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：2016
出版社：European Central Bank
摘要：The literature shows that openness to trade improves long-term growth but also thatit may increase exposure to high output volatility. In this vein, our paper investigates whetherexporting and export diversification at the firm level have an effect on the output volatility offirms. 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 thatexporting is related to higher volatility at the firm level. There is also evidence that this effectincreased during the Great Recession due to the large negative shocks in export markets. Incontrast to the literature and empirical findings for large or advanced countries we do not finda statistically significant and consistent mitigating effect from export diversification in theCentral and Eastern European countries. In addition, exporting more products or serving moremarkets does not necessarily result in higher stability of firm sales
关键词：export diversification; export share; volatility of sales; business cycle; Central and;Eastern Europe; CEE
