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Displaying results 1 to 7 of 7.

  1. Tracing the International Transmission of a Crisis Through Multinational Firms
    Author: Biermann, Marcus; Huber, Kilian
    Published: March 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained themselves, and experienced lower real growth. We find that managers were "Darwinist" with respect to international affiliates but "Socialist" in the home country, that internal capital markets transmitted the credit shock more strongly than a non-financial shock, and that access to developed credit markets attenuated the real effects. The total real impact of shock transmission through multinationals on foreign economies was large

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31061
    Subjects: Multinationales Unternehmen; Interner Kapitalmarkt; Kapitalmobilität; Unternehmensfinanzierung; Fremdkapital; Finanzkrise; Betriebliche Finanzwirtschaft; Deutschland; Money and Interest Rates; International Factor Movements and International Business; International Finance; Financial Crises; Financial Institutions and Services; Corporate Finance and Governance
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  2. Exporting Ideology
    The Right and Left of Foreign Influence
    Author: Antràs, Pol; Padró i Miquel, Gerard
    Published: June 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We present an economic rationale for countries resorting to foreign influence to export their ideology to other nations. Our model incorporates two fundamental elements: redistribution of the tax burden between capital owners and workers, and... more

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    We present an economic rationale for countries resorting to foreign influence to export their ideology to other nations. Our model incorporates two fundamental elements: redistribution of the tax burden between capital owners and workers, and international capital mobility. The model highlights the role of ideology in shaping both the taxes implemented by governments and the cross-border externalities of these policy choices. Pro-capital governments set lower capital taxes than pro-labor governments. Importantly, pro-capital governments benefit from other countries setting low capital taxes, while pro-labor governments' efforts to shift the tax burden onto capital owners are facilitated by higher capital taxes abroad. These cross-border externalities create strong incentives for engaging in foreign influence activities. We solve for a political equilibrium in which incumbent governments may exert costly actions that probabilistically affect the electoral outcome in other countries. In equilibrium, pro-capital parties exert influence aimed at promoting pro-capital parties and policies worldwide, while pro-labor governments carry out foreign influence activities aimed at boosting pro-labor parties and policies in other countries

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31399
    Subjects: Ideologie; Internationale Beziehungen; Internationale Wirtschaft; Kapitalmobilität; Steuerpolitik; Analysis of Collective Decision-Making; International Factor Movements and International Business; International Relations, National Security, and International Political Economy; Intergovernmental Relations; Federalism; Secession; International Trade, Finance, Investment, Relations, and Aid
    Scope: 1 Online-Ressource, illustrations (black and white)
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  3. An 'Austrian' Model of Global Value Chains
    Author: Antràs, Pol
    Published: January 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    I develop a stylized model of multi-stage production in which the time length of each stage is endogenously determined. Letting the production process mature for a longer period of time increases labor productivity, but it comes at the cost of higher... more

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    I develop a stylized model of multi-stage production in which the time length of each stage is endogenously determined. Letting the production process mature for a longer period of time increases labor productivity, but it comes at the cost of higher working capital needs for firms. Under autarky, countries with lower interest rates feature longer production processes, higher labor productivity, and higher wages. In a free trade equilibrium, countries with lower interest rates specialize in relatively 'time intensive' stages in global value chains (GVCs). Yet, if free trade brings about interest rate equalization, wages are also equalized and the pattern of trade is instead shaped by capital intensity and capital abundance, regardless of the time intensity of the various stages. Reductions in trade costs lead to patterns of specialization associated with higher amounts of vertical specialization in world trade. A worldwide decline in interest rates similarly fosters an increase in the share of GVC trade in world trade. The framework also sheds light on the role of trade credit and trade finance in shaping international specialization

