Arbeitspapier
Trade costs, trade balances and current accounts : an application of gravity to multilateral trade
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 1529
- Klassifikation
-
Wirtschaft
Current Account Adjustment; Short-term Capital Movements
Trade: General
- Thema
-
Feldstein-Horioka puzzle
trade costs
gravity model
home bias puzzle
current account
trade balance
Sparen
Investition
Internationale Kapitalmobilität
Außenwirtschaft
Transaktionskosten
Transportkosten
Schätzung
Gravitationsmodell
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Fazio, Giorgio
MacDonald, Ronald
Melitz, Jacques
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Fazio, Giorgio
- MacDonald, Ronald
- Melitz, Jacques
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2005
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