Globalization, Markups, and Firm-level Export Status: Beyond the Constant Elasticity of Substitution

为了考察在全球化世界中有利于竞争的效应对企业加价的影响，本研究通过应用具有可变替代弹性的一般效用函数，建立了两国一部门双要素垄断竞争的贸易模型。由于在这个重构的自由资本模型中，假设企业的表现是相同的，因此我们可以在一个有代表性的企业的基础上，解析地把握全球化与企业层面加价之间的关系。首先，我们证明了在双因素设置下，当贸易开放时，单边贸易就会发生。单边贸易流动的方向取决于效用的参数和函数形式。其次，我们发现，当贸易开放时，较大国家和较小国家的国内加价呈现相反的趋势。那么，一家公司在较大国家的国内加价是上升还是下降取决于单边贸易流动的方向。第三，我们考察了企业不同市场的企业加价，并针对贸易开放和接近自由贸易的情况，明确了这些特定市场加价的方向。我们还发现，具有代表性的公司在所有市场的收入加权平均加价不会随着运输成本的下降而单调变化。第四，我们证明了公司份额方面的本土市场效应并不总是占上风。这还取决于单边贸易流动的方向。

To investigate the impact of pro-competitive effects on markups of firms in a globalization world, this study established a two-country-one-sector-two-factor trade model of monopolistic competition by applying a general utility function featuring the variable elasticity of substitution. Since firms are assumed to perform in the same productivity in this reconstructed footloose capital model, we can analytically grasp the relationships between globalization and firm-level markups on the basis of a representative firm.The main contributions of this study are four folds. First, we prove that in a two-factor setup, unilateral trade occurs when trade opens. The direction of the unilateral trade flow depends on parameters and function form of utility. Second, we show that the domestic markups in the larger country and the smaller country display opposite trends when trade opens. Then whether the domestic markup of a firm in the larger country goes up or down depends on the direction of unilateral trade flow. Three, we examine firm markups across firms' different markets and clarify the directions of these market-specific markups in response to the case of trade opening and the case of being close to free trade. We also find that the revenue-weighted average markup across all markets for a representative firm does not change monotonically along with the decreasing transport costs. Four, we prove that the home market effect in terms of firm share does not always prevail. It also depends on the direction of the unilateral trade flow.