Peter Egger, Constantinos Syropoulos, Yoto V. Yotov
Inspired by the increased interest in economic sanctions and their consequences, this special issue contains a collection of studies by experts aiming to reflect the recent developments and trends in the literature on economic sanctions. The contributions contain theoretical research on the topic, data collection, and empirical work on the impact, effectiveness and success of sanctions. Moreover, the contributions come from economists and political scientists and are, therefore, interdisciplinary in nature. In this introduction, we highlight each paper in the volume by summarizing its salient features and by placing them in the broader context of the literature on economic sanctions. We also synthesize several takeaways and conclude by identifying questions we believe future research should shed further light on.
{"title":"Analyzing the effects of economic sanctions: Recent theory, data, and quantification","authors":"Peter Egger, Constantinos Syropoulos, Yoto V. Yotov","doi":"10.1111/roie.12724","DOIUrl":"https://doi.org/10.1111/roie.12724","url":null,"abstract":"Inspired by the increased interest in economic sanctions and their consequences, this special issue contains a collection of studies by experts aiming to reflect the recent developments and trends in the literature on economic sanctions. The contributions contain theoretical research on the topic, data collection, and empirical work on the impact, effectiveness and success of sanctions. Moreover, the contributions come from economists and political scientists and are, therefore, interdisciplinary in nature. In this introduction, we highlight each paper in the volume by summarizing its salient features and by placing them in the broader context of the literature on economic sanctions. We also synthesize several takeaways and conclude by identifying questions we believe future research should shed further light on.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"171 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139496090","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}
We extend Bond and Gresik (On the incentive compatibility of universal adoption of destination-based cash flow taxation, International Tax and Public Finance, October 2022) by analyzing the equilibrium capital expense deduction policies that arise when countries compete for multinational investment under destination-based taxation. Bond and Gresik proved that destination-base cash flow taxation cannot arise as a tax competition equilibrium. We show that policies that allow for no deduction (income taxation) and those that allow a partial deduction can arise in equilibrium. In the former case, public good provision will be efficient. In the latter case, weak over-provision of the public good will arise.
我们扩展了 Bond 和 Gresik（《论普遍采用基于目的地的现金流征税的激励相容性》，《国际税收与公共财政》，2022 年 10 月）的研究，分析了在基于目的地的征税下，当各国竞争跨国投资时出现的均衡资本支出扣除政策。Bond 和 Gresik 证明，基于目的地的现金流征税不可能作为税收竞争均衡出现。我们的研究表明，不允许扣除（所得税）和允许部分扣除的政策可以在均衡中出现。在前一种情况下，公共产品的提供将是有效的。在后一种情况下，会出现公共产品的弱过度供给。
{"title":"Tax policy competition under destination-based taxation","authors":"Thomas Beyer, Thomas A. Gresik","doi":"10.1111/roie.12729","DOIUrl":"https://doi.org/10.1111/roie.12729","url":null,"abstract":"We extend Bond and Gresik (On the incentive compatibility of universal adoption of destination-based cash flow taxation, <i>International Tax and Public Finance</i>, October 2022) by analyzing the equilibrium capital expense deduction policies that arise when countries compete for multinational investment under destination-based taxation. Bond and Gresik proved that destination-base cash flow taxation cannot arise as a tax competition equilibrium. We show that policies that allow for no deduction (income taxation) and those that allow a partial deduction can arise in equilibrium. In the former case, public good provision will be efficient. In the latter case, weak over-provision of the public good will arise.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"19 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139423614","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}
We bring together three prominent literatures to show how jobs create an intergenerational externality. Employment acts as an asset, allowing current generations to borrow from future generations. The competitive equilibrium is not Pareto efficient, and the policies preferred by the current generation differ from the policies that maximize the welfare of future generations. We illustrate with an application to international trade.
{"title":"Samuelson, Mortensen, and Melitz walk into a chocolate bar: A tale of jobs, inter-generational conflict, and international trade","authors":"Carl Davidson, Steven Matusz","doi":"10.1111/roie.12727","DOIUrl":"https://doi.org/10.1111/roie.12727","url":null,"abstract":"We bring together three prominent literatures to show how jobs create an intergenerational externality. Employment acts as an asset, allowing current generations to borrow from future generations. The competitive equilibrium is not Pareto efficient, and the policies preferred by the current generation differ from the policies that maximize the welfare of future generations. We illustrate with an application to international trade.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"82 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139422431","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}
This article estimates the pass-through of different shocks into different U.S. prices that are important for policy makers. The investigation is based on a structural vector autoregression model, where quarterly data are used. The empirical results depict oil price pass-through, exchange rate pass-through, import-price pass-through, and producer price pass-through into import prices, producer prices, and consumer prices for the U.S. economy. Policy implications suggest that achieving and sustaining consumer price stability highly depend on monitoring the developments in oil prices, followed by import prices and producer prices.
