evaluate its welfare consequences. This paper examines an important industrial policy in China in the 2000s, aiming to propel … model of firm entry, exit, investment, and production, we find that the scale of the policy was massive and boosted China …'s domestic investment, entry, and world market share dramatically. On the other hand, it created sizable distortions and led to …

, the forces of innovation and diffusion combine to shape trade substitution patterns. Innovation makes a country … technological similarity and increases head-to-head competition. In the special case of an innovation-only model where countries do … observable trade flows and the dynamics of innovation and knowledge diffusion …

between globalization and innovation does not differ across the manufacturing and service sectors …Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their …, vertical linkages with foreign firms, and international trade on several types of innovation by domestic firms. Using …

. Exploiting the exogenous component of rising trade with China and classifying legislator ideologies by congressional voting …

How global are the gains from innovation? When firms operate production plants in multiple countries, technological …-2008. Our estimates indicate that innovation increases performance at firm locations beyond the innovating site: the median U … operations understate multinationals' gain from innovation, and revealing a spatial disconnect between the costs and potential …

portfolios concentrated in sectors exposed to competition from China face an increase in non-performing loans after China's entry … into the World Trade Organization. As a result, they reduce the supply of credit to firms, irrespective of the firm … financial channel amplifies the shock to firms already hit by import competition from China and passes it on to firms in sectors …

Using a comprehensive dataset of all medium and large enterprises in China between 1998 and 2007, we show that …