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Multinational Firms, Trade, and the ...

Udupa, Gautham Benegal.

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Multinational Firms, Trade, and the Trade-Comovement Puzzle.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Multinational Firms, Trade, and the Trade-Comovement Puzzle./
作者:	Udupa, Gautham Benegal.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
面頁冊數:	116 p.
附註:	Source: Dissertation Abstracts International, Volume: 80-07(E), Section: A.
Contained By:	Dissertation Abstracts International80-07A(E).
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13836745
ISBN:	9780438840058

Multinational Firms, Trade, and the Trade-Comovement Puzzle.
Udupa, Gautham Benegal.

Multinational Firms, Trade, and the Trade-Comovement Puzzle. - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 116 p.

Source: Dissertation Abstracts International, Volume: 80-07(E), Section: A.

Thesis (Ph.D.)--University of Houston, 2018.

This dissertation consists of two essays. In the first essay, I conduct a re-assessment of the trade-comovement puzzle by evaluating the joint relationships between bilateral trade, FDI stock, and business cycle comovement. The positive empirical correlation between bilateral trade and FDI stock is important- in a regression of both trade and FDI stock against comovement FDI is significant, and the trade-coefficient is considerably smaller compared to a regression of comovement against trade only. This is a novel result. In the main part of the first essay, I develop a model with both trade and FDI featuring heterogeneous firms that differ in productivities. The static heterogeneous firms framework draws from Helpman et al. [2004], to which I add business cycle features- aggregate productivity shocks, capital, and endogenous labor supply. Independent aggregate productivity shocks generate business cycles in each country, and firms' choices to enter and exit export and FDI activities over the business cycle generate comovement. Drawing from Liao and Santacreu [2015], I calibrate and simulate the model to generate "artificial country-pairs", and find that simulated data regressions can generate the coefficient patterns in the actual data.

ISBN: 9780438840058Subjects--Topical Terms:

517137
Economics.

Multinational Firms, Trade, and the Trade-Comovement Puzzle.
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500 $a Adviser: Kei-Mu Yi.
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520 $a This dissertation consists of two essays. In the first essay, I conduct a re-assessment of the trade-comovement puzzle by evaluating the joint relationships between bilateral trade, FDI stock, and business cycle comovement. The positive empirical correlation between bilateral trade and FDI stock is important- in a regression of both trade and FDI stock against comovement FDI is significant, and the trade-coefficient is considerably smaller compared to a regression of comovement against trade only. This is a novel result. In the main part of the first essay, I develop a model with both trade and FDI featuring heterogeneous firms that differ in productivities. The static heterogeneous firms framework draws from Helpman et al. [2004], to which I add business cycle features- aggregate productivity shocks, capital, and endogenous labor supply. Independent aggregate productivity shocks generate business cycles in each country, and firms' choices to enter and exit export and FDI activities over the business cycle generate comovement. Drawing from Liao and Santacreu [2015], I calibrate and simulate the model to generate "artificial country-pairs", and find that simulated data regressions can generate the coefficient patterns in the actual data.
520 $a In the second essay, I develop a model that combines Helpman et al. [2004] and Alessandria and Choi [2007] to address two important drawbacks of the model developed in the first essay. In particular, I allow for international trade in assets and include a sunk cost of setting up an affiliate. The first element is necessary to calibrate the model to generate trade imbalances observed in the data. The second element makes the firm decision dynamic and generates hysteresis in multinational activity- existing affiliates are less likely to exit, and non-affiliates are less likely to enter. Both of these features are absent in the model developed in the first essay. Further research can use this ready-to-calibrate model to target additional features in the data, and the model can be used to understand the quantitative patterns with a greater authority.
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