The literature on nexus between trade and business cycle synchronization have provided mixed and weak evidence of the effect of trade on business cycle synchronization as a result of lack of value-added bilateral trade data which provides solution for overestimation or underestimation of shock exposure when using gross trade data. Also, due to limited data on sectoral bilateral value-added trade, the literature has not been able to pinpoint the sectors where synchronization is necessary in order to economically direct all effort to these sectors in forging economic integration. The paper uses value-added trade data to examine the impact of trade on business cycle synchronization at the aggregate level and sector level and find a highly significant and highly positive effect of trade on the aggregate level. Estimates for agriculture, manufacturing, construction, total business, electricity gas and sewer, and other service sectors yield a positive significant effect in the service sector, indicating that attention should be focus on the service and business sector when integrating economically.In this paper we examine output cycle synchronization patterns of the countries that joined the Eurozone later and countries that are in preparation or committed to join in relation to the original Eurozone members. We analysis this in the contest of before, during and recovery periods of the global financial crisis investigate the differences in the patterns of synchronization for late and future members of the Eurozone. For more understanding, we examine the pattern on disaggregate level using data for agricultural, manufacturing, construction, utility, total business and other services sectors from 1995-2015. Also, we examine the importance of trade on output synchronization both on the aggregate and disaggregate level using System GMM which not only solves the problem of endogeneity, but it estimates the persistence of business cycle synchronization efficiently. The result provides evidence of a positive persistence; however, synchronization pattern differs between late and future member states. Also, the financial crisis had a negative effect on synchronization in the European sub region as result the difference in the response by member states. The result shows a weak evidence of the importance of trade as a channel of synchronization. Even though previous studies have provided evidence improvement in UK and the Eurozone output comovement, Brexit came to pass. This has questioned the potency of the Enlargement of the Eurozone Initiative. This paper reexamines the degree of business cycle synchronization between the Euro area countries and United Kingdom in attempt to find an economic reason for Brexit. We also examine if the disaggregate economy have share similar pattern as the aggregated economy using the output synchronization in the agricultural, manufacturing, constructions, utility, total business and other service sectors between the euro area countries and United Kingdom. Using valued-added trade data between 1995 and 2015 from WTO-TiVA database we further examine effect of trade (sectoral trade) on the output (sectoral output) synchronization. Furthermore, we analyze the same questions in the contest of before and after the global financial crisis. The result show that the UK-EMU trade channel is no important to the output cycles synchronization. Also, due the unstable pattern or persistence of UK-EMU synchronization the EMU will have little effect from the Brexit if there exit one.

This dissertation is composed of three essays at the intersection of international trade and finance. In the first chapter, I measure exchange rate pass-through (ERPT) for value-added exports, where intermediate input requires sharing among countries in a back-and-forth manner for producing a single final product. I derive an estimating equation for ERPT and value-added trade following a partial equilibrium model, which also leads to decomposition of the trade elasticity into the own price effect and the price index effects. From the empirical estimation, I find that ignoring the value-added trade will cause a systematic upward bias in the estimation of ERPT. I also find that there exists substantial heterogeneity in pass-through rates across sectors: sectors with high-integration into global markets functions with a lower rate of exchange in comparison to sectors with less integration. The second essay focuses on a specific market, where I examine the relationship between product attributes and ERPT. This paper estimates the ERPT by using good-level daily data on wholesale prices of imported agricultural products, where the identification is achieved by using daily data on the domestic inflation rate. The results of standard empirical analyses are in line with existing studies that employ lower frequencies of data by showing evidence for incomplete daily ERPT of about 5 percent. The key innovation is achieved when nonlinearities in ERPT are considered, where ERPT is doubled to about 10 percent when daily nominal exchange rate changes are above 0.55 percent, daily frequencies of price change are above 3.12 percent, the storage life of a product is above 10 weeks, and for the non-zero price changes, the ERPT is complete. In the final essay, I focus on the firms’ export pricing strategy: pricing-to-market strategy. To achieve this, I introduce a partial equilibrium model of firm’s pricing strategy, where the market share of a firm plays an important role in the determination of markup. The empirical estimation is that markup ranges from 1.25 to 1.5 across years and 1.25 to 51.23 across firms. I also find that markups come back to their average level within 30 to 60 days of the initial date.

