Pub Date : 2024-02-09DOI: 10.1016/j.jinteco.2024.103895
Loren Brandt, Kevin Lim
China’s rapid export growth has spurred extensive research investigating its effects on other economies. The exact causes of the boom as well as the slowdown in Chinese exporting after 2007 are less well-understood. We quantify the drivers of Chinese export growth using a general equilibrium model estimated with detailed trade and production data that capture rich heterogeneity across destinations, firm ownership types, production locations, and sectors. We find that the three key drivers of Chinese export growth overall are rising foreign demand, improvements in access to imported intermediates, and factor productivity growth within China. Weakening foreign demand and a lack of further improvements in imported inputs access largely explain the slowdown in exporting after 2007. Furthermore, important differences especially across sectors and firms of different ownership types caution against any single narrative.
{"title":"Opening up in the 21st century: A quantitative accounting of Chinese export growth","authors":"Loren Brandt, Kevin Lim","doi":"10.1016/j.jinteco.2024.103895","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103895","url":null,"abstract":"<div><p>China’s rapid export growth has spurred extensive research investigating its effects on other economies. The exact causes of the boom as well as the slowdown in Chinese exporting after 2007 are less well-understood. We quantify the drivers of Chinese export growth using a general equilibrium model estimated with detailed trade and production data that capture rich heterogeneity across destinations, firm ownership types, production locations, and sectors. We find that the three key drivers of Chinese export growth overall are rising foreign demand, improvements in access to imported intermediates, and factor productivity growth within China. Weakening foreign demand and a lack of further improvements in imported inputs access largely explain the slowdown in exporting after 2007. Furthermore, important differences especially across sectors and firms of different ownership types caution against any single narrative.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000199/pdfft?md5=5d2f5defbded0fad8a692032079fff31&pid=1-s2.0-S0022199624000199-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139732773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-06DOI: 10.1016/j.jinteco.2024.103896
Guido Ascari , Luca Fosso
A trend-cycle BVAR decomposition investigates the role of different slow-moving trends – i.e., globalization, expectations, automation, labor demand and supply – in shaping the slow-moving dynamics of trend inflation. Despite well-anchored expectations, slow-moving imported “cost-push” factors induced disinflationary pressure keeping trend inflation below target. The cycle block provides evidence of inflation volatility increasingly driven by international factors. These results can explain why, from 2000 in the U.S. and before the recent surge, inflation remained both below target and silent to domestic slack.
{"title":"The international dimension of trend inflation","authors":"Guido Ascari , Luca Fosso","doi":"10.1016/j.jinteco.2024.103896","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103896","url":null,"abstract":"<div><p>A trend-cycle BVAR decomposition investigates the role of different slow-moving trends – i.e., globalization, expectations, automation, labor demand and supply – in shaping the slow-moving dynamics of trend inflation. Despite well-anchored expectations, slow-moving imported “cost-push” factors induced disinflationary pressure keeping trend inflation below target. The cycle block provides evidence of inflation volatility increasingly driven by international factors. These results can explain why, from 2000 in the U.S. and before the recent surge, inflation remained both below target and silent to domestic slack.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000205/pdfft?md5=c3b039a6a4b0e494f573d0b352d0920e&pid=1-s2.0-S0022199624000205-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139718342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-02DOI: 10.1016/j.jinteco.2024.103894
Nina Biljanovska , Alexandros P. Vardoulakis
We introduce heterogeneity between workers and entrepreneurs in a standard Fisherian model to study Sudden Stop dynamics and optimal policy. The distinction between workers and entrepreneurs introduces a redistributive motive that meaningfully interacts with Fisherian deflation. While in tranquil times redistribution is driven by the relative marginal utilities of consumption, the planner additionally favors entrepreneurs during Sudden Stops to mitigate Fisherian deflation. We show how heterogeneity adds to the understanding of how ex ante and ex post policies can be best designed to alleviate the negative effects of Sudden Stops.
