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Essays on International Macroeconomics /

Liu, Chang,

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Essays on International Macroeconomics /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on International Macroeconomics // Chang Liu.
作者:	Liu, Chang,
面頁冊數:	1 electronic resource (204 pages)
附註:	Source: Dissertations Abstracts International, Volume: 86-02, Section: A.
Contained By:	Dissertations Abstracts International86-02A.
標題:	Finance. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31491030
ISBN:	9798384013761

Essays on International Macroeconomics /
Liu, Chang,

Essays on International Macroeconomics /Chang Liu. - 1 electronic resource (204 pages)

Source: Dissertations Abstracts International, Volume: 86-02, Section: A.

This thesis comprises three essays in international macroeconomics, studying the impact of financial frictions on trade, firm dynamics, and their aggregate implications.Chapter 1 studies the interaction between firms' exports and their currency of financing. Using Indian firm-level data, I find that exporters, particularly large ones, have a higher probability and intensity of foreign currency borrowing compared to non-exporting firms. To explain these correlations, I develop a heterogeneous firm model with endogenous choices of export and currency of financing. In the model, foreign currency revenues can directly repay or collateralize foreign currency borrowing. Besides, exporters that borrow in foreign currency could face 35% lower total fixed costs. Without accounting for these correlations, the impact of capital control policies would be underestimated by 27% of the output losses. Chapter 2 measures the output and TFP losses from sovereign risk, considering firm-level intangible investment. Using Italian firm-level data, we show that firms, especially small and high-leverage ones, reallocated from intangible to tangible assets during the sovereign debt crisis. To explain this reallocation and quantify the losses, we build a sovereign default model incorporating firm intangible investment. In our model, sovereign risk disproportionately affects firms reliant on external financing by impacting their banks' balance sheets. Consequently, financially constrained firms shift resources to tangibles for collateral. Using the estimated model, we find that elevated sovereign risk explains 45% of the observed output losses and 31% of TFP losses during the Italian sovereign debt crisis. Finally, Chapter 3 studies the interaction between trade friction and sovereign default risk. We construct a general equilibrium sovereign default model incorporating trade and decompose the trade barriers into two components: a conventional trade wedge from trade friction and a financial friction component. Trade friction exacerbates sovereign default risk, increasing private sector borrowing costs and further magnifying trade barriers. Our model reproduces the co-movements between trade and financial friction observed in the data. We find that the financial friction component accounts for 47% of the measured trade barriers.

English

ISBN: 9798384013761Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

International macroeconomics

Essays on International Macroeconomics /
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520 $a This thesis comprises three essays in international macroeconomics, studying the impact of financial frictions on trade, firm dynamics, and their aggregate implications.Chapter 1 studies the interaction between firms' exports and their currency of financing. Using Indian firm-level data, I find that exporters, particularly large ones, have a higher probability and intensity of foreign currency borrowing compared to non-exporting firms. To explain these correlations, I develop a heterogeneous firm model with endogenous choices of export and currency of financing. In the model, foreign currency revenues can directly repay or collateralize foreign currency borrowing. Besides, exporters that borrow in foreign currency could face 35% lower total fixed costs. Without accounting for these correlations, the impact of capital control policies would be underestimated by 27% of the output losses. Chapter 2 measures the output and TFP losses from sovereign risk, considering firm-level intangible investment. Using Italian firm-level data, we show that firms, especially small and high-leverage ones, reallocated from intangible to tangible assets during the sovereign debt crisis. To explain this reallocation and quantify the losses, we build a sovereign default model incorporating firm intangible investment. In our model, sovereign risk disproportionately affects firms reliant on external financing by impacting their banks' balance sheets. Consequently, financially constrained firms shift resources to tangibles for collateral. Using the estimated model, we find that elevated sovereign risk explains 45% of the observed output losses and 31% of TFP losses during the Italian sovereign debt crisis. Finally, Chapter 3 studies the interaction between trade friction and sovereign default risk. We construct a general equilibrium sovereign default model incorporating trade and decompose the trade barriers into two components: a conventional trade wedge from trade friction and a financial friction component. Trade friction exacerbates sovereign default risk, increasing private sector borrowing costs and further magnifying trade barriers. Our model reproduces the co-movements between trade and financial friction observed in the data. We find that the financial friction component accounts for 47% of the measured trade barriers.
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