The Experts below are selected from a list of 3222 Experts worldwide ranked by ideXlab platform
Jackie M L Chan - One of the best experts on this subject based on the ideXlab platform.
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financial frictions and Trade Intermediation theory and evidence
European Economic Review, 2019Co-Authors: Jackie M L ChanAbstract:Abstract This paper examines the impact of financial frictions on exports through Trade intermediaries theoretically and empirically. I present a heterogeneous firm model of Trade Intermediation and financial frictions, in which firms require external finance for their Trade costs. Since exporting through intermediaries entails lower fixed costs but higher variable costs, firms facing greater financial frictions are more likely to pursue intermediated Trade. The model finds strong empirical support in rich data for indirect versus direct exporting at both the micro and macro levels. Micro-level data for over 9,000 firms in 115 countries reveals that financially more constrained firms are more likely to use Trade intermediaries in exporting. Correspondingly, macro-level data of entrepot Trade through Hong Kong for 56 exporting countries shows that financially less developed countries are more likely to rely on Trade Intermediation. Both of these effects are stronger in financially more vulnerable industries and are not driven by other firm- and country-level determinants of exporting. These results have policy implications for the role of Trade intermediaries in compensating for capital market frictions, in particular, as a means to enhance the gains from Trade.
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Trade Intermediation financial frictions and the gains from Trade
Research Papers in Economics, 2015Co-Authors: Jackie M L ChanAbstract:This paper develops a heterogeneous firm model of international Trade with Trade Intermediation and financial frictions. Indirect exporting through intermediaries entails lower fixed costs but larger variable costs, and thus intermediaries alleviate financial frictions which magnify the fixed cost of exporting. The model finds strong empirical support in firm-level data on indirect exports for 118 countries as well as country-level data on entrepA´t Trade through Hong Kong for over 50 countries. Financially more constrained exporting firms and financially less developed countries are more likely to use Trade intermediaries. Both of these effects are stronger in financially more vulnerable industries. Calibrating a two-country version of the model in general equilibrium for China and US reveals important gains from Trade Intermediation. When indirect exporting is eliminated from China, welfare, exports, and the share of exporting firms fall by 0.24%, 18%, and 59% respectively.
Richard Kneller - One of the best experts on this subject based on the ideXlab platform.
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Trade liberalization, input intermediaries and firm productivity: Evidence from China
Journal of International Economics, 2020Co-Authors: Fabrice Defever, Michele Imbruno, Richard KnellerAbstract:We investigate theoretically and empirically the role of wholesalers in mediating the productivity effects of Trade liberalization. Intermediaries provide indirect access to foreign produced inputs. The productivity effects of input tariff cuts on firms that do not directly import therefore depends on the extent that wholesalers are a feature of input supply within an industry. Using firm level data from China, we document that wholesalers play no such role for direct importers. However, other firms experience productivity gains from reducing input tariffs if Trade Intermediation of foreign inputs within their sector is high. They suffer efficiency losses otherwise.
Kneller Richard - One of the best experts on this subject based on the ideXlab platform.
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Trade liberalization, input intermediaries and firm productivity: Evidence from China
'Elsevier BV', 2020Co-Authors: Defever Fabrice, Imbruno Michele, Kneller RichardAbstract:International audienceWe investigate theoretically and empirically the role of wholesalers in mediating the productivity effects of Trade liberalization. Intermediaries provide indirect access to foreign produced inputs. The productivity effects of input tariff cuts on firms that do not directly import therefore depends on the extent that wholesalers are a feature of input supply within an industry. Using firm level data from China, we document that wholesalers play no such role for direct importers. However, other firms experience productivity gains from reducing input tariffs if Trade Intermediation of foreign inputs within their sector is high. They suffer efficiency losses otherwise
Li Hong-bing - One of the best experts on this subject based on the ideXlab platform.
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Research Progress in Firm Heterogeneity and Trade Intermediation Theory
2012Co-Authors: Li Hong-bingAbstract:It has been over a decade since the new-new Trade theory was born,the Trade theorists expanded the more detailed and fruitful research on the hypothesis of firm heterogeneity.It was remarkable that the theoretical literature Trade intermediaries were integrated into the analysis,which broke the limitations of direct export in existed research and which explained the influence of intermediary technology and incomplete contracts on the different export decisions and welfare distribution between direct export and intermediary export based on the firm heterogeneity and endogenous boundary respectively.This paper reviews the recent theoretical literature on heterogeneity and Trade intermediary theory,illustrates the microscopic mechanism of the integration of Trade Intermediation into new-new Trade theory and prospects its future development direction.
Fabrice Defever - One of the best experts on this subject based on the ideXlab platform.
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Trade liberalization, input intermediaries and firm productivity: Evidence from China
Journal of International Economics, 2020Co-Authors: Fabrice Defever, Michele Imbruno, Richard KnellerAbstract:We investigate theoretically and empirically the role of wholesalers in mediating the productivity effects of Trade liberalization. Intermediaries provide indirect access to foreign produced inputs. The productivity effects of input tariff cuts on firms that do not directly import therefore depends on the extent that wholesalers are a feature of input supply within an industry. Using firm level data from China, we document that wholesalers play no such role for direct importers. However, other firms experience productivity gains from reducing input tariffs if Trade Intermediation of foreign inputs within their sector is high. They suffer efficiency losses otherwise.