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Author : Kwang-Myoung Hwang
Publisher :
ISBN 13 :
Total Pages : 208 pages
Book Rating : 4.3/5 (129 download)
Download or read book Financial Constraints and International Trade for Heterogeneous Firms written by Kwang-Myoung Hwang and published by . This book was released on 2009 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tiziana Assenza
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (13 download)
Download or read book Heterogeneous Firms and International Trade written by Tiziana Assenza and published by . This book was released on 2016 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Starting from the premise that productivity is heterogeneous across firms, Melitz (2003) explains why individual productivity is key in determining the capability of a firm to export. In this paper we build a model along Melitz's lines to show that also financial capacity, captured by the level of individual net worth, affects the behaviour of firms on international markets. We show that firms with low productivity may still be able to penetrate foreign markets provided they have enough net worth to incur the cost of exporting. In this setting, we explore the effects of changes in transport costs, fixed costs for exporters and of financial constraints.
Author : Kalina Manova
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (129 download)
Download or read book Credit Constraints, Heterogeneous Firms and International Trade written by Kalina Manova and published by . This book was released on 2011 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the detrimental consequences of financial market imperfections for international trade. I develop a heterogeneous-firm model with countries at different levels of financial development and sectors of varying financial vulnerability. Applying this model to aggregate trade data, I study the mechanisms through which credit constraints operate. First, financial development increases countries' exports above and beyond its impact on overall production. Firm selection into exporting accounts for a third of the trade-specific effect, while two thirds are due to reductions in firm-level exports. Second, financially advanced economies export a wider range of products and their exports experience less product turnover. Finally, while all countries service large destinations, exporters with superior financial institutions have more trading partners and also enter smaller markets. All of these effects are magnified in financially vulnerable sectors. These results have important policy implications for less developed economies that rely on exports for economic growth but suffer from poor financial contractibility.
Author : Haeng-Sun Kim
Publisher :
ISBN 13 :
Total Pages : 226 pages
Book Rating : 4.:/5 (946 download)
Download or read book Three Essays on Heterogeneous Firms, Financial Factors, and International Trade written by Haeng-Sun Kim and published by . This book was released on 2016 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis emphasizes the role of firm heterogeneity in financial factors and their impact on exporting decisions or off-shoring decisions, and apply it to three different issues : the relationship between firms' leverage and export market participation ; the differential impact of uncertainty on exporting decision in risk-averse and risk-taking firms ; and financial characteristics of firms and relocation choice. The first chapter introduces a financial dimension as an additional source of firm heterogeneity to understand export market participation and examines how the impact of leverage on firms' exporting decisions varies depending on financial constraints, using a panel of korean manufacturing firms over the period of 1994-2011. It shows that the financially-constrained and financially-unconstrained firms base their exporting decision on a different set of rules regarding the leverage. Second, most of the existing literature which examines the links between firm heterogeneity and entry into exporting rests on the assumption that firms are risk-neutral. The second chapter relaxes a strict assumption that firms are risk-neutral and intends to introduce firms' different attitudes towards risk as an additional source of firm heterogeneity. In particular, it examines how risk attitude changes the effect of uncertainty on firms' decision to export, considering two aspect s: firm-specific uncertainty and macroeconomic uncertainty. The third chapter pays attention that fdi can fuel international trade in complicated ways. It intends to consider firms' financial constraints and ownership status as an additional source of firm heterogeneity that impact their offshoring decision.
Author : Andrew B. Bernard
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Comparative Advantage and Heterogeneous Firms written by Andrew B. Bernard and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how country, industry and firm characteristics interact in general equilibrium to determine nations' responses to trade liberalization. When firms possess heterogeneous productivity, countries differ in relative factor abundance and industries vary in factor intensity, falling trade costs induce reallocations of resources both within and across industries and countries. These reallocations generate substantial job turnover in all sectors, spur relatively more creative destruction in comparative advantage industries than comparative disadvantage industries, and magnify ex ante comparative advantage to create additional welfare gains from trade. The relative ascendance of high-productivity firms within industries boosts aggregate productivity and drives down consumer prices. In contrast with the neoclassical model, these price declines dampen and can even reverse the real wage losses of scarce factors as countries liberalize.