{"title":"Sudden Stops and optimal policy in a two-agent economy","authors":"Nina Biljanovska , Alexandros P. Vardoulakis","doi":"10.1016/j.jinteco.2024.103894","DOIUrl":"10.1016/j.jinteco.2024.103894","url":null,"abstract":"<div><p>We introduce heterogeneity between workers and entrepreneurs in a standard Fisherian model to study Sudden Stop dynamics and optimal policy. The distinction between workers and entrepreneurs introduces a redistributive motive that meaningfully interacts with Fisherian deflation. While in tranquil times redistribution is driven by the relative marginal utilities of consumption, the planner additionally favors entrepreneurs during Sudden Stops to mitigate Fisherian deflation. We show how heterogeneity adds to the understanding of how ex ante and ex post policies can be best designed to alleviate the negative effects of Sudden Stops.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139678384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-02DOI: 10.1016/j.jinteco.2024.103893
Gaetano Bloise , Yiannis Vailakis
We revisit the occurrence of self-fulfilling crises in sovereign debt markets under time-varying interest rates and growth in Eaton and Gersovitz (1981)’s model. We show that, when long-term interest rates exceed growth, insolvency is solely caused by the exhaustion of the sovereign’s debt repayment capacity subject to limited commitment. Indeed, high interest rates impose discipline on market sentiments, because creditors necessarily become more optimistic about solvency when the sovereign reduces debt exposure. Creditors’ beliefs respond instead ambiguously under low interest rates fluctuating around growth. As long as interest rates exceed growth, debt reduction alleviates the fiscal burden. However, the sovereign also benefits from the prospect of rolling over outstanding debt as long as interest rates remain below growth. Thus, creditors’ sentiments might adjust adversely to fiscal consolidation. When the default punishment is not disproportionately severe, this mechanism sustains belief-driven debt crises even when fundamentals would otherwise ensure solvency.
{"title":"Sovereign debt crises and low interest rates","authors":"Gaetano Bloise , Yiannis Vailakis","doi":"10.1016/j.jinteco.2024.103893","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103893","url":null,"abstract":"<div><p>We revisit the occurrence of self-fulfilling crises in sovereign debt markets under time-varying interest rates and growth in Eaton and Gersovitz (1981)’s model. We show that, when long-term interest rates exceed growth, insolvency is solely caused by the exhaustion of the sovereign’s debt repayment capacity subject to limited commitment. Indeed, high interest rates impose discipline on market sentiments, because creditors necessarily become more optimistic about solvency when the sovereign reduces debt exposure. Creditors’ beliefs respond instead ambiguously under low interest rates fluctuating around growth. As long as interest rates exceed growth, debt reduction alleviates the fiscal burden. However, the sovereign also benefits from the prospect of rolling over outstanding debt as long as interest rates remain below growth. Thus, creditors’ sentiments might adjust adversely to fiscal consolidation. When the default punishment is not disproportionately severe, this mechanism sustains belief-driven debt crises even when fundamentals would otherwise ensure solvency.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000175/pdfft?md5=1880bd5418bb4e05bb69dbd47b4fefd2&pid=1-s2.0-S0022199624000175-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139732772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using linked employer–employee data for Germany, we provide evidence for job polarisation between firms and identify offshoring as an important determinant of these employment changes. To accommodate these findings, we set up a model in which offshoring to a low-wage country can lead to job polarisation in the high-wage country due to a reallocation of labour across firms that differ in productivity and pay wages that are positively linked to their profits. Offshoring is chosen only by the most productive firms, and only for those tasks with the lowest variable offshoring costs. A reduction in those variable costs increases offshoring at the intensive and at the extensive margin. Well in line with our evidence, this causes domestic employment shifts from the newly offshoring firms in the middle of the productivity distribution to firms at the tails of this distribution, paying either very low or very high wages.
{"title":"Offshoring and job polarisation between firms","authors":"Hartmut Egger , Udo Kreickemeier , Christoph Moser , Jens Wrona","doi":"10.1016/j.jinteco.2024.103892","DOIUrl":"10.1016/j.jinteco.2024.103892","url":null,"abstract":"<div><p>Using linked employer–employee data for Germany, we provide evidence for job polarisation between firms and identify offshoring as an important determinant of these employment changes. To accommodate these findings, we set up a model in which offshoring to a low-wage country can lead to job polarisation in the high-wage country due to a reallocation of labour across firms that differ in productivity and pay wages that are positively linked to their profits. Offshoring is chosen only by the most productive firms, and only for those tasks with the lowest variable offshoring costs. A reduction in those variable costs increases offshoring at the intensive and at the extensive margin. Well in line with our evidence, this causes domestic employment shifts from the newly offshoring firms in the middle of the productivity distribution to firms at the tails of this distribution, paying either very low or very high wages.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199624000163/pdfft?md5=5329895222dc60571330126d7370f891&pid=1-s2.0-S0022199624000163-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139646435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-18DOI: 10.1016/j.jinteco.2024.103889
Dominick Bartelme , Oren Ziv
We document that plants belonging to small and mid-sized firms are geographically concentrated, while large firms are much more dispersed. These differences are sizable; firms with 2 plants have a dispersion that is 5 log points lower than predicted by industry location patterns, while the corresponding figure is less than 2 log points for firms with 40 plants and less than a half log point for firms with 100 or more plants. These patterns are qualitatively robust across industries, time periods, and alternative specifications. We also find that plants that are farther from the firm headquarters employ less workers than closer plants within the same firm, and that this relationship is attenuated in large firms. We interpret these findings through the lens of a model of plant location in which more productive firms endogenously choose to lower their cost of geographic expansion.
