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Three Essays On Heterogeneous Firms Financial Factors And International Trade
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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 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 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 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 Essays on International Trade by : Konstantin Kucheryavyy
Download or read book Essays on International Trade written by Konstantin Kucheryavyy and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters.Chapter 1 is devoted to a theoretical analysis of the interaction between comparative advantage and international risk sharing in the presence of uninsured total factor productivity shocks (TFP). The overwhelming consensus in the theoretical literature is that access to international risk sharing in the presence of uninsured TFP shocks induces a country to specialize more in its comparative advantage industries. In Chapter 1 of my dissertation I demonstrate that the effect of financial integration on production patterns depends on preferences and on the structure of the variance-covariance matrix of TFP shocks present in the economy. Using a variant of the standard 2x2 Ricardian model with TFP shocks by Helpman and Razin (1978), I show that if TFP shocks affect each industry in all countries the same way, the standard assumption, then financial integration indeed leads to a more specialized production structure. However, if shocks are not correlated across countries and affect all industries in a country the same way, then the effect of financial integration is ambiguous. I also show that in the absence of international risk sharing the Helpman-Razin model generally has (discrete) multiple equilibria - an overlooked phenomenon. I build a framework with a continuum of goods in the spirit of Eaton-Kortum and show how the multiple equilibria can be numerically bounded. Using this framework I explore the welfare effects of financial integration through its impact on the production structure. This work can be seen as a first attempt to bring together the discussion of international risk sharing and trade in the context of quantitative trade models of comparative advantage.Chapter 2 is a joint work with Gary Lyn and Andres Rodriguez-Clare. This Chapter studies the implications for trading economies of industry-level external economies of scale, also known as Marshallian externalities. This fundamental question has received little attention in the recent trade literature because of the large number of equilibria that typically occur in trade models with Marshallian externalities. In this work we build a version of such a model that yields a unique equilibrium and a standard gravity equation. The underlying structure of our model is isomorphic to that of a multi-industry Krugman model of firm-level economies of scale and so our uniqueness result extends to this setting as well. The welfare analysis reveals that if the conditions for uniqueness are satisfied then all countries gain from trade even when the strength of scale economies varies across industries. Moreover, the presence of scale economies tends to decrease the gains from trade but increase the gains from trade liberalization.Chapter 3 is devoted to a theoretical analysis of a model with a nested constant elasticity of substitution utility function and heterogeneous firms involved in price competition. Models of this type have become popular in the international trade literature in recent years. I show the continuity of the model as the elasticity of substitution between goods goes to infinity. This result contrasts with the conjecture of prior literature. Continuity of the model ensures consistency of its outcomes when the elasticity of substitution approaches infinity. Therefore, researchers who were reluctant to use this model because of the lack of proof of continuity can now rely on the result of my work to employ the model in their research.
