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BEGIN:VEVENT
UID:0963edf353fb87e1c86a3dfd7b1ca67b
CATEGORIES:Seminars
CREATED:20220713T092732
SUMMARY:Jonas Hjort - UCL
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nInput Sourcing in Lopsided Low-income Economies”\nAbstract: \nInput sou
 rcing is central to the process of economic development. We first document 
 that, contrary to conventional wisdom, the share of inputs originating abro
 ad is almost as high in Uganda---a landlocked, low-income country---as in r
 ich, open economies. The monthly transaction-level data we use, which cover
  the universe of formal, firm-to-firm and firm-to-foreign country trade in 
 the Ugandan economy, also reveal that indirect imports are sourced from few
  firms, and via short supply chains. Together these three ``new'' facts mot
 ivate a model of input sourcing in a networked economy. Inputs, output quan
 tities, and output prices are determined by firms maximizing profits subjec
 t to input prices and both a domestic and international sourcing network. D
 ecreases in the cost of imports lead to lower prices for importers' output 
 in the domestic market. We exploit exchange rate shocks and firms' prior di
 rect and indirect import origins to test the model's predictions. When the 
 relative cost of foreign goods decreases, direct importers import more. How
 ever, first- and higher-order indirect importers import textit{less}, inste
 ad buying more foreign content domestically. Pass-on price effects appear t
 o ``magnify'' network structures that economize on high fixed costs of impo
 rting, widening access to foreign content but hindering substitution to dir
 ect international trade.\n\n\n\n
DTSTAMP:20260913T051700Z
DTSTART:20221013T143000Z
DTEND:20221013T160000Z
SEQUENCE:0
TRANSP:OPAQUE
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