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Home Bias In Trade Puzzle
The Home bias in trade puzzle is a widely discussed problem in macroeconomics and international finance, first documented by John T. McCallum in an article from 1995. McCallum showed that for the United States and Canada, inter-province trade is 20 times larger than international trade, holding other determinants of trade fixed. Subsequent estimates by John F. Helliwell and others have whittled this bias down to a factor from 6 to 12. This home bias in trade has later been documented among OECD countries. The preferred explanation for this finding has been the presence of formal and informal trade barriers following national borders. Another possible solution to the fact that domestic trade is 20 times larger than international trade could be that domestically traders speak the same language. If presence of formal and informal trade barriers following national borders was the sole reason for this puzzle, home bias should not exist on the subnational level. Wolf (2000) finds, howev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John McCallum
John McCallum (born 9 April 1950) is a Canadian politician, economist, diplomat and former university professor. A former Liberal Member of Parliament ( MP), McCallum was the Canadian Ambassador to China from 2017 to 2019. He was asked for his resignation by Prime Minister Trudeau in 2019. As an MP, he represented the electoral district of Markham—Thornhill, and had previously represented Markham—Unionville and Markham. He is a member of the Queen's Privy Council for Canada. A veteran federal politician who began his political career in 2000, McCallum has served in the governments of Liberal prime ministers Jean Chrétien, Paul Martin, and Justin Trudeau. McCallum has previously been Secretary of State (International Financial Institutions), Minister of National Defence, Minister of Veterans Affairs, and Minister of Immigration, Refugees and Citizenship. Early life and education McCallum was born in Montreal, Quebec, the son of Joan (Patteson) and Alexander Camp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Journal Of Economics
The ''Canadian Journal of Economics/Revue canadienne d'économique'' is a peer-reviewed academic journal of economics published quarterly by Wiley-Blackwell on behalf of the Canadian Economics Association. In 1967 the journal was established from a split of ''The Canadian Journal of Economics and Political Science'' into this journal and the ''Canadian Journal of Political Science''. The current managing editor is Katherine Cuff (McMaster University). The journal publishes the Presidential Address and Innis Lecture from the Annual Meetings of the Canadian Economics Association, which offers two prizes for articles published in the journal: The Harry Johnson Prize (named after the late Canadian economist Harry Gordon Johnson Harry Gordon Johnson, (26 May 1923 – 9 May 1977) was a Canadian economist who studied topics such as international trade and international finance. Nobel laureate James Tobin said about him: "For the economics profession throughout the world ...) for t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum whose member countries describe themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members. The majority of OECD members are high-income economies with a very high Human Development Index (HDI), and are regarded as developed countries. Their collective population is 1.38 billion. , the OECD member countries collectively comprised 62.2% of global nominal GDP (US$49.6 trillion) and 42.8% of global GDP ( Int$54.2 trillion) at purchasing power parity. The OECD is an official United Nations observer. In April 194 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Review Of Economics And Statistics
''The'' ''Review of Economics and Statistics'' is a peer-reviewed 103-year-old general journal that focuses on applied economics, with specific relevance to the scope of quantitative economics. The ''Review'', edited at the Harvard University’s Kennedy School of Government The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ... (JSTOR), has the long-term aim of publishing influential articles in mainly theoretical and empirical economics that will contribute to the broader readership in economics in both the present and the continual future. Over the time, the journal has published several of the most significant articles in empirical economics (JSTOR) based on its recognizable history which includes works from “Kenneth Arrow, Milton Friedman, Robert Merton, Paul Samuelson, Robert Sol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maurice Obstfeld
Maurice Moses "Maury" Obstfeld (born March 19, 1952) is a professor of economics at the University of California, Berkeley and previously Chief Economist at the International Monetary Fund. He is also a nonresident senior fellow at the Peterson Institute for International Economics. He is well known for his work in international economics and his research on the global economy. He is among the most influential economists in the world according to IDEAS/RePEc. He graduated from University of Pennsylvania ''summa cum laude'', Cambridge and MIT, where received his Ph.D. in 1979. Director of the Center for International and Development Economic Research (CIDER). He joined Berkeley in 1989 as a professor, following appointments at Columbia (1979–1986) and the University of Pennsylvania (1986–1989). He was also a visiting professor at Harvard between 1989 and 1991. Obstfeld serves as honorary advisor to the Bank of Japan's Institute of Monetary and Economic Studies. Among Obstf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Rogoff
Kenneth Saul Rogoff (born March 22, 1953) is an American economist and chess Grandmaster. He is the Thomas D. Cabot Professor of Public Policy and professor of economics at Harvard University. Early life Rogoff grew up in Rochester, New York. His father was a professor of radiology at the University of Rochester. Rogoff received a BA and MA from Yale University ''summa cum laude'' in 1975, and a PhD in Economics from the Massachusetts Institute of Technology in 1980. Chess At sixteen Rogoff dropped out of high school to concentrate on chess. He won the United States Junior Championship in 1969 and spent the next several years living primarily in Europe and playing in tournaments there. However, at eighteen he made the decision to go to college and pursue a career in economics rather than to become a professional player, although he continued to play and improve for several years afterward. Rogoff was awarded the IM title in 1974, and the GM title in 1978. He was 3rd in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity Home Bias Puzzle
The Home bias puzzle is the term given to describe the fact that individuals and institutions in most countries hold only modest amounts of foreign equity, and tend to strongly favor company stock from their home nation. This finding is regarded as puzzling, since observed returns on national equity portfolios suggest substantial benefits from international diversification. Maurice Obstfeld and Kenneth Rogoff identified this as one of the six major puzzles in international macroeconomics. Overview Home bias in equities is a behavioral finance phenomenon and it was first studied in an academic context by Kenneth French and James M. Poterba (1991) and Tesar and Werner (1995). Coval and Moskowitz (1999) showed that home bias is not limited to international portfolios, but that the preference for investing close to home also applies to portfolios of domestic stocks. Specifically, they showed that U.S. investment managers often exhibit a strong preference for locally headquartered f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Finance
International finance (also referred to as international monetary economics or international macroeconomics) is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries. International finance examines the dynamics of the global financial system, international monetary systems, balance of payments, exchange rates, foreign direct investment, and how these topics relate to international trade. Sometimes referred to as multinational finance, international finance is additionally concerned with matters of international financial management. Investors and multinational corporations must assess and manage international risks such as political risk and foreign exchange risk, including transaction exposure, economic exposure, and translation exposure. Some examples of key concepts within international finance are the Mundell–Fleming model, the optimum currency area theory, purchasing power parity, interest rate parit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Macroeconomics
International finance (also referred to as international monetary economics or international macroeconomics) is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries. International finance examines the dynamics of the global financial system, international monetary systems, balance of payments, exchange rates, foreign direct investment, and how these topics relate to international trade. Sometimes referred to as multinational finance, international finance is additionally concerned with matters of international financial management. Investors and multinational corporations must assess and manage international risks such as political risk and foreign exchange risk, including transaction exposure, economic exposure, and translation exposure. Some examples of key concepts within international finance are the Mundell–Fleming model, the optimum currency area theory, purchasing power parity, interest rate p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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