{"title":"The internal geography of firms","authors":"Dominick Bartelme , Oren Ziv","doi":"10.1016/j.jinteco.2024.103889","DOIUrl":"10.1016/j.jinteco.2024.103889","url":null,"abstract":"<div><p>We document that plants belonging to small and mid-sized firms are geographically concentrated, while large firms are much more dispersed. These differences are sizable; firms with 2 plants have a dispersion that is 5 log points lower than predicted by industry location patterns, while the corresponding figure is less than 2 log points for firms with 40 plants and less than a half log point for firms with 100 or more plants. These patterns are qualitatively robust across industries, time periods, and alternative specifications. We also find that plants that are farther from the firm headquarters employ less workers than closer plants within the same firm, and that this relationship is attenuated in large firms. We interpret these findings through the lens of a model of plant location in which more productive firms endogenously choose to lower their cost of geographic expansion.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139514774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-18DOI: 10.1016/j.jinteco.2024.103891
Emily J. Blanchard , Chad P. Bown , Davin Chor
We uncover evidence that the US–China trade war was consequential for voting outcomes in the 2018 congressional midterm election. Republican House candidates lost support in counties more exposed to tariff retaliation, but saw no appreciable gains in counties that received more direct US tariff protection. The electoral losses were only modestly mitigated by the US agricultural subsidies announced in summer 2018. Republicans also fared worse in counties that had seen recent gains in health insurance coverage (where efforts to repeal the Affordable Care Act may have been more consequential), and where a new federal cap on state and local tax (SALT) deductions disadvantaged more taxpayers. Counterfactual calculations suggest that Republicans would have lost ten fewer House seats absent the trade war, in a similar range to either health care or SALT policies in the number of lost seats it can account for.
我们发现了中美贸易战对 2018 年国会中期选举投票结果产生影响的证据。共和党众议院候选人在更容易受到关税报复影响的县失去了支持,但在更直接受到美国关税保护的县却没有明显增加。美国在 2018 年夏季宣布的农业补贴仅适度缓解了选举损失。共和党在医疗保险覆盖率近期有所提高(在这些地区,废除《平价医疗法案》的努力可能会产生更大的影响),以及联邦对州和地方税(SALT)扣除额新设上限使更多纳税人处于不利地位的县的表现也较差。反事实计算表明,如果不发生贸易战,共和党失去的众议院席位将减少 10 个,其损失的席位数与医疗保健或 SALT 政策损失的席位数相近。
{"title":"Did Trump’s trade war impact the 2018 election?","authors":"Emily J. Blanchard , Chad P. Bown , Davin Chor","doi":"10.1016/j.jinteco.2024.103891","DOIUrl":"10.1016/j.jinteco.2024.103891","url":null,"abstract":"<div><p>We uncover evidence that the US–China trade war was consequential for voting outcomes in the 2018 congressional midterm election. Republican House candidates lost support in counties more exposed to tariff retaliation, but saw no appreciable gains in counties that received more direct US tariff protection. The electoral losses were only modestly mitigated by the US agricultural subsidies announced in summer 2018. Republicans also fared worse in counties that had seen recent gains in health insurance coverage (where efforts to repeal the Affordable Care Act may have been more consequential), and where a new federal cap on state and local tax (SALT) deductions disadvantaged more taxpayers. Counterfactual calculations suggest that Republicans would have lost ten fewer House seats absent the trade war, in a similar range to either health care or SALT policies in the number of lost seats it can account for.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139517118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-17DOI: 10.1016/j.jinteco.2024.103888
Siming Liu , Chang Ma , Hewei Shen
Over the past two decades, emerging market economies have improved their liability structures by increasing the share of their debt denominated in local currency. This paper introduces a local currency debt (i.e., in units of aggregate consumption) into a sudden stop model and explores how this alternative structure sheds new perspectives on financial regulations. Decentralized agents do not internalize the effects of their portfolio decisions on financial amplification and undervalue the insurance benefit of using local currency debt. However, due to debt-deflation incentives and the cost of buying insurance, a discretionary planner is reluctant to issue local currency debts, and capital controls are primarily used to restrict credit volumes. In contrast, a social planner with commitment would promise a higher future payoff to obtain a more favorable bond price. The capital control under commitment encourages borrowing in local currency, mitigates the severity of crises, and improves welfare relative to laissez-faire.
