GLOBAL SOURCING UNDER IMPERFECT CAPITAL MARKETS

• 成果类型: Article
• 署名作者: Carluccio, Juan; Fally, Thibault
• 署名单位: Paris School of Economics; University of Colorado System; University of Colorado Boulder
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00219
• 发表日期: 2012-08
• 页码: 740-763
• 关键词: incomplete contracts; financial development; comparative advantage; multinational firms; PROPERTY-RIGHTS; GROWTH; TRADE; OWNERSHIP; credit; specialization

摘要

We develop a simple model to study the interactions between a supplier's financial constraints and contract incompleteness in a vertical relationship. Applied to the analysis of multinational firms' sourcing strategies, the model predicts: (i) that complex and specific inputs are more likely to be sourced from financially developed countries and (ii) that multinationals are more likely to integrate suppliers located in countries with poor financial institutions, especially when trade involves complex goods. These predictions are examined and validated using firm-level trade data on multinational firms with operations in France.