作者：Fajgelbaum, Pablo; Grossman, Gene M.; Helpman, Elhanan
作者单位：University of California System; University of California Los Angeles; Princeton University; Harvard University
摘要：We study patterns of foreign direct investment (FDI) in a multi-country world economy. We develop a model featuring non-homothetic preferences for quality and monopolistic competition in which specialization is purely demand-driven and the decision to serve foreign countries via exports or FDI depends on a proximity-concentration trade-off. We characterize the joint patterns of trade and FDI when countries differ in income distribution and size and show that FDI is more likely to occur between...
作者：Paravisini, Daniel; Rappoport, Veronica; Schnabl, Philipp; Wolfenzon, Daniel
作者单位：Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; National Bureau of Economic Research; Columbia University
摘要：We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination by firms borrowing from banks differentially affected by capital-flow reversals during the 2008 financial crisis. We find that credit shocks affect the intensive margin of exports, but have no significant impact on entry or exit of firms to new product and...
