Bound by ancestors: Immigration, credit frictions, and global supply chain formation
本摘要源自该文的 NBER 工作论文版（2023），正式发表版可能有调整。
<p dir="ltr">This paper shows that the <a href="https://www.sciencedirect.com/topics/social-sciences/ancestry" target="_blank">ancestry</a> composition shaped by century-long immigration to the US can explain the current structure of <a href="https://www.sciencedirect.com/topics/social-sciences/global-supply-chain" target="_blank">global supply chains</a>. Using an <a href="https://www.sciencedirect.com/topics/economics-econometrics-and-finance/instrumental-variables" target="_blank">instrumental variable</a> strategy combined with a novel dataset that links firm-to-firm <a href="https://www.sciencedirect.com/topics/social-sciences/global-supply-chain" target="_blank">global supply chains</a> with their location information and historical migration data, we find that the co-ethnic networks have a positive causal impact on global supply chain relationships between foreign countries and US counties. The positive impact not only exists in supplier–customer relationships but also extends to strategic partnerships and <a href="https://www.sciencedirect.com/topics/economics-econometrics-and-finance/trade-in-services" target="_blank">trade in services</a>. The positive impact is stronger in counties in which a larger number of firms are credit constrained, and such a stronger effect becomes even more pronounced when foreign firms are located in countries with weak contract enforcement. The results suggest that co-ethnic networks serve as social collateral to overcome <a href="https://www.sciencedirect.com/topics/economics-econometrics-and-finance/credit-rationing" target="_blank">credit constraints</a> and facilitate global supply chain formation.