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Bücher Englische Bücher Wissen & Bildung Sozialwissenschaft, Recht, Wirtschaft Wirtschaft Three Essays on Heterogeneous Firms and International Trade
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Three Essays on Heterogeneous Firms and International Trade
Christian Rutzer (Unbekannter Einband, Englisch)
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This thesis comprises three independent papers. All of them belong to the literature on heterogeneous firms and trade, also known as the “New New Trade Theory” based on the “New Trade Theory”. The “New New Trade Theory” (Melitz, 2003, Bernard et al., 2003) emphasizes firm-level differences within the same industry and the same country. In contrast to models of the New Trade Theory (Helpman and… Krugman, 1985, Krugman, 1980), where all the firms within one sector of a country are similar, these recent models identify asymmetric firm behavior as shaping the industrial outcomes of a sector. All three models of this thesis share the feature that they extend existing models of the “New New Trade Theory” by introducing adaptions at the firm level. This in turn leads to novel results at the aggregate industry level.
The first two models consider firms’ R&D investments in process innovations. In most models with firm heterogeneity, firms can respond to trade liberalization only by adapting their entry, exit or export decisions. The productivity of a firm is fixed. As a result, trade liberalization alters industrial productivity only as a result of a reallocation of resources from low-productivity (to some extent exiting) firms towards high-productivity exporting firms. However, empirical studies have revealed that firms respond to trade liberalization by implementing productivity-enhancing measures. Firms may, for example, change their range of products, reorganize their production process, adapt to new technologies, or invest in innovations (for a discussion, see, for example, Melitz and Redding, 2014a). Moreover, empirical observations show that these productivity-enhancing measures significantly contribute to the growth in industrial productivity after trade liberalization.
In the first paper, I build a framework that is consistent with these empirical facts. I extend Melitz (2003) by allowing firms to invest in R&D in a model with two symmetric countries. The main message of the model is that firms’ R&D investments can systematically change aggregate industry-level productivity when trade becomes liberalized. Whether this is the case depends strongly on the assumption about how R&D investment returns differ. Firms will increase their R&D spending in response to trade liberalization only if the returns of two investment levels differ in terms of hazard rate stochastic dominance. This is the case, because trade liberalization causes then a disparity in the relative profitability of the two R&D investment levels. As a result, increased market openness affects the aggregate productivity level via productivity increases within firms and a stronger reallocation of resources from less productive (to some extent exiting) firms towards more productive export firms. Because of its general structure and foundation in Melitz (2003), the model can be used to extend a wide range of heterogeneous firms models by introducing empirically relevant and analytically tractable R&D investment at the firm level. This can lead to further novel results with respect to the long-run effects of globalization, as shown, for example, in the second paper of the thesis.
In contrast to the first paper, where I assume two symmetric countries, the second paper presents two countries that differ with respect to their technological potential; i.e., firms from one country suffer from higher market entry costs and R&D costs than firms from the other country. The model shows that aggregate productivity is higher in the technologically advanced country as long as trade is rarely liberalized. However, as trade becomes liberalized, firms from the less advanced country may invest more in R&D than firms from the advanced country, since the latter firms face fiercer competition. As a result, trade liberalization can lead to productivity leapfrogging between the two countries. The asymmetric R&D investment responses of firms from two different countries to trade liberalization cause this novel and remarkable result. By contrast, as the findings of Unel (2013) and Demidova (2008) show, when firms have no R&D investment choice, it is never possible for the leading county prior to trade liberalization, with regard to productivity, to become the lagging country after trade liberalization. This, however, seems to be at odds with real-world examples, at least over long time spans. Hence, the second paper delivers a strong argument for the importance of considering R&D investment at the firm level in heterogeneous firms models.
The setting of the third paper’s model is somewhat different. It belongs to the proximityconcentration trade-off literature. Its original idea states that an industry’s ratio for exports to horizontal foreign direct investment (FDI)-sales will be rather low if tariffs as well as transport costs are high and the costs of establishing and maintaining a production yard in a foreign market are rather low. The impact of uncertainty on this trade-off, however, has only been analyzed recently (Ramondo et al., 2013). The model of this thesis complements that literature by analyzing how uncertainty factors at the firm level, i.e., productivity volatility, average productivity growth and foreign market exit risk, determine exports to FDI-sales at the industry level.
In doing so, I extend the heterogeneous firms model of Helpman et al. (2004) by time series dynamics. In the model, there are now two types of countries. One type consists of the source country, which I call the home country. The other type consists of several recipient countries, which receive the goods that the home country’s firms sell. Firms from the home country can serve foreign consumers not only through exports, but also through foreign direct investment (horizontal FDI). The firm’s decision in choosing between exporting and engaging in FDI depends on its level of productivity. This is similar to the model of Helpman et al. (2004). In contrast to the model of Helpman et al. (2004) and also to the first two models, each firm’s productivity now changes continuously over time. The intensity of a firm’s productivity change differs across industries. In addition, home firms are exposed to foreign-market exit risk which is uncorrelated with firms’ productivity and may differ across recipient countries. Both aspects together shape the heterogeneity among home firms of an industry selling in a recipient country, and consequently determine the exports to horizontal FDI-sales ratio for an industry that sells to a recipient country.
In contrast to static heterogeneous firms models `a la Helpman et al. (2004), the dynamic structure of the model makes it possible to jointly analyze how this sales ratio differs across industries and across recipient countries. Such an analysis is not possible in a static model with CES demand, since a foreign market’s exit risk would affect an industry’s exports and FDI sales by the same proportion. The results of the model indicate that industries which are highly dynamic at the firm level have low exports to FDI-sales ratios. Moreover, at the industry level the exports to FDI-sales ratio varies across recipient countries. The riskier a recipient country is, the higher the source country’s ratio for exports to FDI-sales will be. In addition, this positive relationship is less strong for industries which are highly dynamic at the firm level.
Unlike the models in the first two papers, the third paper’s model does not take R&D investment of firms into account. In the last part of the thesis, however, I combine the third paper’s dynamic structure, where firms have two options for serving foreign consumers, with the first paper’s R&D investment framework. This final chapter aims to briefly show that although I present each of the following essays separately, it would have been possible to merge them into one framework. The main result is that a dynamic version of the first paper’s R&D investment framework would lead to qualitatively similar results, both, at the firm level and at the industry level. I finish the thesis by explaining why the R&D framework developed in this thesis could be applied to a broad range of issues. Dieses Produkt haben wir gerade leider nicht auf Lager.
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Technische Daten
Erscheinungsdatum
01.02.2015
Sprache
Englisch
EAN
9783866246195
Herausgeber
Winter Industries
Serien- oder Bandtitel
Dissertation Premium
Sonderedition
Nein
Autor
Christian Rutzer
Seitenanzahl
140
Auflage
1
Einbandart
Unbekannter Einband
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