Research

Current Working Papers & Work in Progress

Firm Exports, Foreign Ownership, and the Global Financial Crisis (joint with Peter Eppinger). CESifo Working Paper No 8808. Original Version: December 2020. Updated Version: October 2022. [SLIDES.] R&R at IMF Economic Review.

ABSTRACT: This paper shows theoretically and empirically how access to finance explains the exceptional export performance of foreign-owned firms. We build a model of heterogeneous exporters in which foreign-owned firms can access foreign capital markets via their multinational parents. The model predicts that foreign ownership makes exports more resilient to deteriorating credit conditions. To empirically identify this effect, we estimate a triple differences model using rich micro data from Spain and exploiting the global financial crisis as an exogenous shock to credit supply. We find that foreign ownership significantly stabilized firm exports in the crisis, in particular among financially vulnerable firms.

Trade, Automation, and Educational Mismatch (joint with Majda Seghir).

Exploring the Effect of Immigration on Consumer Prices in Spain.

Processing Firms (joint with Boris Georgiev).

Publications

Robots and Firms (joint with Michael Koch and Ilya Manuylov), Economic Journal, 131(638), August 2021, 2553-2584.
Winner of the 2021 Royal Economic Society Prize. 

Productivity and Firm Boundaries (joint with Wilhelm Kohler), European Economic Review, 135, June 2021, 103724.

Foreign Ownership and Skill-biased Technological Change (joint with Michael Koch), Journal of International Economics, 118, May 2019, 84-104.

The Great Trade Collapse and the Spanish Export Miracle: Firm-level Evidence from the Crisis (joint with Peter S. Eppinger, Nicole Meythaler, and Marc-Manuel Sindlinger), The World Economy, 41(2), February 2018, 457-493.

Networks and Selection in International Migration to Spain (joint with Nina Neubecker and Anne Steinbacher), Economic Inquiry, 55(3), July 2017, 1265-1286.

Trade Policy Preferences and Factor Abundance (joint with Ina C. Jäkel), Journal of International Economics, 117, May 2017, 1-19.

Global Sourcing and Firm Selection (joint with Wilhelm Kohler), Economics Letters, 124(3), September 2014, 411-415.

Co-national and Cross-national Pulls in International Migration to Spain (joint with Nina Neubecker), International Review of Economics & Finance, 28, October 2013, 51-61.

Individual Attitudes Towards Trade: Stolper-Samuelson Revisited (joint with Ina C. Jäkel), Open Economies Review, 24(4), September 2013, 731-761.

Global Sourcing: Evidence from Spanish Firm-level Data (joint with Wilhelm Kohler), in: Quantitative Analysis of Newly Evolving Patterns of International Trade, ed. by Robert M. Stern. World Scientific Studies in International Economics, May 2012, chapter 4, 139-189.

Sourcing Premia with Incomplete Contracts: Theory and Evidence (joint with Wilhelm Kohler), B.E. Journal of Economic Analysis & Policy, 11(1), January 2011, 1-37.