New changes after the pioneer works in Oviatt & McDougall (2005b) and Oviatt & McDougall (2005) suggest that we have now entered Phase II of internationalization, featuring an “IE Capitalism” with three stylized facts: The birth of INVs by MNEs through global value chains; the accelerated...

Firms play a critical role in the global economy. In this paper, we survey the behavior of firms in the international economy, both in theory and in the data. We first summarize the key empirical facts that motivate the study of firms in trade. Then, we detail recent theoretical developments on...

This paper uses firm-level data for Mexican exporters to understand how firm-level export decisions shape a country's aggregate exports. The data allows for a characterization of both the crosssectional distribution of Mexican exports, across destinations and across exporting firms, and of the...