{"title":"Pass-through of shocks into different U.S. prices","authors":"Hakan Yilmazkuday","doi":"10.1111/roie.12726","DOIUrl":"https://doi.org/10.1111/roie.12726","url":null,"abstract":"This article estimates the pass-through of different shocks into different U.S. prices that are important for policy makers. The investigation is based on a structural vector autoregression model, where quarterly data are used. The empirical results depict oil price pass-through, exchange rate pass-through, import-price pass-through, and producer price pass-through into import prices, producer prices, and consumer prices for the U.S. economy. Policy implications suggest that achieving and sustaining consumer price stability highly depend on monitoring the developments in oil prices, followed by import prices and producer prices.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"3 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139375233","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}
Bilateral trade relationships between countries vary across products. Such heterogeneity poses challenges when assessing the economic impacts of trade agreements. This paper estimates bilateral trade elasticities at the product level and explores these impacts using a hypothetical no-deal Brexit as an example. Our findings indicate that the European Union's demand for the United Kingdom products is often less elastic compared to products from other trading partners. We also observed substantial heterogeneity in the elasticities across products and a negative correlation between these elasticities and tariffs. These factors mitigate extent of trade welfare losses compared to a scenario using homogeneous elasticities.
{"title":"Quantifying economic impacts of trade agreements with heterogeneous trade elasticities","authors":"Hiau Looi Kee, Alessandro Nicita","doi":"10.1111/roie.12723","DOIUrl":"https://doi.org/10.1111/roie.12723","url":null,"abstract":"Bilateral trade relationships between countries vary across products. Such heterogeneity poses challenges when assessing the economic impacts of trade agreements. This paper estimates bilateral trade elasticities at the product level and explores these impacts using a hypothetical no-deal Brexit as an example. Our findings indicate that the European Union's demand for the United Kingdom products is often less elastic compared to products from other trading partners. We also observed substantial heterogeneity in the elasticities across products and a negative correlation between these elasticities and tariffs. These factors mitigate extent of trade welfare losses compared to a scenario using homogeneous elasticities.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"24 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139054808","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}
Bilateral trade relationships between countries vary across products. Such heterogeneity poses challenges when assessing the economic impacts of trade agreements. This paper estimates bilateral trade elasticities at the product level and explores these impacts using a hypothetical no‐deal Brexit as an example. Our findings indicate that the European Union's demand for the United Kingdom products is often less elastic compared to products from other trading partners. We also observed substantial heterogeneity in the elasticities across products and a negative correlation between these elasticities and tariffs. These factors mitigate extent of trade welfare losses compared to a scenario using homogeneous elasticities.
{"title":"Quantifying Economic Impacts of Trade Agreements with Heterogeneous Trade Elasticities","authors":"H. Kee, Alessandro Nicita","doi":"10.1596/1813-9450-10634","DOIUrl":"https://doi.org/10.1596/1813-9450-10634","url":null,"abstract":"Bilateral trade relationships between countries vary across products. Such heterogeneity poses challenges when assessing the economic impacts of trade agreements. This paper estimates bilateral trade elasticities at the product level and explores these impacts using a hypothetical no‐deal Brexit as an example. Our findings indicate that the European Union's demand for the United Kingdom products is often less elastic compared to products from other trading partners. We also observed substantial heterogeneity in the elasticities across products and a negative correlation between these elasticities and tariffs. These factors mitigate extent of trade welfare losses compared to a scenario using homogeneous elasticities.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"60 24","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139171797","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}
We estimate a gravity model for 205 countries, with data from 1954 to 2014, allowing for multiple layers of heterogeneity. The first layer arises from the interactions between a set of traditional gravity variables. The second one comes from country pairs that differ in values of the binary time-independent gravity variables. Further layers come from different income groups and regions. Our results show the importance of heterogeneities at various levels. For instance, landlockedness is less restrictive when trading partners are contiguous or colonially linked. We also find, for example, that the positive interaction between landlockedness and contiguity is more (less) pronounced when non-high-income countries import (export) or when Middle East and North Africa (MENA) countries import, and the negative interaction between landlockedness and language similarities is stronger when MENA countries export.
