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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/46502
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| Title: | | Exports, investment and firm-level sales volatility  |
| 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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