patterns. First, foreign affiliate and headquarter sales exhibit strong positive comovement: a 10% growth in the sales of the … headquarter is associated with a 2% growth in the sales of the affiliate. Second, shocks to the source country account for a … significant fraction of the variation in sales growth at the source-destination level. We propose a parsimonious quantitative …

multinational affiliates, as well as with higher aggregate affiliate sales to the local market, back to the U.S. and to third … affiliates, by contrast, these forces are associated with relatively lower local sales and higher return and third-country sales …. Yet at both aggregate and affiliate levels, the share of local sales in total sales is smaller, while the shares of U …

In recent decades, growth of overall world trade has been driven in large part by the rapid growth of trade in …

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …