR, multiple breakpoint ...


Distance-Varying Assortativity And Clustering Of The International Trade Network, Angela Abbate, Luca De Benedictis, Giorgio Fagiolo, Lucia Tajoli May 2018

Distance-Varying Assortativity And Clustering Of The International Trade Network, Angela Abbate, Luca De Benedictis, Giorgio Fagiolo, Lucia Tajoli

Luca De Benedictis

In this paper we study how the topology of the International Trade Network (ITN) changes in geographical space, and along time. We employ geographical distance between countries in the World to filter the links in the ITN, building a sequence of sub-networks, each one featuring trade links occurring at similar distance. We then test if the assortativity
and clustering of ITN subnetworks changes as distance increases, and we nd that this is indeed the case: distance strongly impacts, in a non-linear way, the topology of the ITN.We show that the ITN is disassortative at long distances while it is ...


The Decline Of U.S. Manufacturing Employment - Automation And Trade, Susan N. Houseman May 2018

The Decline Of U.S. Manufacturing Employment - Automation And Trade, Susan N. Houseman

Susan N. Houseman

No abstract provided.


International Migration In Macro-Perspective: Bringing Power Back In, Marcel Paret, Shannon Gleeson Jan 2018

International Migration In Macro-Perspective: Bringing Power Back In, Marcel Paret, Shannon Gleeson

Shannon Gleeson

This paper challenges the inward looking perspective of recent immigration research by situating migration to the United States within a global and historical context. This macro-stratification perspective breaks out of the confines of national contexts to explore how international migration is shaped by global power divides. We argue that in order to fully understand international migration, it is necessary to account for both the emergence of global power structures and the historical domination of Europe. We develop our argument by first outlining the significance of global power divides, with a particular focus on the United States. We then demonstrate how ...


International Reserves And Rollover Risk, Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez Jan 2018

International Reserves And Rollover Risk, Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez

Leonardo Martinez

No abstract provided.


Why The World Needs A Reserve Asset With A Hard Anchor, Warren Coats, Dongsheng Di, Yuxuan Zhao Dec 2017

Why The World Needs A Reserve Asset With A Hard Anchor, Warren Coats, Dongsheng Di, Yuxuan Zhao

Warren Coats

From the 1970s, the global currency system has two features: the use of one or a few sovereign currencies as the global reserve asset and the floating exchange rate regime between major currencies.This paper points out that the costs of the dollar’s use as an international reserve currency exceed the benefits for both the US and the rest of the world. These costs include the exporting of American manufacturing as a byproduct of its current account deficit needed to supply its currency to the rest of the world. In addition to the detriment to trade from unpredictable exchange ...


The Mexico -Us Border Region And The New Challenges Of Nafta, Maria Del Rosio Barajas-Escamilla Phd, Maritza Sotomayor Nov 2017

The Mexico -Us Border Region And The New Challenges Of Nafta, Maria Del Rosio Barajas-Escamilla Phd, Maritza Sotomayor

Maritza Sotomayor

No abstract provided.


Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar M. Rodriguez Jul 2017

Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar M. Rodriguez

Cesar M. Rodriguez

This paper investigates the determinants of currency denomination in international debt. Using data on currency shares for international debt securities for 82 countries from 1995 through 2013, we find that while the extent of foreign currency issuance has not changed much since the 1990s, especially for developing countries, the currency composition has shifted, especially between the U.S. dollar and the euro. Before the Global Financial Crisis (GFC) of 2008, the share of the U.S. dollar has been on a downward trend while that of the euro had been on a steady rising trend, but since the crisis, the ...


Assessing The Impact Of Cluster Policies: The Case Of The Arranjos, Lucas Figal Garone, Alessandro Maffioli, Cesar M. Rodriguez, Gonzalo Vazquez Bare, Joao Alberto Denegri Jul 2017

Assessing The Impact Of Cluster Policies: The Case Of The Arranjos, Lucas Figal Garone, Alessandro Maffioli, Cesar M. Rodriguez, Gonzalo Vazquez Bare, Joao Alberto Denegri

Cesar M. Rodriguez

This paper assesses the impact of a cluster development policy in Latin America. A Local Productive Arrangement (APL) is a cluster of firms within the same territory, operating around the same activity and maintaining ties of cooperation and learning among themselves and with other stakeholders. Using firm-level data comprising information on SMEs from Brazil for the years 2002 to 2009 we apply fixed effects, matching and reweighting methods to estimate both the direct and the indirect – i.e. spillovers – causal effect of participating in APLs on a series of SMEs’ performance indicators, including level of employment, value of exports and ...


