Do International Shocks Affect Small Wholesalers and Retailers?

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Do International Shocks Affect Small Wholesalers and Retailers?

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Title: Do International Shocks Affect Small Wholesalers and Retailers?
Author: Feinberg, Robert M.
Abstract: Previous research has suggested that the smallest firms are those most vulnerable to international competition, as measured by exchange rate fluctuations and import shares. However, that work – and the overwhelming bulk of the empirical literature on determinants of exit or firm survival – dealt entirely with the manufacturing sector of the economy. Are firms further down the distribution chain, small wholesalers and retailers, hurt by real exchange rate movements? Annual data for 1989-2005 are analyzed to explain small firm exit rates in several employment size categories – under 10 employees, 10-19 employees, 20-99 employees, and 100-499 employees. While there is variation across industry sectors, the basic result is that wholesalers respond negatively to a stronger currency in a manner similar to that of manufacturers, while retailers are generally unaffected.
Description: Departmenty of Economics, Work Papers Series, no. 2009-02. 28 pages.
URI: http://hdl.handle.net/1961/5762
Date: 2009-03


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