Export characteristics and output volatility: comparative firm-level evidence for CEE countries
| Autor: | Péter Harasztosi, Bogdan Chiriacescu, Urška Čede, Jaanika Meriküll, Tibor Lalinsky |
|---|---|
| Rok vydání: | 2018 |
| Předmět: |
050208 finance
F14 05 social sciences Diversification (finance) Central and Eastern Europe Monetary economics O57 Great recession business cycle export diversification volatility of sales 0502 economics and business ddc:330 Openness to experience Economics Business cycle F43 Level evidence 050207 economics Volatility (finance) General Economics Econometrics and Finance CEE export share |
| Zdroj: | Review of World Economics. 154:347-376 |
| ISSN: | 1610-2886 1610-2878 |
| DOI: | 10.1007/s10290-018-0312-x |
| Popis: | 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. |
| Databáze: | OpenAIRE |
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