Horst Raff

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The American Journal of Physiology: Regulatory, Integrative and Comparative Physiology (ISSN-0363-6119) is published monthly (two volumes a year) by the Ameri-Subscriptions are accepted on a calendar-year basis only. Single Copies and Back Issues: When available, $30.00 each postpaid. Second-class postage paid at Bethesda, MD and at additional mailing(More)
This paper investigates the implications for international markets of the existence of retailers/wholesalers with market power. Two main results are shown. First, in the presence of buyer power trade liberalization may lead to retail market concentration. Due to this concentration retail prices may be higher and welfare may be lower in free trade than in(More)
We use unique plant-level data to study the link between the local availability of services and the decision of manufacturing firms to source materials from abroad. To guide our empirical analysis we develop a monopolistic competition model of the materials sourcing decisions of heterogeneous firms. The model generates predictions about how the intensity of(More)
We merge German balance-of-payments and foreign-affiliate-trade statistics to obtain data about trade in commercial services at the firm level. We use these data to study export market participation and the choice of export mode: cross-border versus foreign affiliate sales. We find that for firms in our sample productivity is both a statistically(More)
This paper studies the location choices of Japanese manufacturing and service firms in Europe between 1970 and 1995. We examine whether the presence of Japanese manufacturing (service) firms attracts other Japanese manufacturers (service providers), whether there exist inter-industry linkages between the two sectors, and how such intra-and inter-industry(More)
Using the Japanese land-price bubble in the late 1980s and early 1990s as a natural experiment we study how financial market frictions impact foreign direct investment (FDI). We focus on two possible explanations: (i) changes in bank health affecting the supply of credit; and (ii) changes in the value of collateral affecting investors' ability to borrow and(More)