Productivity, Markups and Export Intensity: Evidence from Korean Manufacturing
1
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
This paper empirically investigates the impacts of export intensity on plant-level productivity growth and markups by assessing Korean manufacturing data between 1992and 2002. Our Generalized Propensity Score estimation results suggest an inverted U-shaped relationship between export intensity and productivity growth, which is consistent with Fryges and Wagner (2007). At the same time, we also find a similar pattern in the export intensity-markup nexus. Our results generally imply that increasing export intensity up to a certain threshold provides a better opportunity for exporters to improve productivity and charge higher markups than non-exporters, but a plant whose export intensity is beyond this threshold may not fully benefit from exporting activity as excessive exposure to foreign markets causes higher market uncertainties and internationalization costs.
Abstract
This paper empirically investigates the impacts of export intensity on plant-level productivity growth and markups by assessing Korean manufacturing data between 1992and 2002. Our Generalized Propensity Score estimation results suggest an inverted U-shaped relationship between export intensity and productivity growth, which is consistent with Fryges and Wagner (2007). At the same time, we also find a similar pattern in the export intensity-markup nexus. Our results generally imply that increasing export intensity up to a certain threshold provides a better opportunity for exporters to improve productivity and charge higher markups than non-exporters, but a plant whose export intensity is beyond this threshold may not fully benefit from exporting activity as excessive exposure to foreign markets causes higher market uncertainties and internationalization costs.
참고문헌 (32)
- Ackerberg, D.A., "Structural Identification of Production Functions" (2006), UCLA
- Aw, B., "Productivity and Turnover in the Export Market: Micro-Level Evidence from the Republic of Korea and Taiwan (China)", The World Bank Economic Review, 14(1) (2000)
- Bellone, F., "Endogenous Markups, Firm Productivity and International Trade: Testing Some Micro-level implications of the Melitz-Ottaviano Model" (2008)
- Bernard, A. B., "Exporters, Jobs, and Wages in US Manufacturing: 1976-87", Brookings Papers on Economic Activity, pp.67~112 (1995)
- Bernard, A. B., "Exceptional Exporter Performance: Cause, Effect, or Both?", Journal of International Economics, 47(1), pp.1~25 (1999)
- Bernard, A. B., "Plants and Productivity in International Trade", American Economic Review, 93, pp.1268~1290 (2003)
- Firms in International Trade, "Bernard, A. B.", CEP Discussion, ~, pp.Paper No. 795 (2007)
- Clerides, S. K., "Is Learning by Exporting Important? Micro-Dynamic Evidence from Colombia, Mexico, and Morocco", The Quarterly Journal of Economics, 113(3), pp.903~947 (1998)
- De Loecker, J., "A Note on Detecting Learning by Doing" (2010)
- De Loecker, J., "Markups and Exporting Behavior Markups and Firm-level Export Status", American Economic Review, 102(6), pp.2437~2471 (2010)
- Export-Platform Foreign Direct Investment, "Ekholm, K.", National Bureau of Economic Research, ~, pp.Working Paper No. 9517 (2003)
- Foster, L., "Reallocation, Firm Turnover, and Efficiency: Selection on Productivity or Profitability?", American Economic Review, 98(1), pp.394~425 (2008)
- Fryges, H., "Exports and Productivity Growth- First Evidence from a Continuous Treatment Approach", Review of World Economics, 144(4), pp.695~722 (2007)
- Fryges, H., "Exports and Profitability: First Evidence for German Manufacturing Firms", The World Economy, pp.399~423 (2010)
- Price Cost Margins and Exporting Behavior: Evidence from firm level data, "Görg, H.", ~, pp.Research Paper Levelhulme Centre 2003 (2003), 24
- Grossman, G., "Optimal Integration Strategies for the Multinational Firm", Journal of International Economics, 70, pp.216~238 (2006)
- Hall, R. E., "Market Structure and Macroeconomic Fluctuations", Brookings Papers on Economic Activity, 2, pp.285~322 (1986)
- Hall, R. E., "The Relation between Price and Marginal Cost in U.S. Industry", Journal of Political Economy, 96(5), pp.921~947 (1988)
- Hall, R. E., "Invariance Properties of Solow’s Productivity Residual, In rowth, productivity, Unemployment: Essays to celebrate Bob Solow’s Birthday", pp.71~112 (1990), MIT Press
- Hirano, K., "The Propensity Score with Continuous Treatments, In Applied Bayesian Modeling and Causal Inference from Incomplete-Data Perspectives", pp.73~84 (2004), Wiley
- Kluve, J., "Evaluating Continuous Training Programs Using the Generalized Propensity Score", Journal of the Royal Statistical Society, Series A (Statistics in Society), 175(2), pp.587~617 (2007)
- Lee, H, "Decision to Invest abroad: the Case of South Korean Multinationals", Pacific Economic Review, 15(2), pp.281~302 (2010)
- Levinsohn, J., "Estimating Production Functions Using Inputs to Control for Unobservables", The Review of Economic Studies, 70(2) (2003)
- Lourdes, M., "Export Activity, Persistence and Markups", Applied Economics, 42(4), pp.475~488 (2010)
- Melitz, M. J., "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity", Econometrica, 71(6), pp.1695~1725 (2003)
- Melitz, M. J., "Market Size, Trade, and Productivity", Review of Economic Studies, 75(1), pp.295~316 (2008)
- Olley, S., "The Dynamics of Productivity in the Telecommunications Equipment Industry", Econometrica, 64(6), pp.1263~1298 (1996)
- Papke, L. E., "Econometric Methods for Fractional Response Variables with an Application to 401 Plan Participation Rates", Journal of Applied Econometrics, 11, pp.619~632 (1996)
- Van Beveren, I., "Total Factor Productivity Estimation: A Practical Review", Journal of Economic Surveys, 26(1), pp.98~128 (2012)
- Exports, Foreign Direct Investment and Productivity: Evidence from German Firm Level Data, "Wagner, J.", University of Luneburg, ~, pp.Working Paper Series in Economics, No. 8 (2005)
- Wagner, J., "Exporters and Productivity: A Survey of the Evidence from Firm Level Data", The World Economy, 30(1), pp.60~82 (2007)
- Firm Heterogeneity and the Structure of U.S. Multinational Activity: An Empirical Analysis, "Yeaple, S.", National Bureau of Economic Research, ~, pp.Working Paper No. 14072 (2008)