Theories Of Heterogeneous Firms And Trade
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Theories Of Heterogeneous Firms And Trade
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Author : Stephen Redding
language : en
Publisher:
Release Date : 2010
Theories Of Heterogeneous Firms And Trade written by Stephen Redding and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Economics categories.
This paper reviews the recent theoretical literature on heterogeneous firms and trade, which emphasizes firm selection into international markets and reallocations of resources across firms. We discuss the empirical challenges that motivated this research and its relationship to traditional trade theories. We examine the implications of firm heterogeneity for comparative advantage, market size, aggregate trade, the welfare gains from trade, and the relationship between trade and income distribution. While a number of studies examine the endogenous response of firm productivity to trade liberalization, modeling internal firm organization and the origins of firm heterogeneity remain interesting areas of ongoing research.
International Trade With Heterogeneous Firms
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Author : Alessandra Bonfiglioli
language : en
Publisher:
Release Date : 2021
International Trade With Heterogeneous Firms written by Alessandra Bonfiglioli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business enterprises categories.
International trade is dominated by a small number of very large firms. Models of trade with heterogeneous firms have been developed to study the causes and consequences of this observation. The canonical model of trade with heterogeneous firms shows that trade leads to between-firm reallocations and selection: it shifts employment towards firms with the best attributes and forces marginal firms to exit. The model also illustrates the role of heterogeneity, and its various sources, in explaining the volume of trade and the firm-level margins of adjustment. Consistent with the model, earlier empirical studies have documented that exporting is a rare activity, that exporting firms are larger and more productive than other firms, and that trade liberalization reallocates market shares towards the best-performing firms in various countries. More recent studies using transaction-level data have unveiled additional salient features of trade flows. First, sales by foreign firms are very heterogeneous and highly concentrated. Second, both the extensive margin (number of exporting firms) and the intensive margin (average export per firm) are important in explaining the level of exports and its changes over time. More heterogeneity in sales across firms is associated with a higher volume of trade along both margins. Third, increased foreign competition reallocates market shares towards top firms and hence can increase concentration from any country of origin. Numerous extensions of the benchmark model have been proposed to study other important aspects, such as the relevance of multi-product and multinational firms and the extent to which heterogeneity is endogenous to firms' choices, but some open challenges still remain.
A Theory Of Trade Liberalization And Innovations With Heterogeneous Firms
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Author : Christian Rutzer
language : en
Publisher:
Release Date : 2014
A Theory Of Trade Liberalization And Innovations With Heterogeneous Firms written by Christian Rutzer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This paper extends the firm heterogeneity model of Melitz (2003) by introducing a new concept of endogenous investments in process R&D. The novelty is that if a firm invests more in R&D its expected innovation return hazard rate stochastically dominates the return of less R&D investments. Due to this property, entrants invest more in R&D in response to trade liberalization. As a result, the aggregate productivity is affected by a reallocation of resources to more productive firms and a simultaneous increase in firms' investments in innovations, which is consistent with empirical findings. At the same time the firms' increased R&D investments lead to a sector distribution with a higher right-tail compared to the distribution prior to trade liberalization. Hence, the model gives an explanation for the empirically found differences in the distribution tails among sectors with different trade openness levels. Another advantage of this paper's framework compared to other trade models with innovations is its foundation in and extension of Melitz (2003). It enables most of the heterogeneous firms trade models to be extended by endogenous firm-level R&D in an empirically relevant and analytically tractable way.
Heterogeneous Firms And Trade
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Author : Richard E. Baldwin
language : en
Publisher:
Release Date : 2005
Heterogeneous Firms And Trade written by Richard E. Baldwin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Commerce categories.
This paper sets out a basic heterogeneous-firms trade model that is closely akin to Melitz (2003). The positive and normative properties of the model are studied in a manner intended to highlight the core economic logic of the model. The paper also studies the impact of greater openness at the firm-level and aggregate level, focusing on changes in the number and type of firms, trade volumes and prices, and productivity effects. The normative effects of liberalisation are also studied and here the paper focuses on aggregate gains from trade, and income redistribution effects, showing inter alia that the model is marked by a Stolper-Samuelson like effect. A number of empirically testable hypotheses are also developed. These concern the impact of greater openness on the firm-level trade pattern, the variance of unit-prices, the stock market valuation of firms according to size, and the lobbying behaviour by size.
International Trade
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Author : Richard Pomfret
language : en
Publisher: World Scientific Publishing Company
Release Date : 2016-02-04
International Trade written by Richard Pomfret and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-04 with Political Science categories.
International Trade: Theory, Evidence and Policy provides an integrated non-mathematical account of trade theory and policy that can be read straight through. The footnotes provide caveats, extensions and entry points, or further reading. This book is divided into three parts. The first part focuses on the core theoretical analysis of international trade that has evolved over a quarter-millennium. The second part reviews recent empirical research in global value chains, trade costs, and heterogeneous firms, particularly from analysing large datasets of individual firms' characteristics and of trade flows disaggregated to very finely detailed levels. The third section of the book analyzes trade policies and discusses current policy debates. This edition is based on Pomfret's Lecture Notes on International Trade Theory and Policy, first published in 2008. The content has been extensively updated and revised to stand as a new volume.
Comparative Advantage And Heterogeneous Firms
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Author : Andrew B. Bernard
language : en
Publisher:
Release Date : 2004
Comparative Advantage And Heterogeneous Firms written by Andrew B. Bernard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Diversification in industry categories.
This paper presents a model of international trade that features heterogeneous firms, relative endowment differences across countries, and consumer taste for variety. The paper demonstrates that firm reactions to trade liberalization generate endogenous Ricardian productivity responses at the industry level that magnify countries' comparative advantage. Focusing on the wide range of firm-level reactions to falling trade costs, the model also shows that, as trade costs fall, firms in comparative advantage industries are more likely to export, that relative firm size and the relative number of firms increases more in comparative advantage industries and that job turnover is higher in comparative advantage industries than in comparative disadvantage industries.
Firms In International Trade
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Author : Andrew B. Bernard
language : en
Publisher:
Release Date : 2007
Firms In International Trade written by Andrew B. Bernard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business enterprises categories.
Despite the fact that importing and exporting are extremely rare firm activities, economists generally devote little attention to the role of firms when discussing international trade. This paper summarizes key differences between trading and non-trading firms, demonstrates how these differences present a challenge to standard trade models and shows how recent "heterogeneous-firm" models of international trade address these challenges. We then make use of transaction-level U.S. trade data to introduce a number of new stylized facts about firms and trade. These facts reveal that the extensive margins of trade -- that is, the number of products firms trade as well as the number of countries with which they trade -- are central to understanding the well-known role of distance in dampening aggregate trade flows.
Heterogeneous Firms And Trade
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Author :
language : en
Publisher:
Release Date : 2012
Heterogeneous Firms And Trade written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Economics categories.
Structural Estimation And Solution Of International Trade Models With Heterogeneous Firms
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Author : Edward J. Balistreri
language : en
Publisher:
Release Date : 2008
Structural Estimation And Solution Of International Trade Models With Heterogeneous Firms written by Edward J. Balistreri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Trade And Growth With Heterogeneous Firms
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Author : Richard E. Baldwin
language : en
Publisher:
Release Date : 2006
Trade And Growth With Heterogeneous Firms written by Richard E. Baldwin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Endogenous growth (Economics) categories.