期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：Using a French rm-level database that combines balance-sheet and product-destination-speci c export information over the period 1995-2001, we study the intercon-nections between exports and domestic sales. We identify exogenous shocks that a ectthe rms' demand on foreign markets to instrument yearly variations in exports. Weuse alternatively as instruments product-destination speci c imports or tari s changes,and large foreign shocks such as nancial crises or civil wars. Our results show thatexogenous variations in foreign sales are positively associated with domestic sales, evenafter controlling for changes in domestic demand. A 10% exogenous increase in exportsgenerates a 1 to 3% increase in domestic sales in the short-term. This result is robustto various estimation techniques, instruments, controls, and sub-samples. We provideempirical evidence suggesting that this positive e ect of exogenous changes in exports ondomestic sales is related to a relaxation of short-run liquidity constraints.
