英文标题：
《The Indirect Effects of FDI on Trade: A Network Perspective》
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作者：
Paolo Sgrignoli, Rodolfo Metulini, Zhen Zhu, Massimo Riccaboni
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最新提交年份：
2017
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英文摘要：
  The relationship between international trade and foreign direct investment (FDI) is one of the main features of globalization. In this paper we investigate the effects of FDI on trade from a network perspective, since FDI takes not only direct but also indirect channels from origin to destination countries because of firms\' incentive to reduce tax burden, to minimize coordination costs, and to break barriers to market entry. We use a unique data set of international corporate control as a measure of stock FDI to construct a corporate control network (CCN) where the nodes are the countries and the edges are the corporate control relationships. Based on the CCN, the network measures, i.e., the shortest path length and the communicability, are computed to capture the indirect channel of FDI. Empirically we find that corporate control has a positive effect on trade both directly and indirectly. The result is robust with different specifications and estimation strategies. Hence, our paper provides strong empirical evidence of the indirect effects of FDI on trade. Moreover, we identify a number of interplaying factors such as regional trade agreements and the region of Asia. We also find that the indirect effects are more pronounced for manufacturing sectors than for primary sectors such as oil extraction and agriculture.
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中文摘要：
国际贸易与外国直接投资之间的关系是全球化的主要特征之一。在本文中，我们从网络的角度研究了外国直接投资对贸易的影响，因为外国直接投资不仅从来源国到目的地国采取了直接渠道，而且还采取了间接渠道，因为企业有动机减少税收负担，尽量减少协调成本，打破市场进入壁垒。我们使用一个独特的国际公司控制数据集来衡量股票FDI，构建了一个公司控制网络（CCN），其中节点是国家，边缘是公司控制关系。基于CCN，计算网络测度，即最短路径长度和可通信性，以捕获FDI的间接通道。实证研究发现，公司控制权对贸易有直接和间接的正向影响。对于不同的规格和估计策略，结果是鲁棒的。因此，本文为FDI对贸易的间接影响提供了有力的实证证据。此外，我们确定了一些相互影响的因素，如区域贸易协定和亚洲地区。我们还发现，制造业部门的间接影响比石油开采和农业等初级部门更为显著。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Physics        物理学
二级分类：Physics and Society        物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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