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  1. Foreign direct investment and the equity home bias puzzle
    Erschienen: 2020
    Verlag:  Banco de España, Madrid

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 2008
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  2. Firm heterogeneity and aggregate business services exports
    micro evidence from Belgium, France, Germany and Spain

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    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 1735
    Schlagworte: service exports; firm heterogeneity; micro data panel
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  3. A structural quantitative analysis of services trade de-liberalization
    Erschienen: [2018]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    This paper suggests a quantifiable multi-sector-multi-country economic model of goods and services production and consumption. It calibrates overall (variable and fixed) costs to market-specific sales by sector and decomposes these costs into... mehr

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    Universitätsbibliothek Osnabrück
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    This paper suggests a quantifiable multi-sector-multi-country economic model of goods and services production and consumption. It calibrates overall (variable and fixed) costs to market-specific sales by sector and decomposes these costs into observable and unobservable components. In an empirical analysis based on census-type data on firm-sector-country sales of German services sellers as well as sector-country-by-sector-country input-output matrices for various economies and sectors, the paper provides the following insights. The overall (variable and fixed) costs on seller-to-customer-market transactions in services have quite a high distance equivalent and are reduced substantially by preferential market access for services through trade agreements. If all countries considered abandoning existing preferential market access to services, this would reduce their real consumption by up to 7.7 percent with a similar decline in real wages and real dividends (depending on the country). If one country alone abandoned its preferential services market access reciprocally with its partners, the effect would be smaller. However, it would still involve a decline of real consumption of 0.3 percent for a country as large (and as remote relative to continental Europe) as the United Kingdom. For most economies, depending on their input-output structure, de-liberalizing preferential services-market access would have adverse spillover effects on manufacturing (in terms of real wages as well as dividends).

     

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    ISBN: 9783957295194
    Weitere Identifier:
    hdl: 10419/190679
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2018, 47
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  4. Three essays on international trade in services
    Autor*in: Blank, Sven
    Erschienen: 2018

    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Universität Hamburg, Universitätsbibliothek
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    Bibliothek der Hochschule Hannover
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    Bibliothek im Kurt-Schwitters-Forum
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Zentrale Hochschulbibliothek Lübeck
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Hochschule Magdeburg-Stendal, Hochschulbibliothek
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    Hochschule Osnabrück, Bibliothek Campus Westerberg
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    Hochschule Magdeburg-Stendal, Standort Stendal, Bibliothek
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    Universitätsbibliothek der Eberhard Karls Universität
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    UB Weimar
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    Weitere Identifier:
    hdl: 10900/82776
    Schlagworte: Außenhandel
    Umfang: 1 Online-Ressource (93 Seiten)
    Bemerkung(en):

    Enthält mehrere Beiträge

    Dissertation, Eberhard Karls Universität Tübingen, 2018

  5. Firm heterogeneity and aggregate business services exports
    micro evidence from Belgium, France, Germany and Spain

    This paper uses detailed micro data on service exports at the firm-destination-service level to analyse the role of firm heterogeneity in shaping aggregate service exports in Belgium, France, Germany and Spain from 2003 to 2007. We decompose the... mehr

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    This paper uses detailed micro data on service exports at the firm-destination-service level to analyse the role of firm heterogeneity in shaping aggregate service exports in Belgium, France, Germany and Spain from 2003 to 2007. We decompose the level and the growth of aggregate service exports into different trade margins paying special attention to firm heterogeneity within countries. We find that the weak export growth of France is at least partly due to poor performance by small exporters. By contrast, small exporters are the most dynamic contributors to the aggregate exports of Belgium, Germany and Spain. Our results highlight the importance of firm heterogeneity in understanding aggregate export growth.

     

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    Format: Online
    Weitere Identifier:
    hdl: 10419/173781
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 328 (September 2017)
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  6. Shocks at large banks and banking sector distress
    the Banking Granular Residual
    Erschienen: 2009
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Size matters in banking. In this paper, we explore whether shocks originating at large banks affect the probability of distress of smaller banks and thus the stability of the banking system. Our analysis proceeds in two steps. In a first step, we... mehr

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    DS 27 (2009.04)
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    Universitätsbibliothek Osnabrück
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    Size matters in banking. In this paper, we explore whether shocks originating at large banks affect the probability of distress of smaller banks and thus the stability of the banking system. Our analysis proceeds in two steps. In a first step, we follow Gabaix (2008a) and construct a measure of idiosyncratic shocks at large banks, the so-called Banking Granular Residual. This measure documents the importance of size effects for the German banking system. In a second step, we incorporate this measure of idiosyncratic shocks at large banks into an integrated stress-testing model for the German banking system following De Graeve et al. (2007). We find that positive shocks at large banks reduce the probability of distress of small banks. -- Banking sector distress ; size effects ; shock propagation ; Granular Residual