Book Synopsis Essays on Macroeconomic Effects of International Trade Barriers by : Soo Kyung Woo
Download or read book Essays on Macroeconomic Effects of International Trade Barriers written by Soo Kyung Woo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation is comprised of three essays regarding the role of trade barriers for international capital flows and prices. The study aims to understand the effect of changes in trade costs at various aspects: cross-country differentials, global integration, and within-country distributional effects. The first chapter studies the drivers of the US real exchange rate (RER), with a particular focus on its comovement with net trade flows. We consider the entire spectrum of frequencies, as the low-frequency movements account for 83% of the RER's unconditional variance. We introduce a model with heterogeneous firms facing sunk costs of exporting, financial shocks, and trade shocks. The model can fully capture the comovement of the RER and net trade flows at all frequencies, without compromising other major moments at the business cycle frequency. While financial shocks are necessary to capture the RER movements at higher frequencies, trade shocks are essential for lower frequency variation. The second chapter studies the factors accounting for the large, coincident increases in international borrowing and lending and international trade from 1970 to the present. We focus on the rise in annual changes in borrowing and lending across countries as summarized by the rise in the dispersion of the trade balance as a share of GDP. We show that these two salient features - a rise in net and gross international trade - are largely a consequence of a reduction in intratemporal trade barriers rather than a substantial reduction in the frictions on intertemporal trade or greater asymmetries in business cycles. Beyond explaining changes in the distribution of gross and net trade, the fall in frictions on intratemporal trade are consistent with the reduction in dispersion in other key macro time series such as the real exchange rate, terms of trade, and export-import ratio. The third chapter studies the dynamic effect of trade liberalization on wages and consumption, exploiting cross-region variation in the United States at the state level after the U.S.-Korea Free Trade Agreement. A key feature is a theoretically sound measurement of a regional exposure that takes into account the elasticity of substitution and covers all potential channels of tariff impacts. Using the measures for the Local Projection Method, I find that less protection at home is associated with a persistent negative impact: by the 8th quarter, a state at the upper quartile of the barrier cut experienced a decline in wage and consumption that is 1.56 and 1.04 percentage points larger, respectively, than a state at the lower quartile. However, cheaper access to imported inputs has a positive but temporary impact: by the 8th quarter, an upper quartile state experienced an increase in wage and consumption that is 1.62 and 1.45 percentage points larger, respectively. More opportunities to export have little effect."--Pages viii-ix.
Book Synopsis Three Essays on the Role of Heterogeneity in Industrial Organization, International Trade, and Environmental Economics by : Xin Zhao
Download or read book Three Essays on the Role of Heterogeneity in Industrial Organization, International Trade, and Environmental Economics written by Xin Zhao and published by . This book was released on 2017 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three studies on trade, industrial organization, and environmental economics. The first study investigates endogenous cartel formation with market entry and firm heterogeneity. We show why large firms do not join a cartel in some industries and choose to compete rather than cooperate with a cartel. We illustrate that, under certain conditions, only firms with intermediate productivity benefit from joining a cartel; and low-productive firms cannot compete efficiently for production quota in the cartel and hence choose to stay out. High-productive firms prefer to stay out because building excess capacity in cartel lowers their profits.
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 Three Essays in International Trade and Finance by : Huancheng Du
Download or read book Three Essays in International Trade and Finance written by Huancheng Du and published by . This book was released on 2018 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the economic interactions and outcomes in the nexus of international trade and finance. The entire dissertation is divided into three chapters with each chapter addresses one specific economic problem that roots in the interaction of international trade and finance. In the first chapter, I attempt to draw theoretical implications on two particular questions. First, what is the trade liberalization effect on capital market outcomes? Second, how do trade liberalization and capital market conditions jointly affect labor market outcomes such as income inequality? The objective of this chapter is to integrate both labor market frictions and capital market imperfection into one coherent theoretical framework and study the important interactions of trade liberalization and financial market development, as well as their joint impacts on aggregate income inequality. In the second chapter, I aim to provide both theoretical foundation and empirical evidence in partially explaining country authorities' decisions on financial policies. In the third chapter, [w]e provide a novel way of extracting country-level fundamental news from the international trade network. Specifically, we show that sovereign CDS returns provide value-relevant information that slowly propagates through credit markets reflecting underreaction on a global scale.