The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar M. Rodriguez Jul 2017

The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar M. Rodriguez

Cesar M. Rodriguez

This paper analyzes the effectiveness of public credit lines in promoting the performances of Brazilian firms. We focus on the impact of the credit lines managed by BNDES and FINEP in fostering growth measured in terms of employment, labor productivity and export. For this purpose, we use a unique panel data set developed by the Instituto de Pesquisa Econômica Aplicada (IPEA), which includes information on both firm-level performances and access to public credit lines. This particular data setting allows us to use quasi-experimental techniques to control for selection bias when estimating the impact of the public credit lines. The core ...


The Effectiveness Of Public Development Banks: Designing Good Impact Evaluations, Alessandro Maffioli, Cesar M. Rodriguez Jul 2017

The Effectiveness Of Public Development Banks: Designing Good Impact Evaluations, Alessandro Maffioli, Cesar M. Rodriguez

Cesar M. Rodriguez

PDB programs have become a fundamental ingredient of productive development policy strategies in most emerging economies. Although the overall need for these interventions is rarely questioned, academics and policymakers often debate their effectiveness, as well as the optimal approaches and instruments necessary to implement them. Therefore, the need to produce rigorous evaluations of PDBs has become increasingly relevant for both government and civil society (see Chapter 2). This chapter presents the main concepts and operational arguments regarding the execution of indepth impact evaluations of PDB initiatives and instruments. For a more practical approach, these arguments are presented with examples of ...


The Role Of Inflation Targeting In Debt Denomination In Developing Countries, Olena Ogrokhina, Cesar M. Rodriguez Jul 2017

The Role Of Inflation Targeting In Debt Denomination In Developing Countries, Olena Ogrokhina, Cesar M. Rodriguez

Cesar M. Rodriguez

This paper analyzes the inflation targeting experience of developing countries as an effective monetary policy framework to promote changes in the currency composition of their international debt. Using matching with difference-in-differences to address the self-selection bias, we find that in inflation targeting has led to a 3-6 percentage point reduction in the foreign currency share of international debt in targeting countries when compared to non-targeting countries. Furthermore, from the analysis of the individual currency shares, we find that inflation targeting has contributed to a 10 percentage points lower US dollar share in international debt in targeting countries compared to non-targeting ...


Living With The Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, And Output Losses For Developing Countries, Joshua Aizenman, Hiro Ito Jul 2017

Living With The Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, And Output Losses For Developing Countries, Joshua Aizenman, Hiro Ito

Hiro (Hiroyuki) Ito

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate stability, and financial openness, we find that emerging market countries have adopted trilemma policy combinations with the least degree of relative policy divergence in the last fifteen years. We find that a developing or emerging market country with a higher degree of relative policy divergence is more likely to experience a currency or debt crisis. However, a developing ...


Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar M. Rodriguez Jul 2017

Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar M. Rodriguez

Hiro (Hiroyuki) Ito

This paper investigates the determinants of currency denomination in international debt. Using data on currency shares for international debt securities for 82 countries from 1995 through 2013, we find that while the extent of foreign currency issuance has not changed much since the 1990s, especially for developing countries, the currency composition has shifted, especially between the U.S. dollar and the euro. Before the Global Financial Crisis (GFC) of 2008, the share of the U.S. dollar has been on a downward trend while that of the euro had been on a steady rising trend, but since the crisis, the ...


What Matters For Financial Development? Capital Controls, Institutions, And Interactions, Menzie David Chinn, Hiro Ito Jul 2017

What Matters For Financial Development? Capital Controls, Institutions, And Interactions, Menzie David Chinn, Hiro Ito

Hiro (Hiroyuki) Ito

We extend our earlier work, focusing on the links between capital account liberalization, legal and institutional development, and financial development, especially that in equity markets. In a panel data analysis encompassing 108 countries and twenty years ranging from 1980 to 2000, we explore several dimensions of the financial sector. First, we test whether financial openness can lead to equity market development when we control for the level of legal and institutional development. Then, we examine whether the opening of the goods sector is a precondition for financial opening. Finally, we investigate whether a well-developed banking sector is a precondition for ...


