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Three Essays On Heterogeneous Firms And International Trade
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Book Synopsis Three Essays on Heterogeneous Firms and International Trade by :
Download or read book Three Essays on Heterogeneous Firms and International Trade written by and published by . This book was released on 2015 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Heterogeneous Firms and International Trade by : Tse-Chien Hsu
Download or read book Three Essays on Heterogeneous Firms and International Trade written by Tse-Chien Hsu and published by . This book was released on 2006 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Trade by : Thomas Chaney
Download or read book Three Essays in International Trade written by Thomas Chaney and published by . This book was released on 2005 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: (Cont.) This model provides some argument for competitive revaluations. In chapter 3, I build a dynamic model of trade with heterogeneous firms which extends the work of Melitz (2003). As countries open up to trade, they will experience a productivity overshooting. Aggregate productivity increases in the long run, but it increases even more so in the short run. When trade opens up, there are too many firms, inherited from the autarky era. The most productive foreign firms enter the domestic market. Competition is fierce. The least productive firms that are no more profitable are forced to stop production. Not only do the most productive firms increase their size because they export, but the least productive firms stop producing altogether. Aggregate productivity soars. As time goes by, firms start to exit because of age. Competition softens. Some less productive firms resume production. This pulls down aggregate productivity. The slower the exit of firms, the larger this overshooting phenomenon. This model also predicts that the price compression that accompanies trade opening may be dampened in the long run. It also predicts that inequalities should increase at the time when a country opens up to trade, and then gradually recede in the long run.
Book Synopsis Essays on firm heterogeneity and quality in international trade by : Eddy Bekkers
Download or read book Essays on firm heterogeneity and quality in international trade written by Eddy Bekkers and published by Rozenberg Publishers. This book was released on 2008 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis is organized as follows. Chapter 2 contains a survey of the three most in‡fluential models on fi…rm heterogeneity and of the most important empirical work on firrm heterogeneity. The chapter starts with a brief review of the homogeneous productivity imperfect competition literature. Chapter 2 …finishes with a comparison of the three most in‡fluential models of fi…rm heterogeneity and the oligopoly model put forward in the thesis. Chapter 3 addresses exporting uncertainty under heterogeneous popularity. Chapter 4 contains the chapter on …firm heterogeneity under oligopoly. Chapter 5 constitutes the models on …firm heterogeneity and endogenous quality. Chapter 6 points out the within-sector specialization model. Chapter 7 addresses the effect of importer characteristics on unit values and the role of markups and quality to explain this effect. Chapter 8 concludes.
Book Synopsis Three Essays on Heterogeneous Firms, Financial Factors, and International Trade by : Haeng-Sun Kim
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.
Book Synopsis Three Essays on International Trade by : Seungrae Rae Lee
Download or read book Three Essays on International Trade written by Seungrae Rae Lee and published by . This book was released on 2012 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays in international trade. The first chapter analyzes integration strategies of Korean firms that involve producing final products and providing post-production services for serving geographically separate foreign markets: high-income and low-income countries. I present a model in which heterogeneous firms must provide services for products through their subsidiaries in host countries, but can produce output in different locations. The model shows that the firm's equilibrium decision depends on its own productivity level and economic variables that affect production location and providing services. Using plant- and firm-level data of Korean firms, the empirical analysis provides the results that support the model's predictions.
Book Synopsis Three Essays on International Trade by : Su Wang (Ph. D.)
Download or read book Three Essays on International Trade written by Su Wang (Ph. D.) and published by . This book was released on 2017 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays about international trade and wage inequality. Essay I characterizes optimal trade and FDI policies in a model with monopolistic competition and firm-level heterogeneity similar to Helpman et al. (2004). I find that both the optimal import tariffs and the optimal FDI subsidies discriminate against the more profitable foreign firms. This is because of the existence of a wedge between the private incentives of exporting and FDI firms, and the incentive of the representative agent. Essay II develops an elementary theory of global supply chains. It considers a world economy with an arbitrary number of countries, one factor of production, a continuum of intermediate goods, and one final good. Production of the final good is sequential and subject to mistakes. In the unique free trade equilibrium, countries with lower probabilities of making mistakes at all stages specialize in later stages of production. Using this simple theoretical framework, it offers a first look at how vertical specialization shapes the interdependence of nations. Essay III proposes a model that has as ingredients heterogeneity of workers and firms, complementarity between occupations within each firm and complementarity between workers and firms/occupations. The competitive equilibrium features positive assortative matching and leads to both within- and between- firm wage variations. Comparative static results are then derived to generate new insights about changes in these components of wage inequality.
