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INVESTMENT LIBERALIZATION, CREDIT CONSTRAINTS, AND INTERNATIONAL TRADE

机译：投资自由化、信贷约束和国际贸易

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摘要

This paper investigates the effect of bilateral investment treaties (BITs) on the extensive and intensive product margins of exports in sectors with different credit constraints. The model in this paper demonstrates that such investment liberalizationincreases the extensive product margin by lowering the variable costs of selling abroad, while it decreases the intensive product margin by lowering both the fixed investment costs and the variable costs. Moreover, the effects of investment liberalization are stronger in financially more vulnerable sectors. Using a detailed dataset of 190 countries and 27 manufacturing sectors from 1988 to 2006, this paper furnishes robust evidence that BITs increase the extensive margin of exports from developed countries and decrease the intensive margin of exports. It further shows that BITs decrease the intensive margin of exports from developed countries more in the sectors that are more dependent on external finance. Similarly, the intensive margin of exports from developed countries in low tangibility sectors falls by 11.81% because of BITs, while the intensive margin in high tangibility sectors is quite stable with BITs.
机译：探讨两国的影响投资条约(比特)广泛密集型产品出口行业的利润率与不同的信贷约束。本文表明,这样的投资liberalizationincreases广泛的产品销售利润率降低可变成本在国外,虽然降低了密集的产品固定资产投资利润率降低成本和可变成本。投资自由化的影响更强在财务部门更加脆弱。详细的数据集的190个国家和27制造业从1988年到2006年,这个论文提供了坚实的证据,碎片增加出口的广泛的保证金发达国家和降低强度的出口。减少出口的密集的边缘发达国家的行业更加依赖外部融资。从发达国家出口的密集的边缘国家在低可触知领域下降11.81%因为比特,而密集利润率高实用性的行业相当稳定同位。

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  • 来源
    《Global Economy Journal》 |2021年第1期|INVESTMENT LIBERALIZATION/1-INVESTMENT LIBERALIZATION/46|共46页
  • 作者

    TINGTING XIONG; HAO SUN;

  • 作者单位

    Department of Economics, Howard University, 2400 6th Street NW ASB-B Room 314, Washington, DC 20059, USA;

    Department of Government and Public Affairs, School of Civic Leadership, Business and Social Change, Gallaudet University, USA;

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  • 正文语种 英语
  • 中图分类
  • 关键词

    Sectoring; Tumor margin status; InvestmentsDeveloped Countriestangible state;

    机译：分段;肿瘤边缘地位;InvestmentsDevelopedCountriestangible状态;

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