Cletus Coughlin, senior vice president and policy adviser to the president of the St. Louis Fed, gave a presentation on "The Great Trade Collapse and Rebound: A State-by-State View" on July 1, 2014, as part of the Global Economic Forum held at the Federal Reserve Bank of St. Louis.
Part 3: Exporting Firms and Export Markets
Coughlin provides background on how firm-level productivity and firm size plays into its competiveness in international trade. He stresses the importance of large firms in export markets. He then presents data that relates number of countries a state exports to, and the size of the state in terms of the value of goods and services produced (gross state product, or GSP). As states get larger (in terms of GSP) the number of destinations increases. He also provides data that relates the number of states exporting to particular countries to the size of the importing country’s economy (in GDP). Larger countries tend to trade with more U.S. states than smaller countries, with several large counties trading with all 50 U.S. States. Finally, he provides data on how the number of exporting firms residing in a state is related to the size of the state (in GSP) – larger states are associated with a greater number of exporting firms.
More from the presentation:Presentation slides (pdf)
The presentation is based on Coughlin's paper, "The Great Trade Collapse and Rebound: A State-by-State View," which appeared in the Federal Reserve Bank of St. Louis Review.
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