Ma thèse porte sur les chaines de valeurs globales et le commerce international.Les progrès technologiques et la baisse des coûts de communication ont favorisé la fragmentation des processus de production entre différents pays et secteurs et l’expansion des chaines de valeurs globales. Cette nouvelle organisation entraine des modifications majeures au niveau des flux du commerce international et une interdépendance croissante des économies.L’objectif de cette thèse est donc d’étudier l’impact de l’organisation des chaines de valeur globales sur les problématiques du commerce international, que ce soit à l’échelle macroéconomique (avantages comparatifs des pays) ou microéconomique (performance des entreprises).Il s’agit d’une thèse sur travaux, composée de trois chapitres.Le premier chapitre analyse l’organisation d’une chaine de valeur globale à partir des avantages comparatifs. Je montre ainsi que les avantages comparatifs sont différents lorsqu’ils sont mesurés à l’aide de données commerciales en valeur ajoutée par rapport aux données commerciales traditionnelles. Cette nouvelle mesure des avantages comparatifs implique un schéma de spécialisation sectorielle différent dans une chaine de valeur globale. L’identification des facteurs à l’origine des avantages comparatifs dans ce contexte de fragmentation met en évidence le rôle crucial de la qualité institutionnelle, son effet étant plus important que les facteurs traditionnels tels que le travail ou le capital.Les deux derniers chapitres étudient les chaines de valeur globales à travers l’organisation des entreprises dans le secteur aéronautique en France, dans la région Midi-Pyrénées Aquitaine.Le deuxième chapitre évalue l’impact du recours à la sous-traitance sur les performances des entreprises de l’aéronautique, en se basant sur des données d’enquête de l’Insee de 2006 à 2011. J’étudie plus particulièrement l’impact de la localisation de la sous-traitance et je démontre que les entreprises ayant recours à la sous-traitance domestique et internationale affichent, en moyenne, une productivité plus élevée que celles qui ne sous-traitent pas ou sous-traitent uniquement au niveau domestique. L’utilisation de régressions quantiles montre que l’effet est d’autant plus élevé pour les entreprises les moins productives.Enfin, le dernier chapitre étudie l’impact de la crise financière de 2007-2008 sur les entreprises du secteur de l’aéronautique. Je distingue deux types d’entreprises, celles qui produisent des biens différenciés et celles qui produisent des biens standardisés. Les résultats mettent en évidence la plus forte résilience des entreprises produisant des biens standardisés. Cette meilleure résilience s’explique par une plus grande capacité à diversifier leurs marchés en cas de crise, notamment via l’utilisation de logiciels facilitant la sous-traitance et diminuant les coûts de coordination ainsi que leur statut d’exportateur, qui permet d’accéder plus facilement aux marchés internationaux. / My thesis is about global value chains and international trade.Technological progress and lower communication costs have foster the fragmentation of the process of production across countries and sectors and the expansion of global value chains. This new organization led to major changes in international trade flows and a growing interconnectedness of economies.The objective of this thesis is to study the impact of the organization of global value chains on international trade either at the macroeconomic level (countries’ comparative advantages) or microeconomic (firm performances).This thesis is organized on three chapters. The first chapter assesses the impact of global value chains on the comparative advantages of countries based on value added trade data.In this first chapter, I investigate the organization of global value chains based on comparative advantages. I show that comparative advantages are different when computed using value added trade data compared to gross trade data, which leads to a different sectoral specialization in a global value chain. The identification of the determinants of comparative advantages shows the importance of the quality of institutions, its impact is greater than traditional factors like labor or capital.The two last chapters study global value chains through plants in the aircraft industry in France, in the region Midi-Pyrénées Aquitaine.The second chapter provides empirical evidence of the impact of outsourcing and its origin on plant level performance in the aircraft sector based on panel data from 2006 to 2011. Specifically, I study the impact of the localization of outsourcing and show that, in average, plants that outsource their activities both domestically and internationally exhibit a higher productivity level, compared to plants not outsourcing or outsourcing only domestically. Quantile regressions shows that this effect is higher for lower productive plants.The last chapter describes the impact of the 2007-2008 financial crisis on plants on the aircraft sector in France. I identify two types of plants, generic outsourcers, producing standardized goods, and contractual outsourcers, producing customized goods. I show that generic outsourcers were more resilient during the crisis than contractual ones. Digitization, which reduces coordination costs and exporting activities, which permits to diversify their markets, explain part of the resilience of generic outsourcers to the crisis impact.