المستودع الأكاديمي جامعة المدينة

Trade costs, trade balances and current accounts : an application of gravity to multilateral trade

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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


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