Research

PUBLICATIONS

Xiong, T., and Browne, N. 2024. The effect of trade and investment liberalization on women entrepreneurship. Small Enterprise Research, 1–23. 

Xiong, T., 2024. Bilateral investment treaty, technological intensity, and international trade. International Economics and Economic Policy, 21(2), pp.411-434. 

Xiong, T., 2023. The effect of technological intensity on international trade. International Economics, 176, p.100456.

Abstract:  This paper aims to show the impact of technological intensity (R&D intensity) on trade. Using a detailed product-level dataset of 118 countries from 1988 to 2006 and the Poisson pseudo-maximum-likelihood (PPML) estimator, this paper provides robust evidence that technological intensity promotes exports mainly through increasing the variety of exports. More specifically, a 1-percentage point increase in the country’s technological intensity promotes the variety of exported products by around 0.12% on average across all 15 sectors. In addition, total exports and the variety of exported products increase are higher in technology-intensive sectors.

Xiong, T. and Sun, H., 2023. The international service trade effects of bilateral investment treaties. The World Economy, 46(8), pp.2538-2555.

Abstract: This paper examines the impact of the bilateral investment treaties (BITs) on a large dataset of service trade using recently developed Poisson pseudo-maximum likelihood (PPML) estimator regression models with multiple high-dimensional fixed effects to estimate the structural gravity equations. The model in this paper theoretically demonstrates that BITs reduce service trade from foreign direct investment (FDI) source countries by decreasing the additional variable costs of operating a foreign affiliate. This paper also empirically confirms that BITs decrease service exports from developed to developing economies through analysing a comprehensive WTO-OECD Balanced Trade in Services Data from 1995 to 2006. 

Xiong, T., 2022. The effect of BITs on the extensive and intensive margins of exports. Quarterly Review of Economics and Finance,84, pp.68-79.

Abstract: This paper investigates the effect of BITs on the extensive and intensive product margins of exports, utilizing ordinary least squares (OLS) and Poisson pseudo-maximum-likelihood (PPML) estimator with fixed effects approaches to estimate the gravity equations. The model in this paper theoretically demonstrates that investment liberalization increases the extensive margin by lowering the variable costs of selling abroad, but decreases the intensive margin by lowering both the fixed investment costs and the variable costs. Using a detailed dataset of 210 countries/regions from 1988 to 2006, this paper provides empirical evidence that BITs promote exports. This paper also empirically supports the theoretical propositions that BITs increase the extensive margin of exports from developed countries while decreasing the intensive margin of exports. 

Xiong, T., 2022. Investment Liberalization and International Trade in the Digital Economy. Pathways to Research in Business & Economics BUS027, pp.1-11.

Xiong, T. and Sun, H., 2021. Investment Liberalization, Credit Constraints and International Trade. The Global Economy, p.2150004.

Xiong, T. and Sun, H., 2021. Structure and Dynamics of Global Capital and International Trade: Analysis of the Relationship between Foreign Direct Investment (FDI) and Exports from 2001 to 2006. International Journal of Finance and Economics, 26(1), pp.542-559.

WORKING PAPERS

"Impact of R&D investments and investment liberalization on agricultural trade" 

Xiong, T. and Nyanya, B., 2022. Trade, Investment and Women’s entrepreneurship. The Center for Women, Gender and Global Leadership Working Paper Series. 

"Dynamics of Exports and Foreign Direct Investment (FDI) in Africa," (R&R)

"The Effect of Foreign Direct Investment on Economic Growth: An Industry Level Analysis"

"Investment Liberalization and International Exports to African Economies"

“Foreign Direct Investment (FDI) and International Exports in Developing Countries with Firm-Level Analysis”

“Investment Liberalization, Credit Constraints and Trade Volatility”