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Firms Export Dynamics
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Book Synopsis Exporting Through Intermediaries: Impact on Export Dynamics and Welfare by : Parisa Kamali
Download or read book Exporting Through Intermediaries: Impact on Export Dynamics and Welfare written by Parisa Kamali and published by International Monetary Fund. This book was released on 2019-12-27 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many countries, a sizable share of international trade is carried out by intermediaries. While large firms tend to export to foreign markets directly, smaller firms typically export via intermediaries (indirect exporting). I document a set of facts that characterize the dynamic nature of indirect exporting using firm-level data from Vietnam and develop a dynamic trade model with both direct and indirect exporting modes and customer accumulation. The model is calibrated to match the dynamic moments of the data. The calibration yields fixed costs of indirect exporting that are less than a third of those of direct exporting, the variable costs of indirect exporting are twice higher, and demand for the indirectly exported products grows more slowly. Decomposing the gains from indirect and direct exporting, I find that 18 percent of the gains from trade in Vietnam are generated by indirect exporters. Finally, I demonstrate that a dynamic model that excludes the indirect exporting channel will overstate the welfare gains associated with trade liberalization by a factor of two.
Book Synopsis Firms' Export Dynamics by : Antoine Berthou
Download or read book Firms' Export Dynamics written by Antoine Berthou and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides evidence about the impact that size and experience in exporting have on firms' dynamics, a critical input in models of firms dynamics. The analysis uses a census of French exports by firm-destination-product over the period 1994-2008 with a monthly frequency. We first uncover a large calendar year effect associated with the timing of entry: the fact new exporters may start exporting late during the year inflates the growth rate between the first and second years. When computed on a full year basis starting with the month of entry, first year exports of new exporters are on average 36 per cent larger than on a calendar year basis. We then show that, controlling for size, export experience is negatively related to net growth of exports for surviving exporters. Controlling for export experience, the relationship between average size and net growth of exports shows no systematic pattern. Finally, churning in foreign markets, that is the gross contributions of entry and exit to exporters net growth, is decreasing with export experience and (sharply) with size.
Book Synopsis Firms' Export Dynamics by : Antoine Berthou
Download or read book Firms' Export Dynamics written by Antoine Berthou and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exporter Dynamics, Firm Size and Growth, and Partial Year Effects by : Andrew B. Bernard
Download or read book Exporter Dynamics, Firm Size and Growth, and Partial Year Effects written by Andrew B. Bernard and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two otherwise identical firms that enter the same market in different months, one in January and one in December, will report dramatically different annual sales for the first calendar year of operations. This partial year effect in annual data leads to downward biased observations of the level of activity upon entry and upward biased growth rates between the year of entry and the following year. This paper examines the implications of partial year effects using Peruvian export data. The partial year bias is very large: the average level of first-year exports of new exporters is understated by 65 percent and the average growth rate between the first and second year of exporting is overstated by 112 percentage points. This paper re-examines a number of stylized facts about firm size and growth that have motivated rapidly expanding theoretical and empirical literatures on firm export dynamics. Correcting the partial year effect eliminates unusually high growth rates in the first year of exporting, raises initial export levels, and shifts 10 percent of market entrants from below to above the median size. Revisiting an older set of facts on firm size and growth, the paper finds that correcting for partial year biases reduces the number of small firms in the firm size distribution and weakens the negative relationship between firm growth and firm size.
Book Synopsis Export Dynamics in Colombia by : Jonathan Eaton
Download or read book Export Dynamics in Colombia written by Jonathan Eaton and published by . This book was released on 2007 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using transactions-level customs data from Colombia, we study firm-specific export patterns over the period 1996-2005. Our data allow us to track firms' entry and exit into and out of individual destination markets, as well as their revenues from selling there. We find that, in a typical year, nearly half of all Colombian exporters were not exporters in the previous year. These new exporters tend to be extremely small in terms of their overall contribution to export revenues, and most do not continue exporting in the following year. Hence export sales are dominated by a small number of very large and stable exporters. Nonetheless, out of each cohort of new exporters, a fraction of firms go on to expand their foreign sales very rapidly, and over the period of less than a decade, these successful new exporters account for almost half of total export expansion. Finally, we find that new exporters begin in a single foreign market and, if they survive, gradually expand into additional destinations. The geographic expansion paths they follow, and their likelihood of survival as exporters, depend on their initial destination market.
