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Autor:innen: 
Čede, Urška
Chiriacescu, Bogdan
Harasztosi, Péter
Lalinsky, Tibor
Meriküll, Jaanika
Datum: 
2016
Schriftenreihe/Nr.: 
ECB Working Paper No. 1902
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
The literature shows that openness to trade improves long-term growth but also that it may increase exposure to high output volatility. In this vein, our paper investigates whether exporting and export diversification at the firm level have an effect on the output volatility of firms. We use large representative firm-level databases from Estonia, Hungary, Romania, Slovakia and Slovenia over the last boom-bust cycle in 2004-2012. The results confirm that exporting is related to higher volatility at the firm level. There is also evidence that this effect increased during the Great Recession due to the large negative shocks in export markets. In contrast to the literature and empirical findings for large or advanced countries we do not find a statistically significant and consistent mitigating effect from export diversification in the Central and Eastern European countries. In addition, exporting more products or serving more markets does not necessarily result in higher stability of firm sales.
Schlagwörter: 
business cycle
CEE
Central and Eastern Europe
export diversification
export share
volatility of sales
JEL: 
F14
F43
O57
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-2046-9
Dokumentart: 
Working Paper

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