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El emprendimiento es un determinante fundamental del crecimiento y la creacion de empleo. Pese a que los emprendedores abundan en America Latina y el Caribe, las empresas de la region son mas pequenas y menos propensas a crecer e innovar que las de otras regiones. El crecimiento de la productividad lleva decadas siendo mediocre y el reciente period de auge de las materias primas no ha supuesto una excepcion. Asi pues, la presencia de emprendedores dinamicos sera necesaria para impulsar la creacion de puestos de trabajo de calidad y la aceleracion del crecimiento de la productividad en la region. En El emprendimiento en America Latina: muchas empresas y poca innovacion se estudia el panorama del emprendimiento en America Latina y el Caribe. El libro recurre a nuevas bases de datos que abordan cuestiones como la creacion de empresas, las dinamicas empresariales, las decisiones de exportar y el comportamiento de las corporaciones multinacionales y sintetiza los resultados de un analisis exhaustivo del estatus, las perspectivas y los retos del emprendimiento en la region. Asimismo, el libro suministra herramientas utiles e informacion para ayudar a los profesionales y responsables de las politicas a identificar los ambitos de las mismas que los gobiernos pueden explorar para impulsar la innovacion e incentivar el emprendimiento transformador con potencial de crecimiento elevado.
Entrepreneurship --- Export Dynamics --- Firm Dynamics --- Firm Entry --- Growth
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A supply chain is only as strong as its weakest link. Firms are constantly managing uncertainties, including unexpected delays in the provision of a critical input that can slow down or halt the production process, possibly making the manufacturer miss a delivery deadline. As most exporters are also importers of intermediate goods, supply chain unreliability related to import processing times at the border could impact downstream export dynamics. Exploiting a rich data set built on firm-level information for 48 developing countries over 2006-14, this paper relies on the Poisson pseudo-maximum likelihood estimator to investigate how unpredictability in border clearance times for imports affects manufacturing firms' entry, exit, and survival in export markets. The analysis finds that uncertainty in the time to clear imported inputs impacts neither the entry nor the exit rate, but translates into lower survival rates for new exporters, reducing the number of firms that continue to serve the foreign market beyond their first year of entry. This effect grows larger over time, owing to rising reputational costs to input-importing exporters, and is mainly driven by South-North trade, possibly reflecting the time-sensitivity of buyers in developed countries. The results also reveal heterogeneous effects across export industries, as well as the mediating role of sunk costs of entry in foreign markets, which attenuate the negative effect of uncertainty on survival rates, as firms delay exiting the export market. Most importantly, the measure of uncertainty displays a distinctive effect on export performance, as neither the mean nor the median time to import impacts survival.
Customs --- Export Dynamics --- Firms --- Import Uncertainty --- International Economics and Trade --- Private Sector Development --- Supply Chain Unreliability --- Trade Costs --- Trade Policy
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This paper studies the impact of financial structures on the dynamics of the export sector using rich data from over 60 countries. The results reveal that bank-oriented financial systems boost the size of the export sector more than market-oriented financial systems. However, especially in middle- and low-income countries, this effect mostly stems from banks slowing down exporters' exit rather than promoting firms' entry into export. The reduced exit from the export sector appears to reflect domestic banks' tendency to evergreen loans to exporters ("soft budget constraint") more than banks' buffering role in difficult times. Foreign banks mitigate this effect and enhance the dynamism of the export sector.
Banks and banking reform --- Capital flows --- Capital markets and capital flows --- Export dynamics --- Finance and financial sector development --- Financial regulation and supervision --- Financial structures --- Foreign banks --- International economics and trade --- International trade and trade rules --- Macroeconomic management --- Macroeconomics and economic growth
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