Pub Date : 2022-12-20DOI: 10.11644/kiep.eaer.conf.2019.49
Soyoung Kim, Kyung-Seol Min
{"title":"Long‐term\u0000 determinants of valuation effects","authors":"Soyoung Kim, Kyung-Seol Min","doi":"10.11644/kiep.eaer.conf.2019.49","DOIUrl":"https://doi.org/10.11644/kiep.eaer.conf.2019.49","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44284749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The progression of financial globalization increases the importance of valuation changes of foreign assets and liabilities, similar to that of current account in explaining the recent net foreign asset position of countries around the world. This study analyzes the long-term determinants of valuation effects by using panel regression with 10-year data span of 188 countries. The main findings are as follows. First, the size of foreign assets and relative portion of risky assets are positively associated with valuation effects, which suggests that general principles for long-term individual investors also hold for an entire country. Second, current account is negatively associated with valuation effects, which suggests that these two mechanisms stabilize each other in overall international adjustment process. Third, exchange rate changes are often positively associated with valuation effects, which at times depend on foreign asset and liability positions. Fourth, per capita GDP are negatively associated with valuation effects. Fifth, current account is mainly associated with valuation effects due to asset price changes, but exchange rate changes and foreign asset and liability positions are mainly associated with valuation effects due to exchange rate changes. The relative proportion of risky assets is associated with both types of valuation effects.
{"title":"Long-term determinants of valuation effects","authors":"Soyoung Kim, Kyunghee Min","doi":"10.1111/roie.12651","DOIUrl":"https://doi.org/10.1111/roie.12651","url":null,"abstract":"The progression of financial globalization increases the importance of valuation changes of foreign assets and liabilities, similar to that of current account in explaining the recent net foreign asset position of countries around the world. This study analyzes the long-term determinants of valuation effects by using panel regression with 10-year data span of 188 countries. The main findings are as follows. First, the size of foreign assets and relative portion of risky assets are positively associated with valuation effects, which suggests that general principles for long-term individual investors also hold for an entire country. Second, current account is negatively associated with valuation effects, which suggests that these two mechanisms stabilize each other in overall international adjustment process. Third, exchange rate changes are often positively associated with valuation effects, which at times depend on foreign asset and liability positions. Fourth, per capita GDP are negatively associated with valuation effects. Fifth, current account is mainly associated with valuation effects due to asset price changes, but exchange rate changes and foreign asset and liability positions are mainly associated with valuation effects due to exchange rate changes. The relative proportion of risky assets is associated with both types of valuation effects.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"8 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138528938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Currency internationalization and openness: A paradigm from renminbi","authors":"Huiqing Li, Daofan Jia, J. Li","doi":"10.1111/roie.12650","DOIUrl":"https://doi.org/10.1111/roie.12650","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45572418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Competition in taxes and intellectual property right","authors":"Ronald B. Davies, Yutao Han, K. Hynes, Yong Wang","doi":"10.1111/roie.12649","DOIUrl":"https://doi.org/10.1111/roie.12649","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45184697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Competition for multiproduct firms","authors":"Hong Feng, Jie Ma, Yang Yue","doi":"10.1111/roie.12648","DOIUrl":"https://doi.org/10.1111/roie.12648","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42577741","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The effect of intra‐firm linkages on firm productivity","authors":"Jaehan Cho, Bo‐Young Choi","doi":"10.1111/roie.12647","DOIUrl":"https://doi.org/10.1111/roie.12647","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41758974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Intra-firm trade, from parents to affiliates, has been combined with standard models of multinational production (MP) to deliver gravity-style predictions for foreign affiliates sales. Nonetheless, the evidence shows that intra-firm trade is concentrated among a small set of large multinational firms. Using firm level data from 35 countries, we document that only firms belonging to multinational corporations (MNCs) in the upper tail of the firm's size distribution are significantly affected by the distance to their parents. We present a simple framework featuring MNCs selection into intra-firm trade and derive the analytical gravity equations that are consistent with the empirical findings.
