贸易流动和汇率：进口商、出口商和产品

IF 3.8 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2024-12-25 DOI:10.1016/j.jinteco.2024.104044

Michael B. Devereux , Wei Dong , Ben Tomlin

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引用次数: 0

摘要

使用高度分解的交易级贸易数据，我们记录了新的公司级贸易伙伴关系以及在现有关系中增加新产品在推动总贸易流量方面的重要性。此外，我们发现这些利润对汇率变动很敏感，而且就贸易伙伴和产品的数量而言，大公司的反应要灵敏得多。然后，这些发现在国际贸易模型中合理化与异质进口商和出口商之间的内生匹配。该模型的模拟突出表明：(1)汇率影响短期贸易流动的新渠道；(2)企业异质性对贸易交易双方在调整过程中的重要性。

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Trade flows and exchange rates: Importers, exporters and products

Using highly-disaggregated transaction-level trade data, we document the importance of new firm-level trade partner relationships and the addition of new products to existing relationships in driving aggregate trade flows. Moreover, we find that these margins are sensitive to movements in the exchange rate and that larger firms are substantially more responsive in terms of both the number of trade partners and products. These findings are then rationalized in a model of international trade with endogenous matching between heterogeneous importers and exporters. Simulations of the model highlight: (1) a new channel through which exchange rates influence short-run trade flows; and (2) the importance of firm heterogeneity—on both sides of trade transactions—in the adjustment process.

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来源期刊

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.