scholarly journals Matched trade at the firm level and the micro origins of international business‐cycle comovement

2020 ◽  
Author(s):  
Richard Friberg ◽  
Mark Sanctuary
Keyword(s):  
Business Cycle ◽  
International Business ◽  
Firm Level ◽  
International Business Cycle

scholarly journals Multinational Firms and International Business Cycle Transmission*

2016 ◽  
Vol 132 (2) ◽  
pp. 921-962 ◽  
Author(s):  
Javier Cravino ◽  
Andrei A. Levchenko
Keyword(s):  
Business Cycle ◽  
International Business ◽  
Multinational Firms ◽  
Quantitative Model ◽  
Individual Country ◽  
Firm Level ◽  
Data Set ◽  
International Business Cycle ◽  
The Impact ◽  
Foreign Shocks

Abstract We investigate how multinational firms contribute to the transmission of shocks across countries using a large multicountry firm-level data set that contains cross-border ownership information. We use these data to document two novel empirical 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 model to interpret these findings and to evaluate the role of multinational firms for international business cycle transmission. For the typical country, the impact of foreign shocks transmitted by all foreign multinationals combined is non-negligible, accounting for about 10% of aggregate productivity shocks. On the other hand, since bilateral multinational production shares are small, interdependence between most individual country pairs is minimal. Our results do reveal substantial heterogeneity in the strength of this mechanism, with the most integrated countries significantly more affected by foreign shocks.

scholarly journals The Micro Origins of International Business-Cycle Comovement

2018 ◽  
Vol 108 (1) ◽  
pp. 82-108 ◽  
Author(s):  
Julian di Giovanni ◽  
Andrei A. Levchenko ◽  
Isabelle Mejean
Keyword(s):  
Business Cycle ◽  
International Business ◽  
Value Added ◽  
Foreign Country ◽  
Firm Level ◽  
International Business Cycle ◽  
French Firm ◽  
Micro Level ◽  
Using Data ◽  
The Impact

This paper investigates the role of individual firms in international business-cycle comovement using data covering the universe of French firm-level value added and international linkages over the period 1993–2007. At the micro level, trade and multinational linkages with a particular foreign country are associated with a significantly higher correlation between a firm and that foreign country. The impact of direct linkages on comovement at the micro level has significant macro implications. Without those linkages the correlation between France and foreign countries would fall by about 0.098, or one-third of the observed average correlation of 0.291 in our sample of partner countries. (JEL F14, F23, F44, F62, L14)

The International Business Cycle in a Changing World: Volatility and the Propagation of Shocks in the G-7

2006 ◽  
Vol 17 (3) ◽  
pp. 255-279 ◽  
Author(s):  
Pedro J. Perez ◽  
Denise R. Osborn ◽  
Michael Artis
Keyword(s):  
Business Cycle ◽  
International Business ◽  
International Business Cycle ◽  
Changing World

scholarly journals National and International Business Cycle Effects of Housing Crises

2010 ◽  
Vol 56 (2) ◽  
pp. 175-206 ◽  
Author(s):  
Nils Jannsen
Keyword(s):  
Business Cycle ◽  
International Business ◽  
International Business Cycle

Adding space to the international business cycle

2020 ◽  
Vol 65 ◽  
pp. 103211 ◽  
Author(s):  
Luis Servén ◽  
Girum Dagnachew Abate
Keyword(s):  
Business Cycle ◽  
International Business ◽  
International Business Cycle

scholarly journals Canada and the International Business Cycle

1956 ◽  
Vol 7 (2) ◽  
pp. 339
Author(s):  
Henri Guitton ◽  
E. Marcus
Keyword(s):  
Business Cycle ◽  
International Business ◽  
International Business Cycle

scholarly journals Testing for structural breaks in factor loadings: An application to international business cycle

2011 ◽  
Vol 28 (1-2) ◽  
pp. 259-263 ◽  
Author(s):  
José Luis Cendejas Bueno ◽  
Sonia de Lucas Santos ◽  
Ma Jesús Delgado Rodríguez ◽  
Inmaculada Álvarez Ayuso
Keyword(s):  
Business Cycle ◽  
International Business ◽  
Structural Breaks ◽  
Factor Loadings ◽  
International Business Cycle
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