The DNA of New Exporters: Spin-Offs and FDI at the Extensive Margin of Trade
Sebastián Claro; Bernardo Blum; Ignatius Horstmann; y Trevor Tombe
American Economic Review Insights, forthcoming
Abstract: Other than that new exporters account for a large part of aggregate export growth, we know little else. We document that aggregate export growth in Chile is driven by only a few new exporters. These exporters are new business entities, operate new plants, and behave much like experienced exporters: they start large and have high survival rates. Moreover, 70% of these new firms are owned by existing businesses and are likely the by-product of either domestic spin-offs or foreign direct investment (24%). By focusing on the average new exporter the existing models of new exporter dynamics miss these key features of export growth.
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