     

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    Sprache: Englisch
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    ISBN: 9783865584960
    Weitere Identifier:
    hdl: 10419/27687
    Schriftenreihe: Array ; 2009,04
    Schlagworte: Großbank; Schock; Ansteckungseffekt; Bankrisiko; Bankenkrise; Finanzsystem; Deutschland
    Umfang: Online-Ressource (PDF-Datei: 50 S., 416 KB), graph. Darst.
    Bemerkung(en):

    Zsfassungen in dt. und engl. Sprache

  7. What macroeconomic shocks affect the German banking system?
    analysis in an integrated micro-macro model
    Erschienen: 2009
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    We analyze what macroeconomic shocks affect the soundness of the German banking system and how this, in turn, feeds back into the macroeconomic environment. Recent turmoils on the international financial markets have shown very clearly that assessing... mehr

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    Universitätsbibliothek Osnabrück
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    We analyze what macroeconomic shocks affect the soundness of the German banking system and how this, in turn, feeds back into the macroeconomic environment. Recent turmoils on the international financial markets have shown very clearly that assessing the degree to which banks are vulnerable to macroeconomic shocks is of utmost importance to investors and policy makers. We propose to use a VAR framework that takes feedback effects between the financial sector and the macroeconomic environment into account. We identify responses of a distress indicator for the German banking system to a battery of different structural shocks. We find that monetary policy shocks, fiscal policy shocks, and real estate price shocks have a significant impact on the probability of distress in the banking system. We identify some differences across type of banks and different distress categories, though these differences are often small and do not show any systematic patterns. -- VAR ; banking sector stability ; sign restriction approach

     

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    ISBN: 9783865585806
    Weitere Identifier:
    hdl: 10419/28623
    Schriftenreihe: Array ; 2009,15
    Schlagworte: Bankenkrise; Schock; Wirkungsanalyse; Finanzkrise; Schätzung; Deutschland
    Umfang: Online-Ressource (45 S., 295 KB), graph. Darst.
    Bemerkung(en):

    Zsfassungen in dt. und engl. Sprache

  8. Research note on "International consumption risk sharing with incomplete goods and asset markets"
    Autor*in: Blank, Sven
    Erschienen: 2009
    Verlag:  DIW, Berlin

    Perfect risk sharing requires both, frictionless goods as well as frictionless asset markets. To analyze the consequences of both type of frictions for consumption risk sharing across countries, the model by Ghironi and Melitz (2005) is extended to... mehr

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 517 (D.4.1)
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    Perfect risk sharing requires both, frictionless goods as well as frictionless asset markets. To analyze the consequences of both type of frictions for consumption risk sharing across countries, the model by Ghironi and Melitz (2005) is extended to allow for international trade in equities. The model features fixed costs of exporting as well as variables iceberg costs when shipping goods. Financial markets are incomplete, as only two assets are traded, which cannot span all the uncertainty caused by potential shock scenarios. In models with incomplete asset markets, two well known problems arise. First, the steady state portfolio allocation in a non-stochastic steady state is indeterminate since assets are perfect substitutes. And, second, as noted by Schmitt-Grohé and Uribe (2003) among others, even transitory shocks may have permanent effects on wealth. This, in turn, may lead to non-stationary responses of the endogenous variables. To deal with these issues, quadratic portfolio costs on asset holdings as in Ghironi, Lee, and Rebucci (2007) are introduced. Besides introducing frictions in asset markets, these costs help to pin down the steady state portfolio allocation and induce model stationarity. This research note gives technical details on the solution of the model. In the following section, the basic setup of the model as well as the main variables and equilibrium conditions of the model are briefly summarized. Section 3 solves for the steady state levels of the endogenous variables.

     

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/119495
    Schriftenreihe: FINESS working papers / European Commission ; D.4.1
    Umfang: Online-Ressource (13 S.)
  9. International consumption risk sharing with incomplete goods and asset markets
    Autor*in: Blank, Sven
    Erschienen: 2009
    Verlag:  DIW, Berlin

    Perfect consumption risk sharing requires both, frictionless goods as well as frictionless financial market integration. This project aims at analyzing the consequences of both type of frictions for the allocation of risk across countries in a... mehr

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    Perfect consumption risk sharing requires both, frictionless goods as well as frictionless financial market integration. This project aims at analyzing the consequences of both type of frictions for the allocation of risk across countries in a unified framework. To this end, the theoretical model by Ghironi and Melitz (2005) is extended to allow for international trade in equities. This setup incorporates impediments to international trade in goods and assets. Impulse responses show that the degree of financial market integration and the time horizon considered, substantially alter the extent of consumption risk sharing depending on the nature of the underlying shock.