Author : Lisa L. Martin
Publisher : Oxford Handbooks
ISBN 13 : 0199981752
Total Pages : 577 pages
Book Rating : 4.1/5 (999 download)
Download or read book The Oxford Handbook of the Political Economy of International Trade written by Lisa L. Martin and published by Oxford Handbooks. This book was released on 2015 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of the Political Economy of International Trade surveys the literature on the politics of international trade and highlights the most exciting recent scholarly developments. The Handbook is focused on work by political scientists that draws extensively on work in economics, but is distinctive in its applications and attention to political features; that is, it takes politics seriously. The Handbook's framework is organized in part along the traditional lines of domestic society-domestic institutions - international interaction, but elaborates this basic framework to showcase the most important new developments in our understanding of the political economy of trade. Within the field of international political economy, international trade has long been and continues to be one of the most vibrant areas of study. Drawing on models of economic interests and integrating them with political models of institutions and society, political scientists have made great strides in understanding the sources of trade policy preferences and outcomes. The 27 chapters in the Handbook include contributions from prominent scholars around the globe, and from multiple theoretical and methodological traditions. The Handbook considers the development of concepts and policies about international trade; the influence of individuals, firms, and societies; the role of domestic and international institutions; and the interaction of trade and other issues, such as monetary policy, environmental challenges, and human rights. Showcasing both established theories and findings and cutting-edge new research, the Handbook is a valuable reference for scholars of political economy.
Author : Dalia Marin
Publisher : Harvard University Press
ISBN 13 : 0674038541
Total Pages : 367 pages
Book Rating : 4.6/5 (74 download)
Download or read book The Organization of Firms in a Global Economy written by Dalia Marin and published by Harvard University Press. This book was released on 2009-06-30 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents a new research program that is transforming the study of international trade. Until a few years ago, models of international trade did not recognize the heterogeneity of firms and exporters, and could not provide good explanations of international production networks. Now such models exist and are explored in this volume.
Author : Malabika Roy
Publisher : Springer
ISBN 13 : 8132227972
Total Pages : 586 pages
Book Rating : 4.1/5 (322 download)
Download or read book International Trade and International Finance written by Malabika Roy and published by Springer. This book was released on 2016-05-26 with total page 586 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together a collection of papers on international trade and international finance, instead of treating the two as disjoint fields of study. The volume, while focusing on the recent developments and frontiers of research in international trade and international finance, also emphasizes the inherent integrated nature of the two subjects; some of the papers are overlapping across the two areas. A unique feature of the proposed volume is that it unravels some new issues in addition to re-examining certain old issues in a new perspective and thus covers wide ranging issues with an emphasis on policy. The book covers issues mostly relating to emerging market economies, which has increasingly assumed importance in the context of globalization. The book contains some survey papers covering the frontiers of current knowledge on important themes like recent developments in trade theory and empirics, foreign exchange market, institutions in trade and finance, interrelation and interaction between international trade and international finance. The papers, fruit of rigorous and original research, are written by internationally and nationally reputed authors along with promising young researchers on the subjects. The book substantially contributes to the growing literature on issues relating to trade and international finance in emerging market economies and extends the frontiers of knowledge. The book is expected to have the widest possible readership comprising of advanced undergraduate and graduate students as well as senior researchers working in international trade and international finance.
