Globalization and entrepreneurial entry and exit: Evidence from US households

• 成果类型: Article
• 署名作者: Asian, Hadiye; Kumar, Praveen
• 署名单位: University System of Georgia; Georgia State University; University of Houston System; University of Houston
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2021.05.001
• 发表日期: 2021
• 页码: 83-100
• 关键词: Entrepreneurship; GLOBALIZATION; import competition; Tradable and nontradable industries; human capital

摘要

Using a database on U.S. individuals and households, we examine whether rise in globalization and trade integration of product markets have contributed to the observed decline in US entrepreneurship in trade-exposed sectors. US trade policy that lowered tariffs on China dampens entrepreneurial dynamism through lower entry (especially by incorporated entrepreneurs) and higher exit in exposed sectors but increases entry by highly educated individuals in skill-intensive nontradable industries. The results are robust to secular trends, labor market specialization, local collateral and credit shocks, and long-run bank distress. They are also robust to aggregation at local, state, and national industry levels. (c) 2021 Elsevier B.V. All rights reserved.