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From Firm Level Imports To Aggregate Productivity
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Book Synopsis From Firm-Level Imports to Aggregate Productivity by : Mr.JaeBin Ahn
Download or read book From Firm-Level Imports to Aggregate Productivity written by Mr.JaeBin Ahn and published by International Monetary Fund. This book was released on 2016-08-05 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the Korean manufacturing firm-level data, this paper confirms that three stylized facts on importing hold in Korea: the ratio of imported inputs in total inputs tends to be procyclical; the use of imported inputs increases productivity; and larger firms are more likely to use imported inputs. As a result, we find that firm-level import decisions explain a non-trivial fraction of aggregate productivity fluctuations in Korea over the period between 2006 and 2012. Main findings of this paper suggest a possible link between the recent global productivity slowdown and the global trade slowdown.
Book Synopsis Essays on Firm-level and Aggregate Productivity and Risk by : Rory Mullen
Download or read book Essays on Firm-level and Aggregate Productivity and Risk written by Rory Mullen and published by . This book was released on 2019 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: In chapter one I study pairwise covariances of firm-level productivity, sales, and profit growth rates for public firms in the United States. The data suggest that pairwise covariances of firm growth rates drive the variance of aggregate growth rates in all three variables. High-productivity firms contribute most to aggregate variance in absolute terms, but least per dollar of market value-which may explain why investors demand lower returns from high-productivity firms. A tractable DSGE model helps explain the evidence on firm-level covariance endogenously. In the model, a firm's expected excess stock returns increase as the firm's productivity covaries more with aggregate productivity, relative to the firm's market value. In chapter two, coauthored with Daisoon Kim, we ask where fluctuations in aggregate productivity come from, and what role markups and scale economies play in transmitting fluctuations in firm productivity to aggregate productivity. We develop an empirical framework that decomposes TFP into industry, peer, firm, and entry-exit components. We aggregate these components using a new approximate expression for aggregate TFP that lets us investigate explicitly the role of markups and scale economies in transmitting firm TFP innovations to aggregate TFP. In an application using data on public firms, we find that innovations to the firm-specific component of firm TFP drive most fluctuations in firm TFP, while innovations to the industry component drive most fluctuations in aggregate TFP. Innovations to the peer component appear to play a modest role.
Book Synopsis Does Import Competition Induce R&D Reallocation? Evidence from the U.S. by : Rui Xu
Download or read book Does Import Competition Induce R&D Reallocation? Evidence from the U.S. written by Rui Xu and published by International Monetary Fund. This book was released on 2017-11-16 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the impact of rising import competition from China on U.S. innovative activities. Using Compustat data, we find that import competition induces R&D expenditures to be reallocated towards more productive and more profitable firms within each industry. Such reallocation effect has the potential to offset the average drop in firm-level R&D identified in the previous literature. Indeed, our quantitative analysis shows no adverse impact of import competition on aggregate R&D expenditures. Taking the analysis beyond manufacturing, we find that import competition has led to reallocation of researchers towards booming service industries, including business and repairs, personal services, and financial services.
Book Synopsis The Organization of Firms in a Global Economy by : Dalia Marin
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.
Book Synopsis Trade Adjustment and Productivity in Large Crises by : Gita Gopinath
Download or read book Trade Adjustment and Productivity in Large Crises written by Gita Gopinath and published by . This book was released on 2011 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We empirically characterize the mechanics of trade adjustment during the Argentine crisis using detailed firm-level customs data covering the universe of import transactions during 1996-2008. Our main findings are as follows: First, the extensive margin defined as the entry and exit of firms or of products (at the country level) plays a small role during the crisis. Second, the sub-extensive margin defined as the churning of inputs within firms plays a sizeable role in aggregate adjustment. This implies that the true increase in input costs exceeds that imputed from conventional price indices. Third, the relative importance of these margins and of overall trade adjustment varies with firm size. Motivated by these facts, we build a model of trade in intermediate inputs with heterogenous firms, fixed import costs, and round-about production to evaluate the channels through which a collapse in imports effects TFP in manufacturing. Measured aggregate productivity in the sector depends on within-firm adjustments to the varieties imported as well as the joint distribution of each firm's technology and the share of imports in its total spending on inputs. We simulate an imported input cost shock and show that these mechanisms can deliver quantitatively significant declines in manufacturing TFP
Book Synopsis Service Offshoring, Productivity, and Employment by : Mary Amiti
Download or read book Service Offshoring, Productivity, and Employment written by Mary Amiti and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-12-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the effects of offshoring on productivity in U.S. manufacturing industries between 1992 and 2000, using instrumental variables estimation to address the potential endogeneity of offshoring. It finds that service offshoring has a significant positive effect on productivity in the US, accounting for around 11 percent of productivity growth during this period. Offshoring material inputs also has a positive effect on productivity, but the magnitude is smaller accounting for approximately 5 percent of productivity growth. There is a small negative effect of less than half a percent on employment when industries are finely disaggregated (450 manufacturing industries). However, this affect disappears at more aggregate industry level of 96 industries indicating that there is sufficient growth in demand in other industries within these broadly defined classifications to offset any negative effects.
