主題𓀗：Global Sourcing and Firm Inventory during the Pandemic
主講：張紅詠 高級研究員
會議時間🧑🏻🔧：2023年9月26日 13:30-15:00
會議地點🚒：意昂2平台714會議室
內容簡介: Firms hold inventory to manage input shortages and stockout risks. This is particularly true for firms relying on international supply chains and imported inputs. Using a large-scale quarterly government survey of Japanese manufacturing firms (Q1 2015 – Q2 2021), we examine firm-level inventory adjustments to supply chain shocks and focus on firms that sourced inputs globally during the pandemic. We find that before the pandemic, relative to firms that purchase inputs only domestically, importing firms tend to have larger inventories (inventories over sales) in materials, work-in-process (intermediate goods), and finished goods, even after controlling for firm size. After the pandemic, importers significantly and persistently increased their inventories of intermediate inputs, especially in the case of firms with ex-ante higher import intensity and multinational firms that experienced supply chain disruptions in China. These results suggest the possibility of a shift from just-in-time to just-in-case production during the pandemic. We then discuss the role of inventories as a buffer against input shortages and other factors affecting inventory holdings, such as the prefecture-level severity of COVID-19 infections, industry-level input and output prices, and firm-level financial constraints and uncertainties regarding the economic and business outlook.
嘉賓簡介：張紅詠現任日本經濟產業研究所(RIETI)高級研究員，兼任日本財務省財務綜合政策研究所(PRI)客座研究官🐶。日本京都大學博士。他的主要研究領域包括國際貿易⚂，跨國公司與外商直接投資，以及中國經濟。已在 Journal of Monetary Economics, European Economic Review, Journal of Comparative Economics, The World Economy等國際學術期刊發表論文十余篇。American Economic Review: Insights, Journal of Development Economics, The World Economy 等期刊的匿名審稿人。曾經兼任經濟合作與發展組織(OECD)👼🏽，亞洲開發銀行(ADB)，日本經濟產業省(METI)顧問等職位。
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