Book Synopsis Essays on Economic Development and Gains from Trade by : Minho Kim
Download or read book Essays on Economic Development and Gains from Trade written by Minho Kim and published by . This book was released on 2014 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: In each of the three essays, I investigate gains from trade originating at three sources: i) vertical specialization through intermediate goods trade, ii) improving allocation of resources across heterogeneous firms, and iii) developing countries' technological advancement towards particular factors of production, either skilled labor or unskilled labor. I develop three models of trade, featuring multi-stage production, micro-distortions with endogenous entry and exit, and directed technical change. First, I show quantitatively that trade barriers play an important role in hindering the integration of poor countries in global market through trade in intermediate goods. Second, I find that the substantial impact of trade is to improve allocation on the extensive margin by forcing out less productive firms and replacing those with more productive firms. Third, I prove that gains from trade are magnified due to endogenously directed technical change. In the first chapter, I investigate whether the gains from trade are systematically related to the level of development. This chapter argues that we need to consider a multi-stage production process to answer the questions. I develop a Ricardian trade model which features two stages of production. At each stage, gains from trade can be measured by the home trade share, a measure of market integration. Looking at each stage's home trade shares across countries, I find different specialization patterns: rich countries are integrated at each stage whereas most poor countries are not integrated. Measured gains from trade are more than ten times larger for the 10 richest countries than for the 10 poorest countries. For the rich countries, two-thirds of the gains are accounted for by second stage trade. Poor countries' small gains from trade are accounted entirely by first stage trade. I argue that difference in trade barriers between rich countries and poor countries, particularly in the second stage of production, limit trade gains for poor countries. Second chapter studies the impact of international trade on sectoral total factor productivity (TFP). Misallocation of resources across heterogeneous firms impacts negatively on TFP. In this chapter, I study trade liberalization as a source of reducing misallocation across firms, thus leading to higher TFP. Misallocation is reduced on the extensive margin by forcing out less productive firms and replacing those with more productive firms. Using firm-level panel data on Chinese manufacturing, I measure distortions across firms and over time as in Hsieh and Klenow (2009). I find that the allocation of factors improves more in industries that experience a higher reduction in tariff rates. Less productive firms are more likely to exit in sectors that experience a higher tariff reduction. In addition, entrants in more liberalized sectors are more productive relative to entrants in less liberalized sectors. Reducing misallocation on the extensive margin has quantitatively large effect on TFP. In the third chapter, I analyze how technical change is directed towards particular factors of production in international trade between the North and the South. Typical assumption in the literature is that either technologies are exogenously given or technical change is allowed only in the North. I present a model of international trade with endogenous growth by allowing the South to direct their technology. This chapter studies the implications of the technical change for the gains from trade and the skill premium. Main result shows that more R & D is directed towards skill-augmenting technology in the North than in the South in sectors with the same skill-intensity. Technical change induced by lowering trade costs can increase the skill premium in both the North and the South. Gains from trade are magnified due to endogenous directed technical change. This results in larger gains from trade compared with the model where technical change is either not allowed or allowed only in the North.
Download or read book Making It Big written by Andrea Ciani and published by World Bank Publications. This book was released on 2020-10-08 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Book Synopsis Brookings Trade Forum: 2005 by : Susan M. Collins
Download or read book Brookings Trade Forum: 2005 written by Susan M. Collins and published by Brookings Institution Press. This book was released on 2006-03-16 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tentative contents include: •Offshoring: Threats and Opportunities Daniel Trefler (University of Toronto) •Modeling the Offshoring of White-Collar Services: From Comparative Advantage to the New Theories of Trade and FDI James Markusen (University of Colorado) •Globalization and the Outsourcing of Services: The Impact of Indian Offshoring Rafiq Dossani (Stanford University) •Offshoring in the Semiconductor Industry: A Historical Perspective Clair Brown and Greg Linden (University of California, Berkeley) •A Fairer Deal For America's Workers in a New Era of Offshoring Lael Brainard and Robert Litan (Brookings Institution and the Kauffman Foundation)
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-10 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ebook: International Economics by : Appleyard ; Fie
Download or read book Ebook: International Economics written by Appleyard ; Fie and published by McGraw Hill. This book was released on 2016-09-16 with total page 828 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ebook: International Economics
Book Synopsis The Great Trade Collapse: Causes, Consequences and Prospects by : Richard E. Baldwin
Download or read book The Great Trade Collapse: Causes, Consequences and Prospects written by Richard E. Baldwin and published by CEPR. This book was released on 2009 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Trade and International Finance by : Malabika Roy
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.
