INTERNATIONAL TRADE AND INDUSTRIAL DYNAMICS

• 成果类型: Article
• 署名作者: Ederington, Josh; McCalman, Phillip
• 署名单位: University of Kentucky; University of California System; University of California Santa Cruz
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2009.00555.x
• 发表日期: 2009
• 页码: 961-989
• 关键词: technology; diffusion; COMPETITION; INNOVATION; EVOLUTION; entry; EXIT

摘要

In this article, industrial evolution is driven by endogenous technology choices of firms, generating a rich environment that includes the possibility of a dramatic shakeout. The likelihood, magnitude, and timing of this shakeout are characterized and depend not only on the size of an innovation but also on cost structure. In this setting, trade liberalization reduces the likelihood of a shakeout, resulting in more stable industrial structures. However, when shakeouts arise in global markets, the distribution of exits can vary widely across countries. Furthermore, conditions exist where a shakeout occurs in a closed economy but not in an open economy.