Opposing Firm-Level Responses to the China Shock: Output Competition versus Input Supplyt

• 成果类型: Article
• 署名作者: Aghion, Philippe; Bergeaud, Antonin; Lequien, Matthieu; Melitz, Marc J.; Zuber, Thomas
• 署名单位: Universite PSL; College de France; INSEAD Business School; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK; National Bureau of Economic Research; European Central Bank; Bank of France
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20210753
• 发表日期: 2024
• 页码: 249-269
• 关键词: trade liberalization; import competition; intermediate inputs; PRODUCTIVITY; INNOVATION; IMPACT; adjustment; EMPLOYMENT; MARKETS; exports

摘要

We decompose the China shock into two components that induce different adjustments for firms exposed to Chinese exports: an output shock affecting firms selling goods that compete with similar imported Chinese goods, and an input supply shock affecting firms using inputs similar to the imported Chinese goods. Combining French accounting, customs, and patent information at the firm level, we show that the output shock is detrimental to firms' sales, employment, and innovation. Moreover, this negative impact is concentrated in low -productivity firms. On the other hand, the impact of the input supply shock is reversed. ( JEL D22, D24, F14, J23, L25, O31, O34)