Report NEP-IFN-2003-03-14

This is the archive for NEP-IFN, a report on new working papers in the area of International Finance. Jiachen Zhan issued this report. It is usually issued weekly.

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Other reports in NEP-IFN

The following items were announced in this report:

• Bacchetta, Philippe & van Wincoop, Eric, 2002. "A Theory of Currency Denomination of International Trade," CEPR Discussion Papers 3120, C.E.P.R. Discussion Papers.
• Helpman, Elhanan & Grossman, Gene, 2002. "Outsourcing Versus FDI in Industry Equilibrium," CEPR Discussion Papers 3647, C.E.P.R. Discussion Papers.
• Benigno, Pierpaolo & Benigno, Gianluca, 2002. "Implementing Monetary Cooperation Through Inflation Targeting," CEPR Discussion Papers 3226, C.E.P.R. Discussion Papers.
• Widgren, Mika & Sulamaa, Pekka, 2003. "EU Enlargement and Beyond: A Simulation Study on EU and CIS Integration," CEPR Discussion Papers 3768, C.E.P.R. Discussion Papers.
• Canova, Fabio & Pappa, Evi, 2003. "Price Dispersions in Monetary Unions: The Role of Fiscal Shocks," CEPR Discussion Papers 3746, C.E.P.R. Discussion Papers.
• Lane, Philip & Devereux, Michael B, 2002. "Understanding Bilateral Exchange Rate Volatility," CEPR Discussion Papers 3518, C.E.P.R. Discussion Papers.
• Uhlig, Harald, 2002. "One Money, but Many Fiscal Policies in Europe: What Are the Consequences?," CEPR Discussion Papers 3296, C.E.P.R. Discussion Papers.
• Campbell, John Y & Viceira, Luis & White, Josh S., 2002. "Foreign Currency for Long-Term Investors," CEPR Discussion Papers 3463, C.E.P.R. Discussion Papers.
• Girma, Sourafel & Görg, Holger, 2002. "Foreign Ownership, Returns to Scale and Productivity: Evidence from UK Manufacturing Establishments," CEPR Discussion Papers 3503, C.E.P.R. Discussion Papers.
• Buiter, Willem & Grafe, Clemens, 2002. "Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries," CEPR Discussion Papers 3184, C.E.P.R. Discussion Papers.
• Dellas, Harris & Tavlas, George, 2003. "Wage Rigidity and Monetary Union," CEPR Discussion Papers 3679, C.E.P.R. Discussion Papers.
• Corsetti, Giancarlo & Dedola, Luca, 2003. "Macroeconomics of International Price Discrimination," CEPR Discussion Papers 3710, C.E.P.R. Discussion Papers.
• Martin, Philippe & Rey, Hélène, 2002. "Financial Globalization and Emerging Markets: With or Without Crash?," CEPR Discussion Papers 3378, C.E.P.R. Discussion Papers.
• Rey, Hélène & Hau, Harald, 2003. "Exchange Rates, Equity Prices and Capital Flows," CEPR Discussion Papers 3735, C.E.P.R. Discussion Papers.
• Kollmann, Robert, 2002. "Monetary Policy Rules in the Open Economy: Effects on Welfare and Business Cycles," CEPR Discussion Papers 3279, C.E.P.R. Discussion Papers.
• von Hagen, Jurgen & Zhou, Jizhong, 2002. "The Choice of Exchange Rate Regimes: An Empirical Analysis for Transition Economies," CEPR Discussion Papers 3289, C.E.P.R. Discussion Papers.
• Acemoglu, Daron & Johnson, Simon & Robinson, James A. & Thaicharoen, Yunyong, 2002. "Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth," CEPR Discussion Papers 3575, C.E.P.R. Discussion Papers.
• Floden, Martin, 2002. "Public Saving and Policy Coordination in Ageing Economies," CEPR Discussion Papers 3567, C.E.P.R. Discussion Papers.
• Taylor, Mark & Sarno, Lucio & Chowdhury, Ibrahim, 2002. "Non-Linear Dynamics in Deviations from the Law of One Price: A Broad-Based Empirical Study," CEPR Discussion Papers 3377, C.E.P.R. Discussion Papers.
• Renström, Thomas I & Marsiliani, Laura, 2003. "Environmental Policy and Capital Movements: The Role of Government Commitment," CEPR Discussion Papers 3727, C.E.P.R. Discussion Papers.
• Marin, Dalia & Lorentowicz, Andzelika & Raubold, Alexander, 2002. "Ownership, Capital or Outsourcing: What Drives German Investment to Eastern Europe?," CEPR Discussion Papers 3515, C.E.P.R. Discussion Papers.
• Heathcote, Jonathan & Perri, Fabrizio, 2002. "Financial Globalization and Real Regionalization," CEPR Discussion Papers 3268, C.E.P.R. Discussion Papers.
• Manasse, Paolo & Bottazzi, Laura, 2002. "Asymmetric Information and Monetary Policy in Common Currency Areas," CEPR Discussion Papers 3484, C.E.P.R. Discussion Papers.