Trade Invoicing In Major Currencies In The 1970s-1990s: Lessons For Renminbi Internationalization, Hiro Ito, Kawai Masahiro Jul 2017

Trade Invoicing In Major Currencies In The 1970s-1990s: Lessons For Renminbi Internationalization, Hiro Ito, Kawai Masahiro

Hiro (Hiroyuki) Ito

In this paper, we investigate how much a major currency is used for trade invoicing by focusing primarily on the experiences of the U.S. dollar, the Japanese yen, and the Deutsche mark (DM) in the 1970s through the 1990s. We then attempt to draw lessons for China’s renminbi (RMB) internationalization. Our data on the shares of the three major currencies in export invoicing show that the dollar was unequivocally a global invoicing currency, and that the DM was the most important regional currency in Europe while the yen was never a global or a regional currency. DM invoicing ...


U.S. Current Account Debate With Japan Then, With China Now, Hiro Ito Jul 2017

U.S. Current Account Debate With Japan Then, With China Now, Hiro Ito

Hiro (Hiroyuki) Ito

This paper examines two U.S. current account deficit episodes, one in the 1980s and the other in the current 2000s, in which Japan and China, respectively, are the current account surplus countries that are criticized for contributing to the deficits. In both periods, U.S. policy makers pointed out the underdeveloped and closed financial markets of the current account surplus countries and advocated for these countries to fix the deficiencies, a position akin to the current “saving glut” argument. In both episodes, the current account surplus countries have criticized the United States for its low saving, especially public saving ...


Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar Rodriguez Jun 2017

Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar Rodriguez

Cesar M. Rodriguez

This paper investigates the determinants of currency denomination in international debt. Using data on currency shares for international debt securities for 82 countries from 1995 through 2013, we find that while the extent of foreign currency issuance has not changed much since the 1990s, especially for developing countries, the currency composition has shifted, especially between the U.S. dollar and the euro. Before the Global Financial Crisis (GFC) of 2008, the share of the U.S. dollar has been on a downward trend while that of the euro had been on a steady rising trend, but since the crisis, the ...


Hysteresis In Unemployment: Evidence From Latin America, Matias Mednik, Cesar Rodriguez, Inder J. Ruprah Jun 2017

Hysteresis In Unemployment: Evidence From Latin America, Matias Mednik, Cesar Rodriguez, Inder J. Ruprah

Cesar M. Rodriguez

This paper tests the hysteresis hypothesis in unemployment for 13 Latin American countries covering the period 1980-2005. The tests exploit the time series and the cross sectional variation of the series, and allows for cross section dependence and a different number of endogenously determined structural breakpoints. The findings give support to the hysteric dynamic hypothesis for the majority of the countries analyzed. The implications of the results have ramifications regarding macro-stabilization, structural reform, and the design of social safety protection.


The Effectiveness Of Public Development Banks: Designing Good Impact Evaluations, Alessandro Maffioli, Cesar M. Rodriguez Jun 2017

The Effectiveness Of Public Development Banks: Designing Good Impact Evaluations, Alessandro Maffioli, Cesar M. Rodriguez

Cesar M. Rodriguez

PDB programs have become a fundamental ingredient of productive development policy strategies in most emerging economies. Although the overall need for these interventions is rarely questioned, academics and policymakers often debate their effectiveness, as well as the optimal approaches and instruments necessary to implement them. Therefore, the need to produce rigorous evaluations of PDBs has become increasingly relevant for both government and civil society (see Chapter 2).

This chapter presents the main concepts and operational arguments regarding the execution of indepth impact evaluations of PDB initiatives and instruments. For a more practical approach, these arguments are presented with examples of ...


The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar Rodriguez Jun 2017

The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar Rodriguez

Cesar M. Rodriguez

This paper analyzes the effectiveness of public credit lines in promoting the performances of Brazilian firms. We focus on the impact of the credit lines managed by BNDES and FINEP in fostering growth measured in terms of employment, labor productivity and export. For this purpose, we use a unique panel data set developed by the Instituto de Pesquisa Econômica Aplicada (IPEA), which includes information on both firm-level performances and access to public credit lines. This particular data setting allows us to use quasi-experimental techniques to control for selection bias when estimating the impact of the public credit lines. The core ...