| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25804 |
| 来源ID | Working Paper 25804 |
| Multinational Expansion in Time and Space | |
| Stefania Garetto; Lindsay Oldenski; Natalia Ramondo | |
| 发表日期 | 2019-05-06 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper studies the expansion patterns of the multinational enterprise (MNE) in time and space. Using a long panel of US MNEs, we document that MNE affiliates usually start with sales exclusively to the host market and eventually enter export markets, and that this extensive margin of expansion accounts for most of their sales growth. Informed by these facts, we develop a multi-country quantitative dynamic model of the MNE that features heterogeneity in firm-level productivity, persistent aggregate shocks, and a rich structure of costs that affect MNE expansion. Importantly, MNE affiliates can decouple their locations of production and sales, and endogenously choose to enter or exit the host and the export markets. We introduce a novel compound option formulation that allows us to capture in a tractable way the rich heterogeneity observed in the data, which is necessary for quantitative analysis. Using the calibrated model, our quantitative application to Brexit reveals that the nature of the frictions to MNE activities matters for understanding the reallocation of MNE activity in time and space and for predicting the effects of globalization shocks. |
| 主题 | International Economics ; Trade ; International Factor Mobility |
| URL | https://www.nber.org/papers/w25804 |
| 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/583477 |
| 推荐引用方式 GB/T 7714 | Stefania Garetto,Lindsay Oldenski,Natalia Ramondo. Multinational Expansion in Time and Space. 2019. |
| 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 | ||
| w25804.pdf（699KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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