• Ventura, Jaume, 2002. "Bubbles and Capital Flows," CEPR Discussion Papers 3657, C.E.P.R. Discussion Papers.
• Cohen, Daniel & Soto, Marcelo, 2002. "Why are Poor Countries Poor? A Message of Hope which Involves the Resolution of a Becker/Lucas Paradox," CEPR Discussion Papers 3528, C.E.P.R. Discussion Papers.
• Taylor, Mark & Clarida, Richard & Sarno, Lucio & Valente, Giorgio, 2002. "The Out-of-Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond," CEPR Discussion Papers 3281, C.E.P.R. Discussion Papers.
• Milesi-Ferretti, Gian Maria & Lane, Philip, 2002. "External Wealth, the Trade Balance and the Real Exchange Rate," CEPR Discussion Papers 3153, C.E.P.R. Discussion Papers.
• Razin, Assaf & Goldstein, Itay, 2003. "An Information-Based Trade-off Between Foreign Direct Investment and Foreign Portfolio Investment: Volatility, Transparency and," CEPR Discussion Papers 3747, C.E.P.R. Discussion Papers.
• Lane, Philip & Ganelli, Giovanni, 2002. "Dynamic General Equilibrium Analysis: The Open Economy Dimension," CEPR Discussion Papers 3540, C.E.P.R. Discussion Papers.
• Razin, Assaf & Sadka, Efraim & Mody, Ashoka, 2002. "The Role of Information in Driving FDI: Theory and Evidence," CEPR Discussion Papers 3619, C.E.P.R. Discussion Papers.
• Wickens, Michael R. & Smith, Peter N, 2002. "Macroeconomic Sources of FOREX Risk," CEPR Discussion Papers 3148, C.E.P.R. Discussion Papers.
• Hughes Hallett, Andrew & Weymark, Diana, 2002. "The Cost of Heterogeneity in a Monetary Union," CEPR Discussion Papers 3223, C.E.P.R. Discussion Papers.
• Griffith, Rachel & Redding, Stephen & Simpson, Helen, 2002. "Productivity Convergence and Foreign Ownership at the Establishment Level," CEPR Discussion Papers 3765, C.E.P.R. Discussion Papers.
• Andersen, Torben M, 2002. "Fiscal Stabilization Policy in a Monetary Union with Inflation Targeting," CEPR Discussion Papers 3232, C.E.P.R. Discussion Papers.
• Muellbauer, John & Aron, Janine, 2002. "Interest Rate Effects on Output: Evidence from a GDP Forecasting Model for South Africa," CEPR Discussion Papers 3595, C.E.P.R. Discussion Papers.
• Coenen, Günter & Wieland, Volker, 2002. "A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities," CEPR Discussion Papers 3574, C.E.P.R. Discussion Papers.
• Gylfason, Thorvaldur, 2002. "The Real Exchange Rate Always Floats," CEPR Discussion Papers 3376, C.E.P.R. Discussion Papers.
• Femminis, Gianluca, 2002. "Currency Attacks with Multiple Equilibria and Imperfect Information: The Role of Wage-setters," CEPR Discussion Papers 3291, C.E.P.R. Discussion Papers.
• Marcellino, Massimiliano, 2002. "Forecasting EMU Macroeconomic Variables," CEPR Discussion Papers 3529, C.E.P.R. Discussion Papers.
• Obstfeld, Maurice, 2002. "Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics," CEPR Discussion Papers 3533, C.E.P.R. Discussion Papers.
• Barry, Frank, 2002. "FDI, Infrastructure and the Welfare Effects of Labour Migration," CEPR Discussion Papers 3380, C.E.P.R. Discussion Papers.
• Engel, Charles & Devereux, Michael B & Storgaard, Peter Ejler, 2002. "Endogenous Exchange Rate Pass-Through When Nominal Prices Are Set in Advance," CEPR Discussion Papers 3608, C.E.P.R. Discussion Papers.
• Cukierman, Alex & Spiegel, Yossi & Goldstein, Itay, 2003. "The Choice of Exchange Rate Regime and Speculative Attacks," CEPR Discussion Papers 3714, C.E.P.R. Discussion Papers.
• Saggi, Kamal, 2002. "Trade versus Direct Investment: Modal Neutrality and National Treatment," CEPR Discussion Papers 3375, C.E.P.R. Discussion Papers.
• Redding, Stephen & Schott, Peter, 2003. "Distance, Skill Deepening and Development: Will Peripheral Countries Ever Get Rich?," CEPR Discussion Papers 3739, C.E.P.R. Discussion Papers.
• Flandreau, Marc, 2003. "Crises and Punishment: Moral Hazard and the Pre-1914 International Financial Architecture," CEPR Discussion Papers 3742, C.E.P.R. Discussion Papers.
• Persson, Lars & Norbäck, Pehr-Johan, 2002. "Investment Liberalization - Who Benefits from Cross Border Mergers," CEPR Discussion Papers 3166, C.E.P.R. Discussion Papers.
