Firms In International Trade

Topics:
Organization
Tags:
Firm,
London School Of Economics
Source:
London School of Economics and Political Science

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Overview: Despite the fact that importing and exporting are extremely rare firm activities; economists generally devote little attention to the role of firms when discussing international trade. This paper summarizes key differences between trading and non-trading firms, demonstrates how these differences present a challenge to standard trade models and shows how "Heterogeneous-firm" models of international trade address these challenges. Then it makes use of transaction-level U.S. trade data to introduce a number of new stylized facts about firms and trade. These facts reveal that the extensive margins of trade - that is, the number of products firms trade as well as the number of countries with which they trade - are central to understanding the well-known role of distance in dampening aggregate trade flows.

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Format: PDF | Size: 238KB | Date: May 2007 | Pages: 32

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