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Exports and sectoral financial dependence: evidence on French firms during the great global crisis
Bricongne, Jean-Charles; Fontagné, Lionel; Gaulier, … - European Central Bank - 2010
The unprecedented drop in international trade during the last quarter of 2008 and the first quarter of 2009 has mainly been analysed at the macroeconomic or sectoral level. However, exporters who are heterogeneous in terms of productivity, size or external financial dependence should be...
Persistent link: https://www.econbiz.de/10008461128
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Firms and the global crisis: French exports in the turmoil
Bricongne, Jean-Charles; Fontagné, Lionel; Gaulier, … - European Central Bank - 2010
firms, matching together export data with firm-level credit constraints, shows that most of the 2008-2009 trade collapse is …
Persistent link: https://www.econbiz.de/10008645003
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Measuring the effectiveness of cost and price competitiveness in external rebalancing of euro area countries: What do alternative HCIs tell us?
Christodoulopoulou, Styliani; Tkacevs, Olegs - European Central Bank - 2014
This study examines the marginal effects of traditional determinants of exports and imports with a focus on the role of price competitiveness in restoring external balances. It is a first attempt to compare marginal effects of various harmonised competitiveness indicators (HCIs) on both exports...
Persistent link: https://www.econbiz.de/10011067267
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The euro as invoicing currency in international trade
Kamps, Annette - European Central Bank - 2006
This paper investigates the determinants of currency invoicing in international trade. Although the currency of invoicing is central for the transmission of monetary policy, empirical research on this topic is scarce due to a lack of data. With a new extensive invoicing dataset and a panel model...
Persistent link: https://www.econbiz.de/10005344942
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World trade and global integration in production processes: a re-assessment of import demand equations
Barrell, Ray; Dées, Stéphane - European Central Bank - 2005
It is common to observe that demand elasticities in trade equations for imports are implausibly large, and that they differ between countries. Both of these present us with problems, as they imply trade will rise without bound as a proportion of GDP. The research reported here looks for...
Persistent link: https://www.econbiz.de/10005162901
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Modelling global trade flows: results from a GVAR model
Bussière, Matthieu; Chudik, Alexander; Sestieri, Giulia - European Central Bank - 2009
This paper uses a Global Vector Auto-Regression (GVAR)model in a panel of 21 emerging market and advanced economies to investigate the factors behind the dynamics of global trade flows, with a particular view on the issue of global trade imbalances and on the conditions of their unwinding. The...
Persistent link: https://www.econbiz.de/10005049559
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What drives business cycles and international trade in emerging market economies?
Sánchez, Marcelo - European Central Bank - 2007
This paper investigates the role of domestic and external factors in explaining business cycle and international trade developments in fifteen emerging market economies. Results from signrestricted VARs show that developments in real output, inflation, real exchange rates and international trade...
Persistent link: https://www.econbiz.de/10005530716
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Innocent bystanders: how foreign uncertainty shocks harm exporters
Taglioni, Daria; Zavacka, Veronika - European Central Bank - 2013
The failure of trade economists to anticipate the extreme drop in trade post Lehman Brothers bankruptcy suggests that the behavior of trade in exceptional circumstances may still be poorly understood. This paper explores whether uncertainty shocks have explanatory power for movements in trade....
Persistent link: https://www.econbiz.de/10010686753
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The export-magnification effect of offshoring
Kleinert, Joern; Zorell, Nico - European Central Bank - 2012
call the export-magnification effect of offshoring. More specifically, lower barriers to offshoring reduce the average …-level price competitiveness. This, in turn, translates into higher export quantities of incumbent exporters (intensive margin) and …
Persistent link: https://www.econbiz.de/10010686849
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Firms' export dynamics: experience vs. size
Berthou, Antoine; Vicard, Vincent - European Central Bank - 2013
and the second year of export is biased upwards because new exporters may start exporting late during the year. This … incomplete calendar year reduces export revenue by 32% on average for the first year of export. We then show that, controlling … for size, export experience is negatively related to net growth of exports for surviving exporters. Controlling for export …
Persistent link: https://www.econbiz.de/10010717719