• Saint-Paul, Gilles, 2002. "Macroeconomic Fluctuations and the Timing of Labour Market Reforms," CEPR Discussion Papers 3646, C.E.P.R. Discussion Papers.
• Kierzenkowski, RafaÅ‚, 2002. "The Multi-Regime Bank Lending Channel and the Effectiveness of the Polish Monetary Policy Transmission During Transition," CEPR Discussion Papers 3624, C.E.P.R. Discussion Papers.
• Wright, Peter & Thompson, Steve & Girma, Sourafel, 2002. "Merger Activity and Executive Pay," CEPR Discussion Papers 3255, C.E.P.R. Discussion Papers.
• Eichenbaum, Martin & Rebelo, Sérgio & Burstein, Ariel Tomas, 2002. "Why Are Rates of Inflation So Low After large Devaluations," CEPR Discussion Papers 3178, C.E.P.R. Discussion Papers.
• Gehrig, Thomas & Menkhoff, Lukas, 2002. "The Use of Flow Analysis in Foreign Exchange: Explanatory Analysis," CEPR Discussion Papers 3221, C.E.P.R. Discussion Papers.
• Eijffinger, Sylvester & Goderis, Benedikt, 2002. "Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises," CEPR Discussion Papers 3637, C.E.P.R. Discussion Papers.
• Eijffinger, Sylvester & Franco, Daniele & Buti, Marco, 2003. "Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?," CEPR Discussion Papers 3692, C.E.P.R. Discussion Papers.
• Wakelin, Katharine & Amiti, Mary, 2002. "Investment Liberalization and International Trade," CEPR Discussion Papers 3492, C.E.P.R. Discussion Papers.
• Obstfeld, Maurice & Taylor, Alan M., 2003. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," CEPR Discussion Papers 3688, C.E.P.R. Discussion Papers.
• Minford, Patrick & Webb, Bruce & Meenagh, David, 2002. "Joining the Euro - the Macro Effects on the UK Economy," CEPR Discussion Papers 3602, C.E.P.R. Discussion Papers.
• Pesenti, Paolo & Corsetti, Giancarlo, 2002. "Self-Validating Optimum Currency Areas," CEPR Discussion Papers 3220, C.E.P.R. Discussion Papers.
• Ravn, Morten & Mazzenga, Elisabetta, 2002. "International Business Cycles: The Quantitative Role of Transportation Costs," CEPR Discussion Papers 3530, C.E.P.R. Discussion Papers.
• Bacchetta, Philippe & van Wincoop, Eric, 2003. "Why do Consumer Prices React Less than Import Prices to Exchange Rates?," CEPR Discussion Papers 3702, C.E.P.R. Discussion Papers.
• Toniolo, Gianni & Vecchi, Giovanni & Conte, Leandro, 2003. "Monetary Union, Institutions and Financial Market Integration, Italy 1862-1905," CEPR Discussion Papers 3684, C.E.P.R. Discussion Papers.
• Tornell, Aaron & Gourinchas, Pierre-Olivier, 2003. "Exchange Rate Dynamics, Learning and Misperception," CEPR Discussion Papers 3725, C.E.P.R. Discussion Papers.
• Beetsma, Roel & Vermeylen, Koen, 2002. "The Effect of Monetary Unification on Public Debt and its Real Return," CEPR Discussion Papers 3491, C.E.P.R. Discussion Papers.
• Voth, Hans-Joachim, 2002. "With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression," CEPR Discussion Papers 3257, C.E.P.R. Discussion Papers.
• Ravn, Morten & Rey, Hélène & Imbs, Jean & Mumtaz, Haroon, 2003. "PPP Strikes Back: Aggregation and the Real Exchange Rate," CEPR Discussion Papers 3715, C.E.P.R. Discussion Papers.
• Louri-Dendrinou, Eleni & Fotopoulos, Georgios, 2002. "Corporate Growth and FDI: Are Multinationals Stimulating Local Industrial Development?," CEPR Discussion Papers 3128, C.E.P.R. Discussion Papers.
• Fischer, Andreas & Jordan, Thomas & Lack, Caesar, 2002. "Giving Up the Swiss Franc: Some Consideration on Seigniorage Flows Under EMU," CEPR Discussion Papers 3156, C.E.P.R. Discussion Papers.
• Dahlquist, Magnus & Sallstrom, Torbjorn, 2002. "An Evaluation of International Asset Pricing Models," CEPR Discussion Papers 3145, C.E.P.R. Discussion Papers.
• Greenaway, David & Görg, Holger, 2002. "Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Investment?," CEPR Discussion Papers 3485, C.E.P.R. Discussion Papers.
• Buiter, Willem & Grafe, Clemens, 2002. "Patching up the Pact," CEPR Discussion Papers 3496, C.E.P.R. Discussion Papers.
• Keller, Wolfgang, 2002. "International Technology Diffusion," CEPR Discussion Papers 3133, C.E.P.R. Discussion Papers.