     

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    Weitere Identifier:
    hdl: 10419/119496
    Schriftenreihe: FINESS working papers / European Commission ; D.4.2
    Umfang: Online-Ressource (28 S.), graph. Darst.
  10. Research note on "International consumption risk sharing and monetary policy"
    Autor*in: Blank, Sven
    Erschienen: 2009
    Verlag:  DIW, Berlin

    This model analyzes the impact of monetary policy on international consumption risk sharing. To this end, the setup by Ghironi and Stebunovs (2008) is extended in two dimensions. First, to allow for international portfolio choices, cross-border trade... mehr

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    This model analyzes the impact of monetary policy on international consumption risk sharing. To this end, the setup by Ghironi and Stebunovs (2008) is extended in two dimensions. First, to allow for international portfolio choices, cross-border trade of home and foreign equity is brought in. Second, to assign a non-trivial role to monetary policy, nominal price rigidities are introduced as in Bilbiie, Ghironi, and Melitz (2007). The model features incomplete goods as well as incomplete asset markets. Frictions in goods markets are given by variable iceberg-type costs when shipping goods. Financial markets are incomplete as the set of available assets cannot span all the uncertainty induced by potential shock scenarios. In addition, financial markets are not fully integrated as engagement in asset markets is costly. This research note gives technical details on the solution of the model. In the following section, the basic setup of the model as well as the main variables and equilibrium conditions of the model are briefly summarized. Section 3 presents the steady state.

     

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    Weitere Identifier:
    hdl: 10419/119497
    Schriftenreihe: FINESS working papers / European Commission ; D.4.3
    Umfang: Online-Ressource (10 S.)
  11. International consumption risk sharing and monetary policy
    Autor*in: Blank, Sven
    Erschienen: 2009
    Verlag:  DIW, Berlin

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    Weitere Identifier:
    hdl: 10419/119498
    Schriftenreihe: FINESS working papers / European Commission ; D.4.4
    Umfang: Online-Ressource (20 S.), graph. Darst.
  12. Micro-based evidence of EU competitiveness
    the CompNet database

    Drawing from confidential firm-level balance sheets in 11 European countries, the paper presents a novel sectoral database of comparable productivity indicators built by members of the Competitiveness Research Network (CompNet) using a newly... mehr

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    Drawing from confidential firm-level balance sheets in 11 European countries, the paper presents a novel sectoral database of comparable productivity indicators built by members of the Competitiveness Research Network (CompNet) using a newly developed research infrastructure. Beyond aggregate information available from industry statistics of Eurostat or EU KLEMS, the paper provides information on the distribution of firms across several dimensions related to competitiveness, e.g. productivity and size. The database comprises so far 11 countries, with information for 58 sectors over the period 1995-2011. The paper documents the development of the new research infrastructure, the construction of the database, and shows some preliminary results. Among them, it shows that there is large heterogeneity in terms of firm productivity or size within narrowly defined industries in all countries. Productivity, and above all, size distribution are very skewed across countries, with a thick left-tail of low productive firms. Moreover, firms at both ends of the distribution show very different dynamics in terms of productivity and unit labour costs. Within-sector heterogeneity and productivity dispersion are positively correlated to aggregate productivity given the possibility of reallocating resources from less to more productive firms. To this extent, we show how allocative efficiency varies across countries, and more interestingly, over different periods of time. Finally, we apply the new database to illustrate the importance of productivity dispersion to explain aggregate trade results.

     

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    Format: Online
    Weitere Identifier:
    hdl: 10419/144465
    Körperschaften/Kongresse:
    CompNet Task Force (VerfasserIn)
    Schriftenreihe: Working paper research / National Bank of Belgium ; no 253 (March 2014)
    Schlagworte: Internationaler Wettbewerb; Produktivität; Betriebsgröße; Datenbank; Europa
    Umfang: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  13. Firm heterogeneity and aggregate business services exports
    micro evidence from Belgium, France, Germany and Spain
    Erschienen: [2017]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper uses detailed micro data on service exports at the firm-destination-service level to analyse the role of firm heterogeneity in shaping aggregate service exports in Belgium, France, Germany and Spain from 2003 to 2007. We decompose the... mehr

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 534 (2097)
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    This paper uses detailed micro data on service exports at the firm-destination-service level to analyse the role of firm heterogeneity in shaping aggregate service exports in Belgium, France, Germany and Spain from 2003 to 2007. We decompose the level and the growth of aggregate service exports into different trade margins paying special attention to firm heterogeneity within countries. We find that the weak export growth of France is at least partly due to poor performance by small exporters. By contrast, small exporters are the most dynamic contributors to the aggregate exports of Belgium, Germany and Spain. Our results highlight the importance of firm heterogeneity in understanding aggregate export growth.

     

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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289928199
    Weitere Identifier:
    hdl: 10419/175721
    Schriftenreihe: Working paper series / European Central Bank ; no 2097 (September 2017)
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen