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The World Economy
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#1Nathalie Jorzik (Heidelberg University)
#2Frank Mueller-Langer (MPG: Max Planck Society)H-Index: 7
We study the endogenous network formation of bilateral and multilateral trade agreements by means of hypergraphs and introduce the equilibrium concept of multilateral stability. We consider multi-country settings with a firm in each country that produces a homogeneous good and competes as a Cournot oligopolist in each market. Under endogenous tariffs, we find that the existence of a multilateral trade agreement is always necessary for the stability of the trading system and that the formation of...
#1Michael Donadelli (Ca' Foscari University of Venice)H-Index: 7
#2Luca Gerotto (Ca' Foscari University of Venice)
Last.Daniela Arzu (UNIBO: University of Bologna)
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#1Changyuan Luo (Fudan University)H-Index: 1
#2Yan Zhi (Shanghai Academy of Social Sciences)
We evaluate the direct impact of China trade shock on the Korean labor market following the approach of Acemoglu et al. (2016). Using firm- and industry-level data for the period 1993–2013, our direct estimates imply that the net employment effect of the China shock in the manufacturing sector is the creation of 0.52 million jobs. The positive impact is mostly driven by China’s rising demand for intermediate inputs and capital goods from Korea to support its export expansion to the global ec...
#1T. Huw EdwardsH-Index: 4
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This paper was presented at XIX Conference on International Economics, Castellon, Spain, 28 Jun 2018 – Fri, 29 Jun 2018. This paper is in closed access until 24 months after publication.
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Traditional carry trade strategies are based on differences in short-term interest rates, neglecting any other information embedded in yield curves. We derive return distributions of carry trade portfolios among G10 currencies, where the signals to buy and sell currencies are based on summary measures of the yield curve, the Nelson-Siegel factors. We find that a strategy based on the relative curvature factor, the curvy trade, yields higher Sharpe ratios and a smaller return skewness than tradit...
#1Salvador Gil-ParejaH-Index: 13
Last.Jordi PaniaguaH-Index: 7
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This paper performs a structural gravity estimation of the effect of commercial law conventions on international trade flows. We focus on trade law agreements aimed to privately resolve disputes among partners: international commercial arbitration, model law and conciliation. Our results suggest three interesting traits. First, international dispute resolution mechanisms have a moderate positive impact on trade, which is stronger for similar country-pairs in terms of income. Second, this effect ...
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