| dc.creator |
Fazio, Giorgio |
|
| dc.creator |
MacDonald, Ronald |
|
| dc.creator |
Melitz, Jacques |
|
| dc.date |
2005 |
|
| dc.date.accessioned |
2013-10-16T07:02:20Z |
|
| dc.date.available |
2013-10-16T07:02:20Z |
|
| dc.date.issued |
2013-10-16 |
|
| dc.identifier |
http://hdl.handle.net/10419/18993 |
|
| dc.identifier |
ppn:500838127 |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/xmlui/handle/10419/18993 |
|
| dc.description |
In this paper we test the well-known hypothesis of Obstfeld and Rogoff (2000) that trade costs are the key to explaining the so-called Feldstein-Horioka puzzle. Using a gravity framework in an intertemporal context, we provide strong support for the hypothesis and we reconcile our results with the so-called home bias puzzle. Interestingly, this requires a fundamental revision of Obstfeld and Rogoff?s argument. A further novelty of our work is in tying bilateral trade behavior to desired aggregate trade balances and desired intertemporal trade. |
|
| dc.language |
eng |
|
| dc.publisher |
|
|
| dc.relation |
CESifo working papers 1529 |
|
| dc.rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
|
| dc.subject |
F32 |
|
| dc.subject |
F10 |
|
| dc.subject |
ddc:330 |
|
| dc.subject |
Feldstein-Horioka puzzle |
|
| dc.subject |
trade costs |
|
| dc.subject |
gravity model |
|
| dc.subject |
home bias puzzle |
|
| dc.subject |
current account |
|
| dc.subject |
trade balance |
|
| dc.subject |
Sparen |
|
| dc.subject |
Investition |
|
| dc.subject |
Internationale Kapitalmobilität |
|
| dc.subject |
Außenwirtschaft |
|
| dc.subject |
Transaktionskosten |
|
| dc.subject |
Transportkosten |
|
| dc.subject |
Schätzung |
|
| dc.subject |
Gravitationsmodell |
|
| dc.subject |
Welt |
|
| dc.title |
Trade costs, trade balances and current accounts : an application of gravity to multilateral trade |
|
| dc.type |
doc-type:workingPaper |
|
| dc.coverage |
1980-2000 |
|