Book Synopsis Firm Innovation and Productivity in Latin America and the Caribbean by : Inter-American Development Bank
Download or read book Firm Innovation and Productivity in Latin America and the Caribbean written by Inter-American Development Bank and published by Springer. This book was released on 2016-07-01 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume uses the study of firm dynamics to investigate the factors preventing faster productivity growth in Latin America and the Caribbean, pushing past the limits of traditional macroeconomic analyses. Each chapter is dedicated to an examination of a different factor affecting firm productivity - innovation, ICT usage, on-the-job-training, firm age, access to credit, and international linkages - highlighting the differences in firm characteristics, behaviors, and strategies. By showcasing this remarkable heterogeneity, this collection challenges regional policymakers to look beyond one-size-fits-all solutions and create balanced policy mixes tailored to distinct firm needs. This book is open access under a CC BY-NC-ND 3.0 IGO license.
Book Synopsis Falling Trade Costs, Heterogeneous Firms, and Industry Dynamics by : Andrew B. Bernard
Download or read book Falling Trade Costs, Heterogeneous Firms, and Industry Dynamics written by Andrew B. Bernard and published by . This book was released on 2003 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the response of industries and firms to changes in trade costs. Several new firm-level models of international trade with heterogeneous firms predict that industry productivity will rise as trade costs fall due to the reallocation of activity across plants within an industry. Using disaggregated U.S. import data, we create a new measure of trade costs over time and industries. As the models predict, productivity growth is faster in industries with falling trade costs. We also find evidence supporting the major hypotheses of the heterogenous-firm models. Plants in industries with falling trade costs are more likely to die or become exporters. Existing exporters increase their shipments abroad. The results do not apply equally across all sectors but are strongest for industries most likely to be producing horizontally-differentiated tradeable goods.
Book Synopsis Competition and Firm Productivity by : Sandra Ospina
Download or read book Competition and Firm Productivity written by Sandra Ospina and published by International Monetary Fund. This book was released on 2010-03-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents empirical evidence on the impact of competition on firm productivity. Using firm-level observations from the World Bank Enterprise Survey database, we find a positive and robust causal relationship between our proxies for competition and our measures of productivity. We also find that countries that implemented product-market reforms had a more pronounced increase in competition, and correspondingly, in productivity: the contribution to productivity growth due to competition spurred by product-market reforms is around 12-15 percent.
Book Synopsis Imports and Exports at the Level of the Firm by : Mirabelle Muûls
Download or read book Imports and Exports at the Level of the Firm written by Mirabelle Muûls and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores a newly available panel dataset merging balance sheet and international trade transaction data for Belgium. Both imports and exports appear to be highly concentrated among few firms and seem to have become more so over time. Focusing on manufacturing, we find that facts previously reported in the literature as applying only to exports actually apply to imports too. We note that the number of trading firms diminishes as the number of export destinations or import origins increases. The same is true if we consider the number of products traded. Our results generally point to a process of self-selection in both export and import markets. Also, the productivity advantage of exporters reported in the literature may be overstated because imports were not considered. We find that firms that both import and export are the most productive, followed, in descending order, by importers only, exporters only and non-traders. Our results also show the existence of fixed costs of imports, which appear to be of similar magnitude as those of exports.
