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Title:Exports, investment and firm-level sales volatility PDF Logo
Authors:Riaño, Alejandro
Issue Date:2011
Series/Report no.:CESifo working paper: Trade Policy 3319
Abstract:This paper presents a dynamic model of risk-averse producers' decision to invest in physical capital and to export. The model features irreversible investment, no capital markets and fixed and sunk costs to export. Several features of the distribution of investment rates and export participation patterns observed in firm-level data are closely matched in a calibration exercise. Counterfactual experiments show that large adjustments in total sales associated with entry into foreign markets increase the volatility of total sales for exporting firms.
Subjects:exports
investment
uncertainty
JEL:F12
E22
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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