Book Synopsis Three Essays on Firms in International Markets by : Irene Iodice
Download or read book Three Essays on Firms in International Markets written by Irene Iodice and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on International Trade and Regional Productivity by : Hanpil Moon
Download or read book Three Essays on International Trade and Regional Productivity written by Hanpil Moon and published by . This book was released on 2011 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: A firm's productivity is composed of two parts: pure technical change and location-specific (agglomeration) externalities. Regional productivity is thus an aggregation of productivity of firms producing similar goods and located in a given region. International trade can affect both components of regional productivity. First, trade openness in a closed economy may alter its internal economic geography. Some regions which become more attractive to firms than before gain an advantage over others from integration into global markets. Second, as a competition pressure, trade liberalization forces the least productive firms to exit, resulting in the growth of aggregate productivity in the industry. The three essays presented in this dissertation explore the relationship between international trade and regional productivity in the presence of heterogeneous firms. In the first essay, a theoretical framework is introduced in order to describe how the above two channels, through which trade affects regional productivity, shape a country's spatial distribution of productivity. Results show that industries, each having its own cost-minimizing location, can be spatially relocated within a country via heterogeneous trade liberalization across industries. Moreover, trade intensifies localization for each industry since most firms in an industry move to or gather around their industry-specific cost- minimizing location. The consequent clustering of firms generates additional localization economies. More importantly, the intensification of localization economies can slow or delay the selection process, i.e. exit of low productivity firms, following trade liberalization. These findings suggest that trade openness induces significant industrial and spatial dynamics (entry, exit and survival) within an economy. The second and third essays are empirical tests on the second channel through which trade openness affects regional productivity using county-level data from Korea and firm-level data from India, respectively. In addition to trade liberalization, regional infrastructure is considered to be another competition pressure for domestic firms, i.e. improved infrastructure in a region induces a similar selection process among firms. These empirical essays investigate the effect of falling trade costs and improving domestic infrastructure on the regional variation of raw productivity using a common methodology. That is, a spatial econometric procedure is applied to a production function framework to estimate total factor productivity (TFP) by region and industry, while controlling for potential external and spatial effects. The mean and alternative percentiles of the regional raw productivity distribution are then specified as functions of international and domestic competition indicators. International competition is represented by trade costs, which are estimated as frictions in a gravity-type trade model, while road density is considered to capture the level of a region's infrastructure. In both Korea and India, it is found that trade costs reduction significantly shifted to the right, particularly the 10th percentile value of, the regional productivity distribution. However, a change in the level of infrastructure appears to bring about a higher change in regional productivity relative to a change in the international competition level. Therefore, the relative contribution of trade costs and infrastructure to regional productivity should be evaluated with attention to the costs underlying these options for regional development.
Book Synopsis Three Essays on Trade and Mode of Supply by : Pamela Bombarda
Download or read book Three Essays on Trade and Mode of Supply written by Pamela Bombarda and published by . This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays Using Disaggregated Data of International Trade by : Tadashi Ito
Download or read book Three Essays Using Disaggregated Data of International Trade written by Tadashi Ito and published by . This book was released on 2009 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis comprises of three empirical essays. The first essay studies the effect of NAFTA on US-Mexico productivity evolution. Introducing refinements on the previous literature in several fronts, it finds no clear evidence for NAFTA's contribution to the TFP convergence, which is in a sharp contrast with the previous literature. The second and third essays relate to the Heterogeneous Firms Trade models. Using NAFTA's case, the second essay shows a positive effect of NAFTA on export diversification of Mexico as both models predict. However, the study supports neither model in terms of its prediction on unit prices of export goods. The third essay classifies export goods into price-competition goods and quality-competition goods. It finds EU countries' high proportion of quality-competition goods and China's high proportion of price-competition goods, but leaves some open questions to be further explored.
