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We use data on Chinese manufacturing firms to study the connection between individual firm imports and firm export outcomes. Since our panel covers the years 2002 to 2006, we can use changes in import tariffs associated with China's WTO entry as instruments. Our regression results show that firms that expanded their intermediate input imports expanded the volume of their exports and increased their export scope, though the magnitude of the effects differed by import source, firm organizational form, and industry R&D intensity. On these dimensions, we find that imported intermediate inputs from OECD rather than non-OECD countries generated larger firm export improvements, that private Chinese firms derived larger benefits from imported inputs than did foreign invested firms, and that imported intermediates were especially helpful in expanding the exports of firms operating in high R&D intensity industries. Taken together, these results suggest that product upgrading facilitated by technology or quality embedded in imported inputs helped Chinese firms to increase the scale and breadth of their participation in export markets.

Zonder onderwerpscode: economie

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Firm entry dynamics are an integral part of the propagation of financial shocks to the real economy. A VAR documents that adverse financial shocks in the U.S. postwar period are associated with a fall in new firm creation and a fall in firm equity values. We propose a DSGE model with endogenous firm entry and financial frictions that is able to explain these facts. The model is novel in giving firms a choice of financing up-front entry costs through a combination of debt as well as equity, so that financial shocks directly impact the financing of firm entry. The model is also novel in making use of the asset pricing implications of the firm entry condition to explain the equity price response to a financial shock. The model indicates that free entry of new firms limits the ability of incumbent firms to respond to negative financial shocks through endogenous capital restructuring. Also, allowing the number of firms to fall after an adverse financial shock is a useful margin of macroeconomic adjustment, reducing the overall impact of the shock on aggregate output. This is because the remaining firms become financially stronger and better able to withstand a financial shock.

Zonder onderwerpscode: economie

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This paper demonstrates theoretically that a financial shock can have very persistent effects on international trade. Motivation is taken from the aftermath of the dramatic trade collapse in 2008-9, which despite a substantial recovery, has left a persistently slower growth rate in trade. We find conditions under which a transitory financial shock significantly reduces the investment by firms in entering the export market, and that this can have long-lasting effects on the range of goods exported and hence overall trade. Important to our mechanism are endogenous capital structure decisions by firms in response to the financial shock, and firm entry investment that requires traded goods. This mechanism provides an example of how firm dynamics can serve as a potent propagation mechanism, generating very long-lasting effects of transitory macroeconomic shocks.

Zonder onderwerpscode: economie

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This two volume set LNCS 7825 and LNCS 7826 constitutes the refereed proceedings of the 18th International Conference on Database Systems for Advanced Applications, DASFAA 2013, held in Wuhan, China, in April 2013. The 51 revised full papers and 10 short papers presented together with 2 invited keynote talks, 1 invited paper, 3 industrial papers, 9 demo presentations, 4 tutorials and 1 panel paper were carefully reviewed and selected from a total of 227 submissions. The topics covered in part 1 are social networks; query processing; nearest neighbor search; index; query analysis; XML data management; privacy protection; and uncertain data management; and in part 2: graph data management; physical design; knowledge management; temporal data management; social networks; query processing; data mining; applications; and database applications.

Computer science. --- Database management. --- Data mining. --- Information storage and retrieval systems. --- Multimedia systems. --- Computer Science. --- Database Management. --- Data Mining and Knowledge Discovery. --- Information Storage and Retrieval. --- Information Systems Applications (incl. Internet). --- Multimedia Information Systems. --- User Interfaces and Human Computer Interaction. --- Engineering & Applied Sciences --- Computer Science --- Computer-based multimedia information systems --- Multimedia computing --- Multimedia information systems --- Multimedia knowledge systems --- Automatic data storage --- Automatic information retrieval --- Automation in documentation --- Computer-based information systems --- Data processing systems --- Data storage and retrieval systems --- Discovery systems, Information --- Information discovery systems --- Information processing systems --- Information retrieval systems --- Machine data storage and retrieval --- Mechanized information storage and retrieval systems --- Algorithmic knowledge discovery --- Factual data analysis --- KDD (Information retrieval) --- Knowledge discovery in data --- Knowledge discovery in databases --- Mining, Data --- Data base management --- Data services (Database management) --- Database management services --- DBMS (Computer science) --- Generalized data management systems --- Services, Database management --- Systems, Database management --- Systems, Generalized database management --- Informatics --- Information storage and retrieval. --- Multimedia information systems. --- User interfaces (Computer systems). --- Database management --- Data mining --- Science --- Information storage and retrieval systems --- Database searching --- Electronic data processing --- Computer systems --- Electronic information resources --- Data libraries --- Digital libraries --- Information organization --- Information retrieval --- Application software. --- Interfaces, User (Computer systems) --- Human-machine systems --- Human-computer interaction --- Application computer programs --- Application computer software --- Applications software --- Apps (Computer software) --- Computer software