{"title":"Estimating gravity coefficients with multiple layers of heterogeneity","authors":"Erick Kitenge, Sajal Lahiri","doi":"10.1111/roie.12721","DOIUrl":"https://doi.org/10.1111/roie.12721","url":null,"abstract":"We estimate a gravity model for 205 countries, with data from 1954 to 2014, allowing for multiple layers of heterogeneity. The first layer arises from the interactions between a set of traditional gravity variables. The second one comes from country pairs that differ in values of the binary time-independent gravity variables. Further layers come from different income groups and regions. Our results show the importance of heterogeneities at various levels. For instance, landlockedness is less restrictive when trading partners are contiguous or colonially linked. We also find, for example, that the positive interaction between landlockedness and contiguity is more (less) pronounced when non-high-income countries import (export) or when Middle East and North Africa (MENA) countries import, and the negative interaction between landlockedness and language similarities is stronger when MENA countries export.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"71 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138690905","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}
We examine how variation in the severity of government intervention in response to the COVID-19 pandemic impacted trade, using a novel dataset on monthly bilateral trade flows between Canadian provinces and U.S. states. Our results show that differences in the collections of policy responses employed by states and provinces throughout the course of the pandemic have had a significant and heterogeneous impact in accounting for variation in changes in aggregate province-state trade flows. Government interventions around workplace closures and gathering restrictions are associated with the largest drop in bilateral trade flows, especially when introduced by U.S. states and during periods when COVID-19 case rates are rising, while many pandemic restrictions have no statistically significant impact on trade flows.
{"title":"Spillovers from government policy during a crisis: Evidence from international trade during COVID-19 lockdowns","authors":"Miguel Cardoso, Brandon Malloy","doi":"10.1111/roie.12722","DOIUrl":"https://doi.org/10.1111/roie.12722","url":null,"abstract":"We examine how variation in the severity of government intervention in response to the COVID-19 pandemic impacted trade, using a novel dataset on monthly bilateral trade flows between Canadian provinces and U.S. states. Our results show that differences in the collections of policy responses employed by states and provinces throughout the course of the pandemic have had a significant and heterogeneous impact in accounting for variation in changes in aggregate province-state trade flows. Government interventions around workplace closures and gathering restrictions are associated with the largest drop in bilateral trade flows, especially when introduced by U.S. states and during periods when COVID-19 case rates are rising, while many pandemic restrictions have no statistically significant impact on trade flows.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"28 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138690667","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}
This paper explores the effects of bank lending shocks on the export behavior of Spanish firms. For that purpose, we combine data on exports at the firm-product-destination level with a matched bank-firm dataset incorporating information on the universe of corporate loans from 2002 to 2013. Armed with this dataset, we identify bank-year specific credit supply shocks and estimate their impact on firms' exports at the product-destination level. According to our estimates, credit supply shocks have sizable effects on both the intensive margin (amount exported) and the extensive margin of trade (decision to export).
{"title":"Trade and credit: Revisiting the evidence","authors":"Eduardo Gutiérrez, Enrique Moral-Benito","doi":"10.1111/roie.12719","DOIUrl":"https://doi.org/10.1111/roie.12719","url":null,"abstract":"This paper explores the effects of bank lending shocks on the export behavior of Spanish firms. For that purpose, we combine data on exports at the firm-product-destination level with a matched bank-firm dataset incorporating information on the universe of corporate loans from 2002 to 2013. Armed with this dataset, we identify bank-year specific credit supply shocks and estimate their impact on firms' exports at the product-destination level. According to our estimates, credit supply shocks have sizable effects on both the intensive margin (amount exported) and the extensive margin of trade (decision to export).","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"56 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138528885","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}
This study examines the impact of the Authorized Economic Operator (AEO) certification on export stability. Using a new and unique dataset on AEO certification, combined with the Chinese Customs Enterprise Database and Chinese Industrial Enterprise Database from 2002 to 2013, we find that AEO certification has a positive impact on export stability by employing a staggered difference‐in‐differences empirical strategy. It reduces the likelihood of export failure, enabling certified firms to achieve higher efficiency and maintain competitive advantages in trade risks. The negative effect of AEO certification on export failure is prominent in firms exporting products with higher prices, more physical inspection, and higher requirements of customs clearance time. Along with AEO adoption, certified firms perform better in export stability than non‐certified ones.
{"title":"Authorized economic operator certification and export stability: Evidence from China's firms","authors":"Hang Zheng, Jian Han, Yiqun Liu","doi":"10.1111/roie.12720","DOIUrl":"https://doi.org/10.1111/roie.12720","url":null,"abstract":"This study examines the impact of the Authorized Economic Operator (AEO) certification on export stability. Using a new and unique dataset on AEO certification, combined with the Chinese Customs Enterprise Database and Chinese Industrial Enterprise Database from 2002 to 2013, we find that AEO certification has a positive impact on export stability by employing a staggered difference‐in‐differences empirical strategy. It reduces the likelihood of export failure, enabling certified firms to achieve higher efficiency and maintain competitive advantages in trade risks. The negative effect of AEO certification on export failure is prominent in firms exporting products with higher prices, more physical inspection, and higher requirements of customs clearance time. Along with AEO adoption, certified firms perform better in export stability than non‐certified ones.","PeriodicalId":47712,"journal":{"name":"Review of International Economics","volume":"48 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139243440","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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