Book Synopsis Firm Export Dynamics in Interdependent Markets by : Alonso Alfaro-Urena
Download or read book Firm Export Dynamics in Interdependent Markets written by Alonso Alfaro-Urena and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate a model of firm export dynamics featuring cross-country complementarities. The firm decides where to export by solving a dynamic combinatorial discrete choice problem, for which we develop a solution algorithm that overcomes the computational challenges inherent to the large dimensionality of its state space and choice set. According to our estimated model, firms enjoy cost reductions when exporting to countries geographically or linguistically close to each other, or that share deep trade agreements; and countries, especially small ones, sharing these traits with attractive destinations receive significantly more exports than in the absence of complementarities.
Book Synopsis Firm Export Dynamics and the Exchange Rate by : Bernabe Lopez-Martin
Download or read book Firm Export Dynamics and the Exchange Rate written by Bernabe Lopez-Martin and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a quantitative theoretical model of firm dynamics to analyze key determinants of the elasticity of exports with respect to the exchange rate. The model incorporates mechanisms that determine the firms? capacity to react when the profitability of exports change due to fluctuations in the exchange rate. The framework allows for a quantitative assessment of different mechanisms: distribution costs represent the most important factor, as well as the exogenous and gradual growth dynamics of new exporters, and the currency denomination of sunk-entry costs into the foreign market. The different versions of the model are evaluated by contrasting the behavior of simulated variables with empirical estimates and evidence found in the literature. In addition, we present an assessment of the effects on the intensive and extensive margins of exports.
Book Synopsis Institutions and Export Dynamics by : Luis Araujo
Download or read book Institutions and Export Dynamics written by Luis Araujo and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the role of contract enforcement in shaping the dynamics of international trade at the firm level. We develop a theoretical model to describe how agents build reputations to overcome the problems created by weak enforcement of international contracts. We find that, all else equal, exporters start their activities with higher volumes and remain as exporters for a longer period in countries with better contracting institutions. However, conditional on survival, the growth rate of a firm's exports to a country decreases with the quality of the country's institutions. We test these predictions using a rich panel of Belgium exporting firms from 1995 to 2008 to every country in the world. We adopt two alternative empirical strategies. In one specification we use firm-year fixed effects to control for time-varying firm-specific characteristics. Alternatively, we model selection more explicitly with a two-step Heckman procedure using.
Book Synopsis Productivity, Size and Exporting Dynamics of Firms by : Carlos-Enrique Cardoso-Vargas
Download or read book Productivity, Size and Exporting Dynamics of Firms written by Carlos-Enrique Cardoso-Vargas and published by . This book was released on 2015 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between size and productivity on the export dynamics of a developing country like Mexico. The theoretical framework that guides the empirical evaluation is based on a simple model inspired by Melitz (2003). According to estimates there are other feasible locations to replace the neighboring market of North America as the main buyer; however, the limiting factor for achieving this goal would be the low productivity of firms. In particular, it is that if transport costs are doubled, as is expected in destinations beyond the area of North America, would imply an increase in productivity of the firms of at least 9%. Finally, we find that the financial crisis caused a selection effect with respect to firms with higher productivity.
Book Synopsis Market Entry Costs, Producer Heterogeneity, and Export Dynamics by : Sanghamitra Das
Download or read book Market Entry Costs, Producer Heterogeneity, and Export Dynamics written by Sanghamitra Das and published by . This book was released on 2001 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the exchange rate, foreign demand, production costs and export promotion policies evolve, manufacturing firms are continually faced with two issues: Whether to be an exporter, and if so, how much to export. We develop a dynamic structural model of export supply that characterizes these two decisions and estimate the model using plant-level panel data on Colombian chemical producers. The model embodies uncertainty, plant-level heterogeneity in export profits, and sunk entry costs for plants breaking into foreign markets. Our estimates, and the simulation exercises that they support, yield several implications. First, entry costs are typically large, but vary greatly across producers. Second, there is substantial cross-plant heterogeneity in gross expected export profit streams. Third, these large entry costs make expectations about future exporting conditions important for many producers, so changes in the exchange rate regime that are credible induce much more entry than those that are not. Fourth, however, most of the entry and exit takes place among marginal exporters who contribute little to aggregate export revenues. Finally, subsidies on export earnings have a much larger impact on export revenues (per dollar spent) than subsidies that reduce the entry costs faced by new exporters.
