Annual Conference

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Economic Transformation of Asia

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May 2019

International Joint Ventures and Internal vs. External Technology Transfer: Evidence from China

Wolfgang KELLER, Kun JIANG, Larry D. QIU, William RIDLEY
This paper studies international joint ventures, where foreign direct investment is performed by a foreign and a domestic firm that together set up a new firm, the joint venture. Employing administrative data on all international joint ventures in China from 1998 to 2007—roughly a quarter of all i...
Keywords: International joint ventures, partner selection, technology spillovers, foreign direct investment, competition effects
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2021

International Equity and Debt Flows to Emerging Market Economies: Composition, Crises, and Controls

Shang-Jin WEI, Chang MA
Standard models of capital flows to emerging market economies focus on debt flows and a pecuniary externality. However, by offering better risk sharing, international equity flows can render such externality unimportant, yet many economies fail to attract equity investment in a large quantity. We pr...
Keywords: capital controls, Institutional Quality
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2019

International Bank Lending Channel of Monetary Policy

Davide FURCERI, Silvia ALBRIZIO, Sangyup CHOI, Chansik YOON
How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the transmission channel of domestic monetary policy in the cross-border context. We use exogenous shocks to monetary policy in systemically important economies, including the U.S., and lo...
Keywords: Monetary policy spillovers;International bank lending channel, Cross-border banking flows, Global financial cycles, Local projections
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Webinar Series

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Pandemic

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May 2020

Internal and External Effects of Social Distancing in a Pandemic

Maryam FARBOODI, Gregor JAROSCH, Robert SHIMER
We use a conventional dynamic economic model to integrate individual optimization, equilibrium interactions, and policy analysis into the canonical epidemiological model. Our tractable framework allows us to represent both equilibrium and optimal allocations as a set of differential equations that c...
Keywords: Social Distancing, 2019-nCoVCOVID-19, Disease Outbreak
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Annual Conference

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Economic Transformation of Asia

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May 2018

Interest-Rate Liberalization and Capital Misallocations

Zheng LIU, Pengfei WANG, Zhiwei XU
We study the consequences of interest rate liberalization in a two-sector general equilibrium model of China. The model captures a key feature of China's distorted financial system: state-owned enterprises (SOEs) have greater incentive to expand production and easier access to credit than private fi...
Keywords: interest-rate liberalization, state-owned enterprises
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