F2 - International Factor Movements and International Business
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Futures Markets, Oil Prices and the Intertemporal Approach to the Current Account
The intertemporal approach to the current account suggests modeling movements in the current account in a forward-looking, dynamic framework. In this framework, the current account reflects consumption smoothing of agents that lend and borrow from the rest of the world in the face of transitory shocks to income. -
How Important Is Liquidity Risk for Sovereign Bond Risk Premia? Evidence from the London Stock Exchange
This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and sovereign bond risk premia. The London Stock Exchange in the late 19th century is an ideal laboratory in which to test the proposition that liquidity risk affects the price of sovereign debt. -
The Impact of Sovereign Wealth Funds on International Financial Stability
Over the recent period, many emerging-market economies and commodity-exporting nations have experienced unprecedented growth and accumulated substantial amounts of foreign exchange reserves. The management of these foreign reserves has led to the emergence of important financial actors: sovereign wealth funds (SWFs). -
The Carry Trade, Portfolio Diversification, and the Adjustment of the Japanese Yen
In this paper, the author considers whether fundamentals or other factors can explain the yen's ongoing weakness. In particular, the importance of capital outflows due to the carry trade and longer-term portfolio investment outflows, which may be delaying the adjustment of the yen, are investigated. A simple portfolio model is developed, composed of a speculative […] -
Exporting and FDI with Endogenous Productivity
This paper provides an analysis of how a firm’s decision to serve a foreign market by exporting or by engaging in foreign direct investment (FDI) affects firm productivity, when productivity is endogeneous as a function of training. The main result of our paper is that, with endogeneous productivity, exporting results in lower productivity than does FDI, but exporting may result in higher or lower employment and output than does FDI. -
Multinationals and Exchange Rate Pass-Through
The authors examine the impact of multinational enterprises (MNEs) on exchange rate pass-through in an environment where an MNE engages in Cournot (quantity) competition with domestic and foreign rivals. -
Degree of Internationalization and Performance: An Analysis of Canadian Banks
The international business literature measures the link between the degree of internationalization (DOI) of a firm's activities and its performance. -
Optimal Taylor Rules in an Estimated Model of a Small Open Economy
The authors compute welfare-maximizing Taylor rules in a dynamic general-equilibrium model of a small open economy. -
Nominal Rigidities and Exchange Rate Pass-Through in a Structural Model of a Small Open Economy
The authors analyze exchange rate pass-through in an estimated structural model of a small open economy that incorporates three types of nominal rigidity (wages and the prices of domestically produced and imported goods) and eight different structural shocks. The model is estimated using quarterly data from Canada and the United States.
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