Author : Fabio Ghironi
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (318 download)
Download or read book International Trade and Macroeconomic Dynamics with Heterogeneous Firms written by Fabio Ghironi and published by . This book was released on 2004 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We develop a stochastic, general equilibrium, two-country model of trade and macroeconomic dynamics. Productivity differs across individual, monopolistically competitive firms in each country. Firms face a sunk entry cost in the domestic market and both fixed and per-unit export costs. Only relatively more productive firms export. Exogenous shocks to aggregate productivity and entry or trade costs induce firms to enter and exit both their domestic and export markets, thus altering the composition of consumption baskets across countries over time. In a world of flexible prices, our model generates endogenously persistent deviations from PPP that would not exist absent our microeconomic structure with heterogeneous firms. It provides an endogenous, microfounded explanation for a Harrod-Balassa-Samuelson effect in response to aggregate productivity differentials and deregulation. Finally, the model successfully matches several moments of U.S. and international business cycles"--NBER website
Author : Fatma Bouattour
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.:/5 (96 download)
Download or read book Impact of Financial Frictions on International Trade in Brazil and Emerging Countries written by Fatma Bouattour and published by . This book was released on 2016 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis aims at deepening the analysis of the effects of financial constraints on international trade performances, with a focus on the BRICS countries, notably Brazil. This thesis includes three chapters. The first chapter aims at evaluating the level of financial vulnerability of Brazilian manufacturing sectors in the 2000s, based on the work of Rajan and Zingales (1998). This chapter stresses the importance of the financial development and of public credits in causing the inter-sectoral capital misallocation. The second chapter focuses on the link between financial constraints and the performances of Brazilian exporters, in a framework of heterogeneous firms as in Manova (2013). Specifically, I revisit the link between firm size and firm exports by focusing on the financial constraints at sector-level. Findings emphasize the importance of problems of access to credit in Brazil, in explaining Brazilian firms' export performances. The third chapter analyzes the effects of financial development in exporting countries on their exports to BRICS countries, with a focus on the recent financial crisis effects. Results confirm the role of financial development as a source of comparative advantage in sectors with high reliance on external finance. The positive effect related to financial development is lessened during the crisis. This confirms the importance of the trade finance transmission channel of the crisis.
Author : Jesus A Muñoz-Sepulveda
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (937 download)
Download or read book The Role of Physical and Financial Constraints in Export Dynamics written by Jesus A Muñoz-Sepulveda and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do firms' sales interact across markets? Recent empirical work has suggested that foreign and domestic sales are substitutes for firms facing financial and physical capacity constraints. Using a large Spanish firm-level database for the period 1990-2011, we study the interconnections between exports and domestic sales. We provide a new measure to determine if firms face physical constraints based on the capacity utilization of the firm, and document that it is independent of firm fundamentals such as value added and productivity. Then, we built a theoretical framework consistent with the empirical facts presented where firms are heterogeneous across capacity and productivity. A firm facing a binding capacity constraint faces a trade-off between selling on the domestic market or the foreign market, and raises prices in order to take advantage of access to new markets. We establish the prevalence of these anomalous firms, and demonstrate that capacity constrained firms substitute sales across locations.
Author : Edward J. Balistreri
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (637 download)
Download or read book Structural Estimation and Solution of International Trade Models with Heterogeneous Firms written by Edward J. Balistreri and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eric H. Tseng
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.:/5 (966 download)
Download or read book Trade Costs and Quality written by Eric H. Tseng and published by . This book was released on 2016 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first chapter examines the role that trade costs and sunk investment costs play in affecting firm production decisions with respect to quality, market selection, and export selection. Deriving a complete theoretical model that integrates the quality of intermediate inputs and outputs in a food and agricultural setting, this analysis finds that falling trade costs should induce the production of higher-quality goods, the sorting of the most productive non-exporters into the export market, and the least productive firms to select out of the market. Additionally, how sunk investment costs to upgrade quality affect market and export selection depends on the parameters of the capability distribution (i.e., market structure) and the structure of fixed costs. These results are translated into an empirical framework to show strong evidence for firms utilizing input complementarity in production and the impact of sunk investment costs on a firm’s quality choices, market selection and export