| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14122 |
| DP14122 Matched trade at the firm level and the micro origins of international business-cycle comovement | |
| Richard Friberg; Mark Sanctuary | |
| 发表日期 | 2019-11-15 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper uses firm x national market export and import data for all Swedish private sector firms for 1997-2014 to examine the firm-level contribution of trade and foreign ownership to the correlation between Swedish value added growth and partner country GDP growth. Export and import links increase the firm-level correlation but net out for firms that both export to and import from the same market, evidence that this type of ``natural hedging'' can help reduce a firm's exposure to foreign economic shocks. We proceed to aggregate the firm-level results to the whole economy and find that severing firm-level ties with a foreign market is predicted to lower the correlation between Swedish value added growth and foreign GDP growth from 0.72 to 0.64 on average. Gabaix's ``granularity'' of trade is central to this result: if all firms are given equal weight overall correlations are essentially unaffected by severing firm level ties. While natural hedging is quantitatively important at the firm level, it has little effect on overall comovements. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Rnational trade Transmission of shocks Granular effects Firm heterogeneity Natural hedging |
| URL | https://cepr.org/publications/dp14122 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543011 |
| 推荐引用方式 GB/T 7714 | Richard Friberg,Mark Sanctuary. DP14122 Matched trade at the firm level and the micro origins of international business-cycle comovement. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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