Book Synopsis Global Value Chains and Productivity: Micro Evidence from Estonia by : Hang T. Banh
Download or read book Global Value Chains and Productivity: Micro Evidence from Estonia written by Hang T. Banh and published by International Monetary Fund. This book was released on 2020-07-03 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has led to an unprecedented collapse in global economic activity and trade. The crisis has also highlighted the role played by global value chains (GVC), with countries facing shortages of components vital to everything from health systems to everyday household goods. Despite the vulnerabilities associated with increased interconnectedness, GVCs have also contributed to increasing productivity and long-term growth. We explore empirically the impact of GVC participation on productivity in Estonia using firm-level data from 2000 to 2016. We find that higher GVC participation at the industry level significantly boosts productivity at both the industry and the firm level. Frontier firms, large firms, and exporting firms also benefit more from GVC participation than non-frontier firms, small firms, and non-exporting firms. We also find that GVC participation of downstream industries has a negative correlation with productivity. Frontier firms and large firms benefit more from GVC participation of upstream industries, while non-frontier firms and small firms benefit more from GVC participation of downstream industries. Our results suggest that policies designed to promote participation in GVCs are important to raise aggregate productivity and potential growth in Estonia.
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 The Global Trade Slowdown by : Cristina Constantinescu
Download or read book The Global Trade Slowdown written by Cristina Constantinescu and published by International Monetary Fund. This book was released on 2015-01-21 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.
Book Synopsis The Rise in Corporate Saving and Cash Holding in Advanced Economies: Aggregate and Firm Level Trends by : Mai Chi Dao
Download or read book The Rise in Corporate Saving and Cash Holding in Advanced Economies: Aggregate and Firm Level Trends written by Mai Chi Dao and published by International Monetary Fund. This book was released on 2018-12-07 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using cross-country national accounts and firm-level data, we document a broad-based trend in rising gross saving and net lending of non-financial corporates across major industrialized countries over the last two decades, though most pronounced in countries with persistent current account surpluses. We find that this trend holds consistently across major industries, and is concentrated among large firms, driven by rising profitability, lower financing costs, and reduced tax rates. At the same time, higher gross corporate saving have not supported a commensurate increase in fixed capital investment, but instead led to a build-up of liquid financial assets (cash). The determinants of corporate cash holding and saving are also broad-based across countries, with the growth in assets of large firms, R&D intensity, and lower effective tax rates accounting for most of the increase over the last 15 years.
Book Synopsis Changing Patterns of Global Trade by : Nagwa Riad
Download or read book Changing Patterns of Global Trade written by Nagwa Riad and published by International Monetary Fund. This book was released on 2012-01-15 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.
Book Synopsis The Oxford Handbook of Productivity Analysis by : Emili Grifell-Tatjé
Download or read book The Oxford Handbook of Productivity Analysis written by Emili Grifell-Tatjé and published by Oxford University Press. This book was released on 2018-08-07 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: Productivity underpins business success and national well-being and thus it is crucial to understand the factors that influence productivity growth. This volume provides a comprehensive exploration into the significance of productivity growth for business, the economy, and for social economic progress. It examines how productivity is defined, measured and implemented. It also surveys the dispersion of productivity across time and place, focusing on the productivity dynamics that either leads to a reallocation of resources that reduces dispersion and increases aggregate productivity or, conversely, allows dispersion to persist behind barriers to productivity-enhancing reallocation. A third focus is an investigation of the drivers of, or impediments to, productivity growth, some of which are organizational in nature and under management control and others of which are institutional in nature and subject to public policy intervention. The Oxford Handbook of Productivity Analysis contains contributions of distinguished productivity experts from around the world who analyze a wide range of timely issues. These issues concern purely analytical topics surrounding the measurement of productivity in various situations, beginning with the ideal situation in which all inputs and all outputs, and their prices, are observed accurately. They also include service sectors such as education in which the services provided are hard to define, much less measure, and other sectors that generate undesirable environmental externalities that are difficult to price and complicate the very definition of productivity. The issues also involve business management topics ranging from the role of business models and benchmarking to the quality of management practices, the adoption of new technologies, and possible complementarities between the two. The relationship between productivity and business performance is also explored. At a more aggregate level the issues range from the impacts of market power, incentive regulation, international trade and global value chains on productivity, to the contribution of productivity to economic development and economic welfare.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498304028 Total Pages :32 pages Book Rating :4.4/5 (983 download)
Book Synopsis France by : International Monetary Fund. European Dept.
Download or read book France written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2014-07-03 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper reviews business investment patterns in France during the crisis. The main motivation is to explore whether investment has recently evolved in line with established determinants or displayed somewhat unconventional dynamics. This paper addresses three distinct questions. First, has recent investment behavior essentially been consistent with past trends or is there any discernible structural break as a result of the crisis. Second, what drove the contraction in investment during the crisis. Third, what is the investment outlook and can a swift and strong rebound going forward be expected. The paper presents main results and the outlook for investment.
