期刊
REVIEW OF ECONOMIC STUDIES
卷 80, 期 4, 页码 1582-1621出版社
OXFORD UNIV PRESS
DOI: 10.1093/restud/rdt018
关键词
Proximity-Concentration; Multinational firms; Foreign Direct Investment; International Trade; Uncertainty
类别
资金
- Economic and Social Research Council [ES/H02123X/1] Funding Source: researchfish
- ESRC [ES/H02123X/1] Funding Source: UKRI
In this article, we analyse the firm's choice between serving a foreign market through exports or through foreign affiliate sales in an environment characterized by country-specific shocks to the cost of production. Our model predicts that country pairs with less-correlated output fluctuations trade more, relative to affiliate sales, whereas countries with more-volatile fluctuations are served relatively more by exporters than by foreign affiliates selling abroad. Using detailed data on trade and affiliate sales, we find empirical support for our model's predictions.
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