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We use micro data collected at the border and the store to characterize the price
impact of recent US trade policy on importers, exporters,...
We use micro data collected at the border and the store to characterize the price
impact of recent US trade policy on importers, exporters,...
- June 2021
- Case
Asian Corporate Governance Association: Stemming a 'Race to the Bottom' by Stock Exchanges?
By: Charles C.Y. Wang and Billy Chan
This case describes the movement towards dual-class listings on Asian stock exchanges and the efforts of the Asian Corporate Governance Association (ACGA), a not-for-profit shareholder advocacy group, to discourage this trend. As a not-for-profit organization with no...
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- 2021
- Working Paper
Currency Hedging: Managing Cash Flow Exposure
By: Laura Alfaro, Maurici Mauricio and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of FX derivatives...
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- March, 2021
- Article
Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy
By: Alberto Cavallo, Gita Gopinath, Brent Neiman and Jenny Tang
We use micro data collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff passthrough is much higher than exchange rate passthrough. Chinese exporters did not...
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Keywords:
Trade Policy;
Tariffs;
Exchange Rate Passthrough;
Economics;
Trade;
Policy;
Currency Exchange Rate;
Price;
United States
- December 2020
- Article
Monetary Policy and Global Banking
By: Falk Bräuning and Victoria Ivashina
Global banks use their global balance sheets to respond to local monetary policy. However, sources and uses of funds are often denominated in different currencies. This leads to a foreign exchange (FX) exposure that banks need to hedge. If cross-currency flows are...
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- 2020
- Chapter
Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy
By: Laura Alfaro and Fabio Kanczuk
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in...
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- 2020
- Working Paper
Why is Dollar Debt Cheaper? Evidence from Peru
By: Victoria Ivashina, Bryan Gutiérrez and Juliana Salomao
In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar...
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- 2020
- Working Paper
Paying It Backward and Forward: Expanding Access to Convalescent Plasma Therapy Through Market Design
By: Scott Duke Kominers, Parag A. Pathak, Tayfun Sönmez and M. Utku Ünver
COVID-19 convalescent plasma (CCP) therapy is currently a leading treatment for COVID-19. At present, there is a shortage of CCP relative to demand. We develop and analyze a model of centralized CCP allocation that incorporates both donation and distribution. In order...
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- 2020
- Working Paper
Currency Hedging in Emerging Markets: Managing Cash Flow Exposure
By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of...
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- November 2019
- Case
Floating the Exchange Rate: In Pursuit of the Chinese Dream
By: Laura Alfaro and Sarah Jeong
In the decades following 2005, China faced significant financial challenges. Inflation spiraled upwards and China’s economy stagnated in the wake of the Global Financial Crisis. The country’s leaders took an interventionist approach to weather the storm, controlling...
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- 2020
- Working Paper
A Quantity-Driven Theory of Term Premia and Exchange Rates
We develop a model in which specialized bond investors must absorb shocks to the supply and demand for long-term bonds in two currencies. Since long-term bonds and foreign exchange are both exposed to unexpected movements in short-term interest rates, a shift in the...
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- 2020
- Working Paper
Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy
By: Alberto Cavallo, Gita Gopinath, Brent Neiman and Jenny Tang
We use micro data collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff passthrough is much higher than exchange rate passthrough. Chinese exporters did not...
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- 2019
- Working Paper
Real Exchange Rate Behavior: New Evidence from Matched Retail Goods
By: Alberto Cavallo, Brent Neiman and Roberto Rigobon
We use a dataset containing daily prices for thousands of matched retail products in nine countries to study tradable-goods real exchange rates. Prices were collected from the web-sites of large multi-channel retailers and then carefully matched into narrowly-defined...
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- 2019
- Working Paper
Using Online Data for International Wage Comparisons
By: Alberto Cavallo, Javier Cravino and Andres Drenik
We use a novel dataset from a large freelance website to document international wage differences for performing tasks that can be delivered online. The data records detailed information on tasks and worker characteristics which facilitates cross-country comparisons. We...
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- 2019
- Article
More Amazon Effects: Online Competition and Pricing Behaviors
By: Alberto Cavallo
I study how online competition, with its shrinking margins, algorithmic pricing technologies, and the transparency of the web, can change the pricing behavior of large retailers in the U.S. and affect aggregate inflation dynamics. In particular, I show that in the past...
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- May 2019
- Teaching Note
Tesla, Inc. in 2018
By: Siko Sikochi and Suraj Srinivasan
Teaching Note for HBS No. 119-013. The case facilitates a discussion about corporate governance and its role in achieving sustainable profitability and driving long-term shareholder value. The discussion can focus on such questions as what constitutes good governance,...
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- May 2019
- Article
Corporate Debt, Firm Size and Financial Fragility in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays a critical role in the relationship between...
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- Article
Platform Competition: Betfair and the U.K. Market for Sports Betting
By: Ramon Casadesus-Masanell and Neil Campbell
We examine two episodes of strategic interaction in the U.K. betting industry: (i) Betfair (an entrant multi-sided platform or MSP) vs. Flutter (also an MSP) and (ii) Betfair vs. traditional bookmakers. We find that although Betfair was an underfunded second mover in...
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- 2018
- Working Paper
Platform Competition: Betfair and the U.K. Market for Sports Betting
By: Ramon Casadesus-Masanell and Neil Campbell
We examine two episodes of strategic interaction in the U.K. betting industry: (i) Betfair (an entrant multi-sided platform or MSP) vs. Flutter (also an MSP), and (ii) Betfair vs. traditional bookmakers. We find that although Betfair was an underfunded second mover in...
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- Article
You Can't Always Get What You Want: The Real Exchange Rate and Manufacturing Performance in a World of Global Value Chains
By: Laura Alfaro, Alejandro Cuñat, Harald Fadinger and Yanping Liu
Real exchange rate devaluations are typically seen as a viable development strategy, but the effectiveness of the approach may vary over time and across countries. This column explores this issue by focusing on the microeconomics of firm-level responses to exchange...
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