{"title":"Multinational production and intra-firm trade","authors":"Vanessa Alviarez, Ayhab F. Saad","doi":"10.1111/roie.12645","DOIUrl":"https://doi.org/10.1111/roie.12645","url":null,"abstract":"Intra-firm trade, from parents to affiliates, has been combined with standard models of multinational production (MP) to deliver gravity-style predictions for foreign affiliates sales. Nonetheless, the evidence shows that intra-firm trade is concentrated among a small set of large multinational firms. Using firm level data from 35 countries, we document that only firms belonging to multinational corporations (MNCs) in the upper tail of the firm's size distribution are significantly affected by the distance to their parents. We present a simple framework featuring MNCs selection into intra-firm trade and derive the analytical gravity equations that are consistent with the empirical findings.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"141 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138528926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. Brakman, Tijl Hendrich, Charles van Marrewijk, Jennifer Olsen
The trade literature often treats countries as dimensionless points, which is a strong assumption. Agglomeration or lumpiness of production factors within countries can affect the national pattern of trade. In this paper we analyze comparative advantage patterns for 22 cities and 4 regions for (a selection of) 83 sectors within The Netherlands. Our findings are as follows. First, analysis of the lens condition indicates that the regional concentration of production factors (lumpiness) does not affect the Dutch national trade pattern. Second, despite the fact that the lens condition is verified, comparative advantage patterns across locations differ significantly from each other. Third, the differences across locations of comparative advantage patterns is explained to some extent by the interaction of local skill-abundance and sector skillintensity, in line with the predictions of the factor abundance model. Moreover, at the sectoral level, location-specific variables such as market access or density, have limited effects. Fourth, most locations that house sectors that have a strong comparative (dis-) advantage relative to the Netherlands also have a strong comparative (dis-) advantage relative to the world. The results indicate that international trade policies and disputes, such as Brexit or the US-China trade war, can have strong local consequences.
{"title":"On the revealed comparative advantages of Dutch cities","authors":"S. Brakman, Tijl Hendrich, Charles van Marrewijk, Jennifer Olsen","doi":"10.1111/roie.12644","DOIUrl":"https://doi.org/10.1111/roie.12644","url":null,"abstract":"The trade literature often treats countries as dimensionless points, which is a strong assumption. Agglomeration or lumpiness of production factors within countries can affect the national pattern of trade. In this paper we analyze comparative advantage patterns for 22 cities and 4 regions for (a selection of) 83 sectors within The Netherlands. Our findings are as follows. First, analysis of the lens condition indicates that the regional concentration of production factors (lumpiness) does not affect the Dutch national trade pattern. Second, despite the fact that the lens condition is verified, comparative advantage patterns across locations differ significantly from each other. Third, the differences across locations of comparative advantage patterns is explained to some extent by the interaction of local skill-abundance and sector skillintensity, in line with the predictions of the factor abundance model. Moreover, at the sectoral level, location-specific variables such as market access or density, have limited effects. Fourth, most locations that house sectors that have a strong comparative (dis-) advantage relative to the Netherlands also have a strong comparative (dis-) advantage relative to the world. The results indicate that international trade policies and disputes, such as Brexit or the US-China trade war, can have strong local consequences.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47877602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Intra-firm trade, from parents to affiliates, has been combined with standard models of multinational production (MP) to deliver gravity-style predictions for foreign affiliates' sales. Nonetheless, the evidence shows that intra-firm trade is concentrated among a small set of large multinational firms. Using firm-level data from 35 countries, we document that only firms belonging to multinational corporations (MNCs) in the upper tail of the firms size distribution are significantly affected by the distance to their parents. We present a simple framework featuring MNCs selection into intra-firm trade and derive the analytical gravity equations that are consistent with the empirical findings.
{"title":"Multinational Production and Intra-firm Trade","authors":"Vanessa Alviarez, Ayhab F. Saad","doi":"10.18235/0004566","DOIUrl":"https://doi.org/10.18235/0004566","url":null,"abstract":"Intra-firm trade, from parents to affiliates, has been combined with standard models of multinational production (MP) to deliver gravity-style predictions for foreign affiliates' sales. Nonetheless, the evidence shows that intra-firm trade is concentrated among a small set of large multinational firms. Using firm-level data from 35 countries, we document that only firms belonging to multinational corporations (MNCs) in the upper tail of the firms size distribution are significantly affected by the distance to their parents. We present a simple framework featuring MNCs selection into intra-firm trade and derive the analytical gravity equations that are consistent with the empirical findings.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47378717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial globalization and monetary transmission","authors":"Simone Auer","doi":"10.1111/roie.12642","DOIUrl":"https://doi.org/10.1111/roie.12642","url":null,"abstract":"","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46841974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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