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SUMMARY:The Downstream Impact of Upstream Tariffs: Evidence from Investmen
 t Decisions in Supply Chains - Clemens Otto\, Assistant Professor of Finan
 ce and BNP Paribas Fellow at Singapore Management University Lee Kong Chia
 n School of Business
DTSTART:20201020T120000Z
DTEND:20201020T130000Z
UID:TALK153559@talks.cam.ac.uk
CONTACT:97840
DESCRIPTION:We study the impact of upstream tariffs on downstream investme
 nt in US manufacturing firms. Exploiting tariff reductions following multi
 national trade agreements (GSP\, GATT\, NAFTA) in a difference-in-differen
 ces framework\, we estimate that a 10 per cent decrease of upstream tariff
 s entails an increase in downstream investment by four per cent to six per
  cent. We also find that lower upstream tariffs are followed by higher dow
 nstream output\, employment\, and total factor productivity. Extending the
  analysis beyond import tariffs\, we use the sudden increase in Chinese im
 port penetration in an instrumental variable estimation and show that high
 er import competition upstream leads to higher investment downstream.
LOCATION:Webinar (via Zoom online)
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