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- Andone, Irina, 1985-
(författare)
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Exchange Rates, Exports, Inflation, and International Monetary Cooperation
- 2018
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of three self-contained essays. Essay I: Exchange rate movements often cause anxiety among policy-makers, given the strong link between currency movements and export competitiveness, which may, in turn, affect economic growth. In this paper, I examine the strength of the effect of exchange rate movements on exports combining firm-level export data with an industry-level competitiveness index. The data span a broad sample of countries, comprising 21 advanced and 21 emerging market economies over the period 1989-2013. My findings suggest an economically and statistically significant negative effect of real appreciation on real exports. The effect is significantly larger for emerging markets as compared to advanced economies. Additionally, the results suggest that larger firms are particularly affected by exchange rate movements.Essay II: Simulations of a small open economy model à la Gali and Monacelli (2005) suggest that inflation should display similar levels, but higher volatility and higher persistence under a fixed exchange rate regime compared to a regime with a flexible exchange rate and some form of inflation targeting. I test these predictions using data for two clearly defined exchange rate regimes. One regime is the membership in the Economic and Monetary Union (EMU), which implies an irrevocably fixed exchange rate. The other is a flexible exchange rate with inflation targeting. The empirical analysis confirms the theoretical implications of the model in terms of persistence: inflation displays a higher degree of persistence in countries with a fixed exchange rate regime.Essay III (with Beatrice Scheubel): While the consequences and effectiveness of IMF conditionality have long constituted the focus of research, the possible negative impact of IMF conditionality on countries' willingness to start an IMF program has mainly focused on a country's own past experience. However, the recent policy debate has highlighted the existence of regional effects, unrelated to a country's own experience. In this paper, we investigate how past experience with IMF conditionality – own and peers' – affects countries' likelihood of signing an IMF arrangement again. Our results indicate strong learning from own experience, but hardly any learning from peers, except for members of the Association of Southeast Asian Nations (ASEAN). We conjecture that a negative effect associated with IMF conditionality may exist for individual country cases or specific regions, but that a more general effect cannot be related to observing how the IMF treats peers.
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- Baziki, Selva Bahar, 1983-
(författare)
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Firms, International Competition, and the Labor Market
- 2015
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Essay 1: We propose a model of cross-border acquisitions in which multinational enterprises (MNEs) and private equity-firms (PE) compete over domestic assets. MNEs' advantage lies in firm-specific synergies, whereas PE-firms are good at restructuring. Prevailing interest rates do not work in favor of PE-firms, but a lower risk premium and better financial market development do. Stronger firm-specific synergies favor MNEs. Performing a welfare analysis, we show that a policy of restricting PE-firms can be counterproductive. Essay 2: To understand how share of cross-border leveraged buyouts (LBOs) in all cross-border Mergers and Acquisitions (M&As) varies across countries and time, I use a model of cross-border M&As similar to Norbäck and Persson (2009) and Norbäck et al. (2013) where the share of LBOs are negatively related to transaction costs, international market integration, and property rights. I find evidence for these predictions in a comprehensive dataset covering all majority-owned cross-border M&As in the world.Essay 3: This paper studies the effect of increased competition from low wage countries on the earnings gap between skilled and unskilled workers using Swedish matched worker-firm micro data. Treating Chinese accession into WTO as an exogenous shock, the paper shows that higher Chinese import penetration increases earnings for high-skilled workers, and creates a significantly larger skill premium, contributing to the increase in wage inequality. One percentage points increase in Chinese import penetration results in about 1 percent higher wages for skilled workers, and the rise in Chinese imports explains about 10 percent of the overall rise in skilled wages.Essay 4: This paper studies the changes in labor allocations across firms and industries in response to recent changes in information and communication technologies (ICT) adoption and increase in Chinese import penetration using a detailed matched worker-firm micro data from Swedish manufacturing. High ICT adoption industries show increased assortative matching patterns: those affected by high change in import competition experience skill upgrading in high end firms, and those that are relatively shielded from import competition see an increase in low skilled workers in lower end firms. Low ICT adoption does not exhibit these patterns. We provide a tentative model to explain the main changes observed in the data.
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- Bjoerklund, Anders, et al.
(författare)
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Editors' Preface
- 2008
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Ingår i: Scandinavian Journal of Economics. - : Wiley. - 0347-0520 .- 1467-9442. ; 110:4, s. 635-637
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)
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- Bucht, Charlotte, et al.
(författare)
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Why don't prices fall in a recession? : financial constraints, investment, and customer relations
- 2002
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We construct a model of a financially constrained firm making pricing and investment decisions. The firm operates in a market where customers respond slowly to price changes and there are implementation lags in investment (time to build). Our model implies that the markup over marginal cost is counter-cyclical, the product price responds slowly to demand shocks, and quickly to cost shocks, and the price is strongly related to investment. Estimating the decision rules on aggregate data for Swedish industry, we find that the qualitative results are in line with our model.
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- Calmfors, L, et al.
(författare)
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Sverige och EMU
- 1996
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Bok (övrigt vetenskapligt/konstnärligt)
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