| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21885 |
| 来源ID | Working Paper 21885 |
| The Micro Origins of International Business Cycle Comovement | |
| Julian di Giovanni; Andrei A. Levchenko; Isabelle Mejean | |
| 发表日期 | 2016-01-18 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper investigates the role of individual firms in international business cycle comovement using data covering the universe of French firm-level value added, bilateral imports and exports, and cross-border ownership over the period 1993-2007. At the micro level, controlling for firm and country effects, trade in goods with a particular foreign country is associated with a significantly higher correlation between a firm and that foreign country. In addition, foreign multinational affiliates operating in France are significantly more correlated with the source economy. The impact of direct trade and multinational linkages on comovement at the micro level has significant macro implications. Because internationally connected firms are systematically larger than non- internationally connected firms, the firms directly linked to foreign countries represent only 8% of all firms, but 56% of all value added, and account for 75% of the observed aggregate comovement. Without those linkages the correlation between France and foreign countries would fall by about 0.091, or one-third of the observed average business cycle correlation of 0.29 in our sample of partner countries. These results are evidence of transmission of business cycle shocks through direct trade and multinational ownership linkages at the firm level. |
| 主题 | International Economics ; International Macroeconomics ; Globalization and International Relations |
| URL | https://www.nber.org/papers/w21885 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579560 |
| 推荐引用方式 GB/T 7714 | Julian di Giovanni,Andrei A. Levchenko,Isabelle Mejean. The Micro Origins of International Business Cycle Comovement. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w21885.pdf（385KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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