Book Synopsis Three Essays on Firm Productivity in Industrial Organization and International Trade by : Hongsong Zhang
Download or read book Three Essays on Firm Productivity in Industrial Organization and International Trade written by Hongsong Zhang and published by . This book was released on 2013 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Firm Organization and Trade by : Grigorios Spanos
Download or read book Three Essays on Firm Organization and Trade written by Grigorios Spanos and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Trade by : Leandro Freylejer
Download or read book Three Essays in International Trade written by Leandro Freylejer and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis comprises three chapters: In Chapter I, I develop a general model to study the impact of labour mobility distortions on the gains from trade liberalization. The main feature of the model is that it combines comparative advantage forces with sectoral production misallocation. I use this framework to study the effect of labour market policies affecting the level of occupational mobility distortions on the gains from trade. I first show that differences in market structure across sectors lead to a misallocation of production. A planner is able to solve this misallocation by changing the composition of employment in the economy through changes in the level of labour market distortions. I use the model to study the impact of labour market distortions on the gains from trade from 1992 to 2007 in the US. I find that, relative to observed, optimal distortions lead to a 2.7% increase in the median cost of switching occupations and a doubling of welfare gains from trade. In Chapter II, I examine whether trade liberalization decreases investment misallocation in India. I provide evidence that, independently of firm heterogeneity, exporters earn more revenue from the extensive margin of production. Also, I show that this difference between exporters and non-exporters is increasing in the degree of external financing needs of the sector in which firms operate. This finding suggests that an increase in trade liberalization has the additional effect of increasing the efficiency of the allocation of investment in new product varieties from less-productive non-exporters to more-productive exporters. In Chapter III, I propose a model to explain deviations from the source-destination hierarchy prediction in models of trade with heterogeneous firms. I first show that firms do not follow a pecking order of foreign market entry. To explain these deviations, I show a two-period, partial equilibrium model with asymmetric information in product appeal. Firms know the appeal of their products but consumers are unaware of it. After consuming in the first period, consumers observe a noisy signal and update their expectations. Given the updating process, I show that there is an imperfect sorting of firms into markets.
Book Synopsis Essays on International Trade and International Macroeconomics by : Ana Filipa Vieira Nadais
Download or read book Essays on International Trade and International Macroeconomics written by Ana Filipa Vieira Nadais and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation consists of three essays studying different aspects of international economics. The first two chapters focus on international trade, namely on estimating the size of trade barriers by looking at how firms manage their inventories, while Chapter 3 focus on international macroeconomics; in specific, the likelihood of a country to default on its debt when there is an informal sector. The first chapter provides evidence supporting the common assumption that international fixed ordering costs are higher than domestic fixed ordering costs. The canonical inventory model (the EOQ model) is extended to include two inputs sourced from different countries. Given the demand for each of the inputs, the fixed ordering costs and the inventory holding cost, the firm decides the optimal quantity to order each period. The model is estimated using firmlevel data on inventories of raw materials and inputs used from domestic and international sources. Assuming constant returns on inventory holding costs, the model reveals that it is between 20 and 60 times more expensive to place an order internationally than domestically, but yields an elasticity of inventories to demand much smaller than in the data. Allowing for a more general holding cost structure, that depends on the level of inventories in stock captures the variation of inventories' cost with firm's size. With this more general setup, foreign ordering costs are estimated to be between 3.5 and 5.2 times higher than domestic, suggesting that there are strong economies of scale in holding inventories. Those estimates are corroborated when I allow total fixed ordering costs to depend on total demand as this specification results in international fixed ordering costs between 4.1 and 7.2 times higher than domestic. The second chapter uses firm-level data on inventory holdings and source of inputs to estimate domestic and international trade barriers looking not only at fixed costs, but also at time lags and computing their tariff equivalents. It starts by documenting three features related to inventories, import decisions, and firm's size. First, inventories increase strongly in size, with an elasticity right below one. Second, importers hold more inventories than non-importers and third, inventories increase in import intensity. Given inventory carrying costs, the inventory holdings are used to infer relative domestic and international trade barriers. I develop a model of heterogeneous firms that produce using imperfectly substitutable domestic and imported intermediates and face demand and supply uncertainty. Given ordering costs and delivery lags that differ by source country, interest charges and inventory holding costs, producers use inventories to economize on trade costs. I find it is 5 times more costly to place an international than a domestic order but, when scaled by average shipment size, the international fixed ordering cost is just twice as large; the international time lag is 3 times larger than the domestic and there is complementarity in inputs, reflected in higher domestic inventories to domestic purchases ratio for importers than for non-importers. Overall, domestic and international trade frictions have a 17.3% tariff equivalent. I decompose these tariffs into their three components and observe that due to the substitutability between fixed ordering costs and inventory holding costs, these barriers have the same relevance while that of time lag is slightly smaller. This framework can then be used to evaluate the benefits of infrastructure investments and policy changes to reduce time delays, uncertainty or fixed ordering costs. The last chapter starts from the observation that, although emerging markets are often characterized by a large informal sector, frequent default and procyclical fiscal policies, sovereign default models proposing explanations for the high sovereign bonds interest rate spreads faced by developing economies have abstracted from the existence of the informal sector and its role. To address this concern, I propose a mechanism through which the size of the informal sector impacts a country's default decision. I extend a small open economy sovereign default model by including an informal and a formal sector and pro-cyclical fiscal policies, where a benevolent government makes default and tax decisions in order to maximize agent's utility and satisfy its level of public spending. I conclude that the taxable base decreases in the size of the informal sector leading to more distortions, which translate into higher tax rates, and more frequent defaults and that these results are magnified over the business cycle"--Pages vi-viii.
