| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15609 |
| DP15609 Relationship stickiness, international trade, and economic uncertainty | |
| Julien Martin; Isabelle Mejean | |
| 发表日期 | 2020-12-26 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper examines how the degree of stickiness in business relationships influences the real impact of aggregate uncertainty. We first develop a novel index of relationship stickiness (RS) for more than 5,000 HS6 products based on the duration of firm-to-firm trade. The RS measure is derived from a stylized search model in which a higher degree of stickiness implies a lower probability of switching and longer firm-to-firm trade relationships, conditional on match quality. Relationship stickiness shapes the dynamics of firm-to-firm relationships in response to uncertainty shocks. Uncertainty shocks induce a significant and larger decrease in the rate at which new firm-to-firm relationships are formed in high-RS product categories. The relationship between uncertainty and separation rates also varies along the distribution of RS indices, the probability of a trade relationship ending being significantly reduced in sticky-product markets in uncertain times. These results provide evidence that trade of sticky products is characterized by wait-and-see behaviors during uncertainty episodes. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Firm-to-firm trade Relationship specificity Uncertainty |
| URL | https://cepr.org/publications/dp15609 |
| 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/544622 |
| 推荐引用方式 GB/T 7714 | Julien Martin,Isabelle Mejean. DP15609 Relationship stickiness, international trade, and economic uncertainty. 2020. |
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