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10.11.2016
1 Minute
Exchange rate exposure of firms diminishes when imported
intermediates and exports are denominated in currencies that move
together. Appreciations of the domestic currency, raising foreign
currency export prices, then also reduce marginal costs, allowing
firms to counter the increase in foreign prices. Using firm-level
data from seven European countries I estimate a structural model
showing how exchange rate pass-through into sales depends on
intermediate imports and the co-movement of export and import
related exchange rates. I find that operational hedging requires
firms to intentionally choose export and import regions with
comoving currencies. Analyzing the locational choice of firms
confirms that the co-movement of currencies indeed appears to be
taken into consideration
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12.10.2016
1 Minute
We study how foreign competition affects the composition of
investments inside firms. A parsimonious model predicts that firms
have an incentive to shift their investments towards more
short-term assets when exposed to tougher competition. Using data
on expenditures of listed US companies into various asset classes
with different lifespans, we document empirical evidence that is
consistent with this prediction. Over a fifteen year period between
1995 and 2009, the rise in import competition is associated with a
reduction of the firm-specific asset lifespan by about 4.5% on
average. We additionally exploit the Chinese WTO accession as an
exogenous shock in firm expectations about future exposure to
competition.
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09.09.2016
1 Minute
Hans Albert hat in einigen Arbeiten den apriorischen Charakter des
„neoklassischen Denkstils” kritisiert und treffend als
„Modellplatonismus” bezeichnet. Die apriorische Denkhaltung findet
sich aber nicht nur in der von Albert kritisierten Neoklassik,
sondern vielleicht noch ausgeprägterer bei vielen modellfeindlichen
Theoretikern, wie etwa den Österreichern, den Ordnungstheoretikern,
den Vertretern der „constitutional economics” oder manchen neueren
Vertretern der sozialen Marktwirtschaft. Es erscheint mir deshalb
sinnvoll, dem Begriff „Modellplatonismus” den Begriff
„Ordnungsplatonismus” an die Seite zu stellen. Die folgenden
Bemerkungen sollen diese Kritik etwas erläutern.
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01.07.2016
1 Minute
The lack of coordination in the resolution of multinational banks
has led to demands for the increased centralization of resolution
regimes. However, as this paper argues, the anticipation of
resolution procedures affects the incentives of host countries to
impose capital standards on their resident banks. Critically, it is
shown that overall welfare can even be decreased by introducing a
centralized resolution regime without fully centralizing capital
requirements. As, in the aftermath of the financial crisis, only
countries that are not part of a supranational resolution regime
unilaterally and significantly increased the capital requirements
for their largest resident banks, this paper can help to understand
and study the heterogeneity of the observed regulatory approaches.
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01.07.2016
1 Minute
This paper examines how IT influences global sourcing decisions. It
develops a theoretical model to study how IT determines the
decisions of firms located in the high-wage North whether to
offshore production to a low-wage country in the South. Offshoring
to South however is subject to costly communication reflected by
partially incomplete contracting. More sophisticated IT allows more
efficient communication between the Northern headquarter and its
Southern intermediate input supplier and alleviates contractual
frictions. The model provides several predictions about the impact
of IT on the organization of the global supply chain. Complex
industries for which codifiability and verifiability of information
is a much harder task, are more likely to source intermediate
inputs in countries with more efficient IT infrastructure.
Considering the mode of firm organization, more efficient IT
infrastructure is expected to reduce the share of intra-firm trade
in more complex industries. These predictions are examined and
validated using disaggregated industry-level trade data. Most
importantly, these findings are robust to controlling for
well-known sources of comparative advantage and determinants of
firm organization such as factor endowments, financial development
and contract enforcement.
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