Relationship Stickiness, International Trade, and Economic Uncertainty
研究了商业关系粘性如何影响经济不确定性对贸易的冲击，发现高粘性市场主要抑制新关系建立，低粘性市场则主要破坏现有关系。
Abstract We study how stickiness in business relationships influences the trade impact of aggregate uncertainty. To begin, we construct a product-level index of relationship stickiness using firm-to-firm relationship duration data. We then demonstrate how relationship stickiness shapes trade dynamics in response to uncertainty shocks. We find that episodes of uncertainty lead to a decline in the overall establishment of new business relationships, with the impact varying depending on the level of stickiness. In markets characterized by high stickiness, uncertainty shocks primarily impede investments in new firm-to-firm relationships. In contrast, for nonsticky products, the adjustment to uncertainty shocks mainly manifests as the disruption of existing relationships.