Export Entrepreneurship and Trade Structure in Latin America during Good and Bad Times
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World Bank, Washington, DC
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The authors use a new dataset on export
transactions for a large set of Latin American and Caribbean
and comparator countries to assess the extent of
"export entrepreneurship" during periods of fast
export growth (2005-2007) and depressed external demand
(2008-2009). Export entrepreneurship is equated with the
extensive margin of exports, namely the advent of new
exporting firms, new export products, and new export market
destinations. The main findings are: (1) annual exporter
entry, exit, and survival rates in Latin America and the
Caribbean are quite similar to what is observed in other
countries, and entry rates across sectors are quite similar
but survival rates appear to be highest in agriculture; (2)
the relative size of entrants into export markets (relative
to incumbents) tended to be lower for natural
resource-abundant countries during 2005-2007, but less so
during the crisis years of 2008-2009; (3) entry rates tend
to be lower in sectors in which a country has revealed
comparative advantage, however, exit rates and survival
rates of new exporters are higher in those sectors; and (4)
the low growth of exports during the global recession of
2008-2009 in Latin America and the Caribbean was due to
lower growth in exports of incumbent firms'
pre-existing products and destinations, while new products
and destinations tended to attenuate the recession's
effects. Overall, the data suggest that the Latin American
and Caribbean region appears to be no less entrepreneurial
in terms of the extensive margins of exports than comparator countries.
Palabras clave
ACCOUNTING, AGRICULTURAL COMMODITIES, ANNUAL GROWTH, APPAREL, CD, COMMODITY PRICES, COMPARATIVE ADVANTAGE, CONSOLIDATION, COUNTRY COMPARISONS, COUNTRY OF DESTINATION, COUNTRY OF ORIGIN, DEVELOPING COUNTRIES, DOMESTIC MARKETS, DURABLE, ECONOMIES OF SCALE, EMERGING ECONOMIES, EXCHANGE RATES, EXPORT DYNAMICS, EXPORT FLOWS, EXPORT GROWTH, EXPORT MARKET, EXPORT MARKETS, EXPORT PROCESSING, EXPORT PROCESSING ZONES, EXPORT VALUE, EXPORTER, EXPORTERS, EXTERNAL DEMAND, FINANCIAL CRISIS, FINANCIAL SUPPORT, FREE TRADE, FREE TRADE AGREEMENT, GROWTH RATE, GROWTH RATES, HIGH-INCOME COUNTRIES, INSURANCE, INTERNATIONAL BANK, INTERNATIONAL FINANCIAL STATISTICS, INTERNATIONAL TRADE, LOCAL CURRENCY, LOW-INCOME COUNTRIES, MANUFACTURED EXPORTS, MATURITY, MERCHANDISE, MERCHANDISE EXPORTS, MICRO DATA, MULTINATIONAL FIRMS, NATURAL RESOURCE, NATURAL RESOURCES, NET EXPORTER, NET EXPORTERS, NET EXPORTS, OPEN TRADE REGIME, POVERTY REDUCTION, RAPID GROWTH, RECESSION, TAX, TOTAL EXPORT, TOTAL EXPORTS, TRADE FLOW DATA, TRADE REGIME, TRADE STATISTICS, TRADE STRUCTURE, TRADE STRUCTURES, TRANSACTION, TRUST FUND, TURNOVER, UNCERTAINTY, VALUE OF EXPORTS, WAREHOUSES, WORLD DEVELOPMENT INDICATORS