Survival Is for the Fittest : Export Survival Patterns in Georgia
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World Bank Group, Washington, DC
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This paper analyzes the determinants of
export flow survival in Georgia. The paper uses a unique
Georgian firm-level data set, in which firms'
characteristics and output dynamics are matched with their
customs' export transactions, for the period 2006-12. A
discrete survival model is used to explore the role of firm
level characteristics, diversification strategies, and
network effects on the survival rates of export flows. Low
survival rates at the product level are found to limit the
ability of Georgian firms to consolidate new products in
international markets. The analysis finds that it is
production efficiency, rather than size, that boosts export
survival chances, that firms diversification strategies
matter for the prospects of survival, and that there is
strong evidence of network effects in export survival. The
analysis also finds that ratified foreign trade agreements
contribute to increase the survival of export flows by
reducing policy-induced trading costs and increasing
information about destination markets.
Palabras clave
AGRICULTURE, BALANCE SHEETS, BANK POLICY, BANKING SYSTEM, BENCHMARK, BOOK VALUE, CAPITAL STOCK, CASH FLOW, COMPARATIVE ADVANTAGE, COMPARATIVE ADVANTAGES, COMPETITIVENESS, CONSUMER PRICE, CONSUMER PRICE INDEX, CONSUMERS, DEBT, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DIRECT INVESTMENT, DIVERSIFICATION, DOMESTIC MARKET, DUMMY VARIABLE, ECONOMETRIC ANALYSIS, ECONOMIC DEVELOPMENT, ECONOMIC RESEARCH, ECONOMIC SURVEYS, EMPLOYMENT, ENTREPRENEURS, EQUIPMENT, EXPANSION, EXPORT GROWTH, EXPORT MARKET, EXPORT MARKETS, EXPORT PERFORMANCE, EXPORTER, EXPORTERS, EXPORTS, EXTERNALITIES, FINANCIAL MARKETS, FINANCIAL SECTOR, FIRM SIZE, FIRMS, FIXED COSTS, FOREIGN CAPITAL, FOREIGN INVESTMENT, FOREIGN MARKET, FOREIGN MARKETS, FOREIGN PARTNERS, FREE TRADE, GLOBAL MARKET, GLOBAL MARKETS, GROWTH RATE, INFORMATION ASYMMETRIES, INTANGIBLE, INTANGIBLE ASSETS, INTERNATIONAL BANK, INTERNATIONAL ECONOMICS, INTERNATIONAL MARKETS, INTERNATIONAL TRANSACTIONS, JOB CREATION, MARGINAL PRODUCTIVITY, MARKET CONDITIONS, MARKET DIVERSIFICATION, MARKET ENTRY, MARKET RESEARCH, MARKETPLACE, MEDIUM ENTERPRISES, MORAL HAZARD, MULTINATIONALS, OPTIMIZATION, PORTFOLIO, POTENTIAL INVESTORS, PRODUCER PRICE, PRODUCER PRICE INDEX, PRODUCT DIFFERENTIATION, PRODUCTION EFFICIENCY, PRODUCTION FUNCTION, PRODUCTION FUNCTIONS, PRODUCTIVITY, PROFIT MARGINS, PUBLIC FUNDS, REAL EXCHANGE RATE, REAL EXCHANGE RATES, REGRESSION ANALYSIS, SALES, SMALL FIRMS, SUNK COSTS, SUPPLIER, TOTAL FACTOR PRODUCTIVITY, TRADE COMPETITIVENESS, TRADE POLICIES, TRADING, TRADING COSTS, TRANSACTION, TURNOVER, VALUE OF ASSETS