{"title":"Sudden stop with local currency debt","authors":"Siming Liu , Chang Ma , Hewei Shen","doi":"10.1016/j.jinteco.2024.103888","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103888","url":null,"abstract":"<div><p>Over the past two decades, emerging market economies have improved their liability structures by increasing the share of their debt denominated in local currency. This paper introduces a local currency debt (i.e., in units of aggregate consumption) into a sudden stop model and explores how this alternative structure sheds new perspectives on financial regulations. Decentralized agents do not internalize the effects of their portfolio decisions on financial amplification and undervalue the insurance benefit of using local currency debt. However, due to debt-deflation incentives and the cost of buying insurance, a discretionary planner is reluctant to issue local currency debts, and capital controls are primarily used to restrict credit volumes. In contrast, a social planner with commitment would promise a higher future payoff to obtain a more favorable bond price. The capital control under commitment encourages borrowing in local currency, mitigates the severity of crises, and improves welfare relative to laissez-faire.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139503935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-14DOI: 10.1016/j.jinteco.2024.103890
Haoyuan Ding , Shu Lin , Shujie Wu , Haichun Ye
We study the financial spillovers of Foreign Direct Investment (FDI) to local suppliers through a trade credit channel and a bank loan channel. Using rich Chinese firm-level data, we provide robust evidence that a high concentration of FDI in downstream industries substantially reduces domestic suppliers' trade credit provision and improves their access to bank loans, especially unsecured loans. A variety of empirical strategies suggest that the effects are causal. Furthermore, the beneficial bank loan effect is more pronounced for local suppliers facing more severe information frictions. We also use supplier-customer links to provide additional evidence for FDI's financial spillovers.
{"title":"Financial spillovers of foreign direct investment: Evidence from China","authors":"Haoyuan Ding , Shu Lin , Shujie Wu , Haichun Ye","doi":"10.1016/j.jinteco.2024.103890","DOIUrl":"https://doi.org/10.1016/j.jinteco.2024.103890","url":null,"abstract":"<div><p><span>We study the financial spillovers<span> of Foreign Direct Investment (FDI) to local suppliers through a trade credit channel and a bank loan channel. Using rich Chinese firm-level data, we provide robust evidence that a high concentration of FDI in downstream </span></span>industries substantially reduces domestic suppliers' trade credit provision and improves their access to bank loans, especially unsecured loans. A variety of empirical strategies suggest that the effects are causal. Furthermore, the beneficial bank loan effect is more pronounced for local suppliers facing more severe information frictions. We also use supplier-customer links to provide additional evidence for FDI's financial spillovers.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139503936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-12DOI: 10.1016/j.jinteco.2023.103819
Rowena Gray , Greg C. Wright
We estimate the short- and long-run local labor market impacts of the large increase in U.S. imports and exports that occurred over the 1970s. We exploit the sequential opening of overseas shipping container ports over the period, which generated export and import shocks that were largely non-overlapping across U.S. labor markets thereby providing substantial variation to distinguish their effects. We find that the average net impact on the employment-to-population ratio was positive and concentrated in the initial decade, with little longer-run impact. At the same time, in-migration due to the export shock greatly exceeded out-migration due to the import shock. We show that these different migration responses were largely due to asymmetry in the housing supply curve. The largest gains accrued to residents of labor markets that simultaneously experienced a relatively large export shock, had a relatively low housing supply elasticity, and had a relatively high home-ownership rate.
{"title":"A rising tide? The local incidence of the second wave of globalization","authors":"Rowena Gray , Greg C. Wright","doi":"10.1016/j.jinteco.2023.103819","DOIUrl":"10.1016/j.jinteco.2023.103819","url":null,"abstract":"<div><p>We estimate the short- and long-run local labor market impacts of the large increase in U.S. imports and exports that occurred over the 1970s. We exploit the sequential opening of overseas shipping container ports over the period, which generated export and import shocks that were largely non-overlapping across U.S. labor markets thereby providing substantial variation to distinguish their effects. We find that the average net impact on the employment-to-population ratio was positive and concentrated in the initial decade, with little longer-run impact. At the same time, in-migration due to the export shock greatly exceeded out-migration due to the import shock. We show that these different migration responses were largely due to asymmetry in the housing supply curve. The largest gains accrued to residents of labor markets that simultaneously experienced a relatively large export shock, had a relatively low housing supply elasticity, and had a relatively high home-ownership rate.</p></div>","PeriodicalId":16276,"journal":{"name":"Journal of International Economics","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0022199623001058/pdfft?md5=d1e25e29c1432c8a607b999c7edc1f5d&pid=1-s2.0-S0022199623001058-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139459100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}