Book Synopsis The Life-Cycle Dynamics of Exporters and Multinational Firms by : Anna Gumpert
Download or read book The Life-Cycle Dynamics of Exporters and Multinational Firms written by Anna Gumpert and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the life-cycle dynamics of exporters and multinational enterprises (MNEs). We present a dynamic model of trade and MNE activity in which the mode of serving a market depends on the well-known proximity-concentration tradeoff. We show that the option of performing MNE activities in the model produces life-cycle patterns for exporters that differ from those in an export-only model. Calibrating our model to rich firm-level data from France and Norway, our main quantitative finding is that a reduction in trade costs triggers much larger responses in growth rates and exit rates, for young exporters, in the model with MNEs than in the model without MNEs. We also show that the model is largely consistent with a set of new facts on the joint life-cycle dynamic behavior of exporters and MNEs.
Book Synopsis Networks and the Dynamics of Firms' Export Portfolio by : Juan José de Lucio Fernández
Download or read book Networks and the Dynamics of Firms' Export Portfolio written by Juan José de Lucio Fernández and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use network-analysis tools to identify communities in the web of exporters' destinations. Our network-based community measure is purely outcome-based; it captures multilateral rather than bilateral dependence across countries; and it can be calculated at the industry level. We next use our network-based community measure as a predictor of additional countries chosen by firms expanding their export destinations portfolios. Using data on new Mexican exporters, the probability of choosing a new export destination doubles if it belongs to the same community of any of the firm's previous destinations. The introduction of the network-based community variable improves the accuracy of the model by up to 19% relative to a model that only includes gravity variables. Industry-specific communities and general communities play similar roles in determining the dynamics of Mexican exporters' country portfolios.
Book Synopsis The Role of Physical and Financial Constraints in Export Dynamics by : Jesus A Muñoz-Sepulveda
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.
Book Synopsis Innovation, Firm Dynamics, and International Trade by : Andrew Atkeson
Download or read book Innovation, Firm Dynamics, and International Trade written by Andrew Atkeson and published by . This book was released on 2007 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a general equilibrium model of the decisions of firms to innovate and to engage in international trade. We use the model to analyze the impact of a reduction in international trade costs on firms' process and product innovative activity. We first show analytically that if all firms export with equal intensity, then a reduction in international trade costs has no impact at all, in steady-state, on firms' investments in process innovation. We then show that if only a subset of firms export, a decline in marginal trade costs raises process innovation in exporting firms relative to that of non-exporting firms. This reallocation of process innovation reinforces existing patterns of comparative advantage, and leads to an amplified response of trade volumes and output over time. In a quantitative version of the model, we show that the increase in process innovation is largely offset by a decline in product innovation. We find that, even if process innovation is very elastic and leads to a large dynamic response of trade, output, consumption, and the firm size distribution, the dynamic welfare gains are very similar to those in a model with inelastic process innovation.
Book Synopsis Learning, Incomplete Contracts and Export Dynamics by : Romain Aeberhardt
Download or read book Learning, Incomplete Contracts and Export Dynamics written by Romain Aeberhardt and published by . This book was released on 2012 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Intensive Margin in Trade by : Ana Fernandes
Download or read book The Intensive Margin in Trade written by Ana Fernandes and published by International Monetary Fund. This book was released on 2018-12-07 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Melitz model highlights the importance of the extensive margin (the number of firms exporting) for trade flows. Using the World Bank’s Exporter Dynamics Database (EDD) featuring firm-level exports from 50 countries, we find that around 50 percent of variation in exports is along the extensive margin—a quantitative victory for the Melitz framework. The remaining 50 percent on the intensive margin (exports per exporting firm) contradicts a special case of Melitz with Pareto-distributed firm productivity, which has become a tractable benchmark. This benchmark model predicts that, conditional on the fixed costs of exporting, all variation in exports across trading partners should occur on the extensive margin. We find that moving from a Pareto to a lognormal distribution allows the Melitz model to match the role of the intensive margin in the EDD. We use likelihood methods and the EDD to estimate a generalized Melitz model with a joint lognormal distribution for firm-level productivity, fixed costs and demand shifters, and use “exact hat algebra” to quantify the effects of a decline in trade costs on trade flows and welfare in the estimated model. The welfare effects turn out to be quite close to those in the standard Melitz-Pareto model when we choose the Pareto shape parameter to fit the average trade elasticity implied by our estimated Melitz-lognormal model, although there are significant differences regarding the effects on trade flows.
Book Synopsis The Dynamics of Export Channels from the United Kingdom to the People's Republic of China by : Zhixiong Li
Download or read book The Dynamics of Export Channels from the United Kingdom to the People's Republic of China written by Zhixiong Li and published by . This book was released on 1996 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work looks at the dynamics of export channels using a network approach. It uses 29 case studies of United Kingdom firms exporting into the Peoples Republic of China as its empirical basis. The theoretical framework focuses on the links between/among actors, activities and resources.