Book Synopsis Essays in International Trade with Heterogeneous Firms by :
Download or read book Essays in International Trade with Heterogeneous Firms written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the effect of international trade between industrialised countries on three topics of interest from a macroeconomic perspective. In chapter 2, I investigate the effects of a reduction in the costs of international trade on wage inequality between skilled and unskilled labour. Chapter 3 analyses how trade liberalisation affects firm-level and aggregate investment in process innovation. In chapter 4, I turn to the links between trade openness and output volatility at the firm level. I approach these three questions with a common methodology, which stresses the importance of accounting for firm-level heterogeneity in order to gain a better understanding of the macroeconomic consequences of modern international trade.
Book Synopsis Essays in International Trade by : Jong Hyun Chung
Download or read book Essays in International Trade written by Jong Hyun Chung and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays in international trade. The first chapter explores the consequences of firm-level resource misallocation on the gains from trade liberalization. While the standard trade models explain observed firm heterogeneity with variance in firms' innate productivity, discriminatory policies and political connections may also affect the firm size and generate resource misallocation across firms. In this chapter, I show that the productivity heterogeneity alone cannot adequately explain the observed firm-level patterns in Chinese manufacturing sector. I document that larger firms exhibit lower average revenue productivity, revenue productivity variance is high conditional on firm size, and larger exporters exhibit lower export intensity. Introducing firm-level misallocation can help reconcile these facts and doing so matters for estimating the gains from trade. The misallocation model predicts the size of gains from trade that is 45\% lower than the standard model predicts when both models are calibrated with the same Chinese manufacturing data. The result suggests that accounting for firm level heterogeneity in the dimensions other than productivity is important when estimating the gains from trade. The second chapter, a joint work with Antoine Berthou (Banque de France), Kalina Manova (University College London), and Charlotte Sandoz (IMF), examines the impact of international trade on aggregate welfare and productivity. We show theoretically and numerically that bilateral and unilateral export liberalizations increase aggregate welfare and productivity, while unilateral import liberalization can either raise or reduce them. However, all three trade reforms have ambiguous effects in the presence of resource misallocation across heterogeneous firms. Using unique new data on 14 European countries and 20 manufacturing industries during 1998-2011, we empirically establish that exogenous shocks to both export demand and import competition generate large aggregate productivity gains. We develop a precise mapping between theory and empirics, and provide evidence for the adjustment mechanisms. First, both trade aspects increase average firm productivity, but export expansion also reallocates activity towards more productive firms, while import penetration acts in reverse. Second, both export and import exposure raise the productivity threshold for survival, but the latter is not a summary statistic for aggregate productivity. Finally, efficient institutions, factor and product markets amplify the productivity gains from import competition, but dampen those from export expansion. We conclude that the effects of globalization operate through firm selection and reallocation in the presence of resource misallocation. The third chapter studies the role of production chain on the patterns of international trade. Theory suggests that if producing a final product requires a sequence of production stages, and a mistake occurring at any stage destroys the product, then countries with higher productivity has comparative advantage in later stages of production chain, where the cost of mistake is higher. Despite this prediction, I combine international trade data with country and sector level data to show that more developed countries specialize in earlier stages, once other sources of comparative advantage have been considered. This result suggests that quality control is potentially an important factor in country's specialization along production chains -- when mistakes are imperfectly observed, countries with better ability to observe mistakes would specialize in more upstream sectors.