selection. Some evidence for the role of trade costs on quality choices, market selection, and export selection is presented. The second chapter analyzes the firm’s reshoring choice from a theoretical perspective. Due to uncertainty embedded in the contract that previously fragmented production of the intermediate input, it is possible for final good producers to decide that producing upstream goods domestically is more profitable despite the cost disadvantage. Through this offshoring and reshoring framework, the final good producer’s reshoring decision is analyzed in detail to show when the firm reshores the production of the intermediate input and the economic welfare impact of such a decision. Results show that the quality distortion and welfare loss seen in the offshoring and free-trade equilibrium outcome can be resolved entirely through reshoring. However, reshoring cannot resolve the quantity holdup problem and the resulting welfare loss, even when investments to reduce cost disadvantages and government subsidy are included. Examining the government subsidy problem further reveals that the government may subsidize more or less under political economy, since the cost of the policy’s impact on welfare motivates the government’s decision. The third chapter examines the impact of trade costs and financial constraints on firm performance, as measured by revenue per worker. A heterogeneous-firms framework is used to analyze the impact of these variables by endogenizing the firm’s technological choice, showing that when trade costs fall and when financial constraints loosen, firm performance as measured by revenue per worker will improve for the remaining firms in the market. These theoretical results are translated into an empirical framework that tests out these hypotheses in a cross-sectional firm-level data set from multiple countries, an empirical extension that has not been seen in the prior literature. In addition, this analysis notably introduces firm-level measures and predictors for their level of financial constraints as opposed to the more common industrial-level measures. Overall, the econometric analysis shows reasonable support for the model across six separate specifications, but this is heavily dependent on introducing or excluding various country- and industry-specific effects and additional firm attributes as controls.
Author : María García-Vega
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (183 download)
Download or read book Volatility, Financial Constraints, and Trade written by María García-Vega and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Oscar Bajo-Rubio
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (13 download)
Download or read book International Trade and Finance written by Oscar Bajo-Rubio and published by . This book was released on 2018 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emphasis of international trade theories shifted in the last forty years, from comparative advantage, to scale economies and product differentiation. More recently, the “new” new trade theories have stressed the role of firm heterogeneity, which has led to a renewed interest on the study of how credit constraints may hamper the export activities of firms. In this paper, we provide a brief survey of the relationship between international trade and finance, a field that only recently has been the subject of systematic analysis in the economic literature, from both a theoretical and empirical point of view. In general, barriers to external financing play a significant role as an obstacle to the exporting activity of firms, especially for younger and smaller firms; and these results would have been reinforced by the global financial crisis.
Author : Sara Formai
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (13 download)
Download or read book Heterogenous Firms and Credit Frictions written by Sara Formai and published by . This book was released on 2014 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a general equilibrium model of international trade with heterogeneous firms and imperfect credit markets. To finance the costs for product innovation and domestic and foreign market entry, firms must raise external capital. The model underscores the importance of considering a general equilibrium setting in order to characterize fully the misallocations of resources that stem from the existence of credit frictions. These have important implications for firms' entry decisions in the different markets and for the welfare effects of imperfect financial institutions. Allowing for liquidity-constrained firms and imperfect credit markets alters, and in some cases reverses, some of the main results from the literature on heterogeneous firms. In particular, the model predicts that trade liberalization does not necessarily lead to an increase in average productivity and consumers' welfare.
Author : Mr.JaeBin Ahn
Publisher : International Monetary Fund
ISBN 13 : 1463924607
Total Pages : 37 pages
Book Rating : 4.4/5 (639 download)
Download or read book A Theory of Domestic and International Trade Finance written by Mr.JaeBin Ahn and published by International Monetary Fund. This book was released on 2011-11-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a theory model of trade finance to explain the "great trade collapse." The model shows that, first, the riskiness of international transactions rises relative to domestic transactions during economic downturns, and second, the exclusive use of a letter of credit in international transactions exacerbates a collapse in trade during a financial crisis. The basic model considers banks' optimal screening decisions in the presence of counterparty default risks. In equilibrium, banks will maintain a higher precision screening test for domestic firms and a lower precision screening test for foreign firms, which constitutes the main mechanism of the model.