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30901
    Subjects: Globale Wertschöpfungskette; Internationale Arbeitsteilung; Realzins; Wirtschaftsmodell; Österreichische Schule; Wirtschaftstheorie; Trade; International Factor Movements and International Business; Macroeconomic Aspects of International Trade and Finance; Economic Impacts of Globalization
    Scope: 1 Online-Ressource, illustrations (black and white)
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  4. International Diversification, Reallocation, and the Labor Share
    Author: David, Joel M.; Rancière, Romain; Zeke, David
    Published: April 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    How does growing international financial diversification affect firm-level and aggregate labor shares? We study this question using a novel framework of firm labor choice in the face of aggregate risk. The theory implies a cross-section of labor risk... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    How does growing international financial diversification affect firm-level and aggregate labor shares? We study this question using a novel framework of firm labor choice in the face of aggregate risk. The theory implies a cross-section of labor risk premia and labor shares that appear as markups in firm-level data. International risk sharing leads to a reallocation of labor towards riskier/low labor share firms alongside a rise in within-firm labor shares, matching key micro-level facts. We use cross-country firm-level data to document a number of empirical patterns consistent with the theory, namely: (i) riskier firms have lower labor shares and (ii) international financial diversification is associated with a reallocation towards risky/low labor share firms. Our estimates suggest the reallocation effect has dominated the within effect in recent decades; on net, increased financial integration has reduced the corporate labor share in the US by about 2.5 percentage points, roughly one-third of the total decline since the 1970s

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31168
    Subjects: Internationale Geschäftsbeziehungen; Internationale Faktormobilität; Kapitalmobilität; Internationale Unternehmensfinanzierung; Lohnquote; Welt; International Factor Movements and International Business; International Investment; Long-Term Capital Movements; Multinational Firms; International Business; Macroeconomic Aspects of International Trade and Finance; Labor
    Scope: 1 Online-Ressource, illustrations (black and white)
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  5. China as an International Lender of Last Resort
    Author: Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; Trebesch, Christoph
    Published: April 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights into... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights into China's growing role in the global financial system. A key finding is that the global swap line network put in place by the People's Bank of China is increasingly used as a financial rescue mechanism, with more than USD 170 billion in liquidity support extended to crisis countries, including repeated rollovers of swaps coming due. The swaps bolster gross reserves and are mostly drawn by distressed countries with low liquidity ratios. In addition, we show that Chinese state-owned banks and enterprises have given out an additional USD 70 billion in rescue loans for balance of payments support. Taken together, China's overseas bailouts correspond to more than 20 percent of total IMF lending over the past decade and bailout amounts are growing fast. However, China's rescue loans differ from those of established international lenders of last resort in that they (i) are opaque, (ii) carry relatively high interest rates, and (iii) are almost exclusively targeted to debtors of China's Belt and Road Initiative. These findings have implications for the international financial and monetary architecture, which is becoming more multipolar, less institutionalized, and less transparent

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31105
    Subjects: Schuldenübernahme; Lender of Last Resort; Internationaler Kredit; Internationaler Finanzmarkt; Internationale Staatsschulden; Swap; China; International Factor Movements and International Business; International Monetary Arrangements and Institutions; International Policy Coordination and Transmission; Finance; International Financial Markets; Debt; Debt Management; Sovereign Debt; Asia including Middle East
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  6. Exporting, Global Sourcing, and Multinational Activity
    Theory and Evidence from the United States
    Author: Antràs, Pol; Fadeev, Evgenii; Fort, Teresa C.; Tintelnot, Felix
    Published: July 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Multinational firms (MNEs) dominate trade flows, yet their global production decisions are often ignored in firm-level studies of exporting and importing. Using newly merged data on US firms' trade and multinational activity by country, we show that... more

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Multinational firms (MNEs) dominate trade flows, yet their global production decisions are often ignored in firm-level studies of exporting and importing. Using newly merged data on US firms' trade and multinational activity by country, we show that MNEs are more likely to trade not only with countries in which they have affiliates, but also with other countries within their affiliates' region. We rationalize these patterns with a new source of firm-level scale economies that arises when country-specific fixed costs to source from, or sell in, a market are shared across all the MNE's plants. These shared fixed costs create interdependencies between a firm's production and trade locations that generate third-market responses to bilateral trade policy changes

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: NBER working paper series ; no. w31488
    Subjects: Multinationales Unternehmen; Internationale Geschäftsbeziehungen; Internationale Produktion; Auslandsinvestition; Ausländische Tochtergesellschaft; Außenwirtschaftspolitik; USA; Trade; International Factor Movements and International Business
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  7. China as an international lender of last resort
    Author: Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; Trebesch, Christoph
    Published: 2023
    Publisher:  Kiel Institute for the World Economy (IfW Kiel), Kiel

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