- Ph.D. in Economics, University of Montreal (2014)
Walter Steingress is a Principal Researcher in the International Studies Division of the International Department. His primary interests lie within the field of international macroeconomics. Walter’s other research interests include migration and international trade. Before joining the Bank of Canada, Walter held an appointment at the Bank of France. He earned his Ph.D. from the University of Montreal and holds a master’s degree from Boston University.
Staff discussion papers
Staff working papers
Exporting and Investment Under Credit ConstraintsWe examine the relationship between firms’ performance and credit constraints affecting export market entry. Using administrative Canadian firm-level data, our findings show that new exporters (a) increase their productivity, (b) raise their leverage ratio and (c) increase investment. We estimate that 48 percent of Canadian manufacturers face binding credit constraints when deciding whether to enter export markets.
Climate Variability and International TradeThis paper quantifies the impact of hurricanes on seaborne international trade to the United States. Matching the timing of hurricane–trade route intersections with monthly U.S. port-level trade data, we isolate the unanticipated effects of a hurricane hitting a trade route using two separate identification schemes: an event study and a local projection.
No Double Standards: Quantifying the Impact of Standard Harmonization on TradeProduct standards are omnipresent in industrialized societies. Though standardization can be beneficial for domestic producers, divergent product standards have been categorized as a major obstacle to international trade. This paper quantifies the effect of standard harmonization on trade flows and characterizes the extent to which it changes the cost and demand structure of exporting.
Estimating the Effect of Exchange Rate Changes on Total ExportsThis paper shows that real effective exchange rate (REER) regressions, the standard approach for estimating the response of aggregate exports to exchange rate changes, imply biased estimates of the underlying elasticities. We provide a new aggregate regression specification that is consistent with bilateral trade flows micro-founded by the gravity equation.
Market Size and Entry in International Trade: Product Versus Firm Fixed CostsThis paper develops a theoretical framework to infer the nature of fixed costs from the relationship between entry patterns in international markets and destination market size. If fixed costs are at the firm level, firms take advantage of an intrafirm spillover by expanding firm-level product range (scope).
The Political Impact of Immigration: Evidence from the United StatesIn this paper we study the impact of immigration to the United States on the vote for the Republican Party by analyzing county-level data on election outcomes between 1990 and 2010. Our main contribution is to separate the effect of high-skilled and low-skilled immigrants, by exploiting the different geography and timing of the inflows of these two groups of immigrants.
The Causal Impact of Migration on US Trade: Evidence from Political RefugeesImmigrants can increase international trade by shifting preferences towards the goods of their country of origin and by reducing bilateral transaction costs. Using geographical variation across U.S. states for the period 2008 to 2013, I estimate the respective causal impact of immigrants on U.S. exports and imports.
Global Trade Flows: Revisiting the Exchange Rate ElasticitiesThis paper contributes to the debate on the magnitude of exchange rate elasticities by providing a set of price and quantity elasticities for 51 advanced and emerging-market economies. Specifically, for each of these countries we report the elasticity of trade prices and trade quantities on both the export and on the import sides, as well as the reaction of the trade balance.
- “No Double Standards: Quantifying the Impact of Standard Harmonization on International Trade” - Journal of International Economics (joint with Julia Schmidt), Vol. 137, 103619, 2022
- “The Political Impact of Immigrants: Evidence from the United States” - American Economic Journal: Applied Economics (joint with Anna Maria Mayda and Giovanni Peri), vol 14 (1): pages 358-89, 2022
- “Estimating the Effect of Exchange Rate Changes on Total Exports” - Journal of International Money and Finance (joint with Thierry Mayer), vol. 106, pages 102-184, 2020
- “Global Trade Flows: Revisiting the Exchange Rate Elasticities” - Open Economies Review (joint with Matthieu Bussière and Guillaume Gaulier), vol. 31, pages 25–78, 2020
- “Market Size and Entry in International Trade: product versus firm fixed costs” - Review of International Economics, vol. 27(5), pages 1351-1370, 2019
- “The Causal Impact of Migration on US Trade: Evidence from Political Refugees” - Canadian Journal of Economics, vol. 51(4), pages 1312-1338, 2018
- “Financial constraints in China: Firm-level evidence” - China Economic Review (joint with Sandra Poncet & Hylke Vandenbussche), vol. 21(3), pages 411-422, 2010