G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14122
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
URLhttps://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.
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