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Thierry Mayer (born 27 June 1971, Boulogne-Billancourt) [1] is a French economist and Professor of Economics at Sciences Po. He belongs to the most frequently-cited economists in the field of international trade. [2] In 2006, Mayer and Etienne Wasmer were awarded the Best Young Economist of France Award by Cercle des économistes and Le Monde. [3]
A native of Boulogne-Billancourt, Mayer earned his Ph.D. from the University of Paris 1 with a thesis on the strategic location choices of multinational firms under the supervision of Jean-Louis Mucchielli, for which he was awarded the French Economic Association's annual prize for best Ph.D. thesis in economics in 2000. After his Ph.D., Mayer first worked as associate professor at the University of Paris 1 before becoming a professor of economics at the University of Paris-Sud in 2002 following his agrégation and subsequently moving to the Paris School of Economics in 2006. Since 2009, he has been professor of economics at Sciences Po. In parallel, Mayer has been affiliated with CEPR and CEPII, and worked as a consultant for the Banque de France, among others. [4] Moreover, he sat or sits on the editorial boards of the Journal of International Economics , [5] § Review of World Economics , [6] Journal of Regional Science , [7] Regional Science and Urban Economics , [8] Spatial Economic Analysis , [9] Economic Policy , Canadian Journal of Economics and International Economics . [10]
Thierry Mayer ranks among the top 1% of economists registered on IDEAS/RePEc in terms of research output (January 2019). [11] Mayer's research interests include international trade, multinational firms, economic geography, location theory, and industrial organization. [12] His research has been acknowledged by the Best Young French Economist Award (2006), the Bronze Medal of the CNRS (2008) and a junior membership in the Institut Universitaire de France (2008–13). [13] In particular, Thierry Mayer has played a major role in the development of CEPII's GeoDist database (together with Soledad Zignago), which includes bilateral distances between population centres for 225 countries and thus allows for particularly comprehensive gravity models of trade. [14] In his research, Mayer has frequently collaborated with Keith Head (University of British Columbia and his SciencesPo colleague Philippe Martin.
A substantial part of Mayer's research, especially with Keith Head, centres on the topics of border, distance and home market effects, trade barriers, market potential and offshoring. Analyzing infra-European trade patterns in 1976–95, Mayer and Head find European consumers to act as if imports from other EU Member States were subject to high non-tariff barriers, with the removal of barriers by the Single Market Programme having almost no effect on market fragmentation, which in turn suggests that border effects within the EU were largely driven by consumers' home bias rather than barriers due to government action. [15] In later research with Head, Mayer introduces a new measure for distance - "effective distance" - which adjusts distances between countries based on the distances between the regions of countries that trade with each other, weighted by their trade, and uses it to (partly) address the border effect puzzle. [16] Together with John Ries, Mayer and Head argue that home market effects in trade models with imperfect competition occur because firms benefit more from locating in the largest market than they lose from moving to a market with many competitors and are surprisingly pervasive, showing their robustness to assuming CES demand, homogeneous goods, non-lambda-shaped trade costs, and price responsiveness to the proximity of competitors, though the effects disappear face to nation-specific differentiation. [17] Empirically, they have found that, even though they have been declining over time, distance costs in service trade remain sufficiently high to create a significant advantage for local workers in services. [18] Studying the trade linkages of former colonies, they also find that within four decades of independence, trade linkages between both former colonies and the colonizing country as well as between countries formerly belonging to the same colonial empire have on average contracted by around two thirds, i.e., substantially more than with third countries, suggesting the depreciation of trade-related capital. [19] Finally, an important review of the pre-2014 literature on gravity models of trade for the Handbook of International Economics is also due to Mayer and Head. [20]
Mayer and Head find that market potential, i.e., the proximity of a country to large markets for exports, matters for the location choice of Japanese investors in the EU but cannot completely explain the tendency of firms in the same industry to agglomerate. [21] In further research on market potential, they reconcile the factor price and home market effects of market size and show how regional wages and employment in the EU respond to differentials in "real market potential". [22] Finally, more recently, Mayer and Head have shown market potential to have been a significant driver of global economic per capita growth over the 1965-2003 period. [23]
Other topics in Mayer's research on trade include the role of networks for interregional trade, the impact of trade relations on the probability of war, product quality sorting in trade, the reaction of exports to exchange rate movements, market access and the relationship between market size, competition and exporters' product mix. In their research on the role of networks for trade between French regions, Mayer, Pierre-Philippe Combes and Miren Lafourcade find that domestic migrants and firm networks respectively double and quadruple bilateral trade flows, which in turn strongly diminishes estimates of the effects of transport costs and administrative borders on interregional trade. [24] Studying the effect of trade on war, Mayer, Philippe Martin and Mathias Thoenig find that bilateral trade integration reduces the probability of war between these two countries, especially if they are neighbours, but that this effect is mitigated by multilateral trade openness, as having strong trade relations with many other countries reduces a country's economic dependency on a given country. [25] In further research with Martin and Nicolas Berman, Mayer argues that exchange rate movements such as depreciations have only a weak impact on aggregate export volumes because the majority of exports concentrate among high productivity firms that tend to disproportionately absorb exchange rate movements through price markups rather than increases in export volumes. [26] This claim also matches earlier research with Gianmarco Ottaviano on the internationalization of European firms, wherein he and Mayer note that a few high-performing enterprises tend to drive countries' international performance, implying that policy aimed at fostering economic integration should focus on increasing the number of international firms (rather than increasing the involvement of already internationalized firms) by improving firms' performance in terms of productivity and employment. [27] In another study with Ottaviano, Mayer and Marc Melitz observe that French export firms tend to concentrate their export product mix on their best performing products the higher the competition in the export market, which bears important implications for firm productivity growth. [28] In recent research on quality sorting and trade among French champagne exporters, Mayer, Head and Matthieu Crozet show that the probability of market entry, export values and firm-level prices monotonically increase in quality. [29] Finally, together with José de Sousa and Soledad Zignago, Mayer has found that exporters in the Global South face 50% more difficulties in accessing developed markets than exporters in developed countries, though these difficulties have fallen by 95% between 1980 and 2006, with non-tariff barriers (and reductions therein) playing an important role. [30]
Investigating the location choices of French multinational firms in Eastern and Western Europe in 1980–99, Mayer and Anne-Célia Disdier find that, while institutional quality in the host country is important, agglomeration effects are less strong in non-EU countries of Central and Eastern Europe, with investors' East-West distinction of potential host countries decreasing over time. [31] In research on the institutional determinants of inward FDI in developing countries, Mayer, Agnès Bénassy-Quéré and Maylis Coupet find a large effect of institutions such as bureaucracy, corruption, and legal institutions, with e.g. employment protection reducing FDI, as well as of institutional proximity between origin and destination countries, suggesting that improving the quality of institutions in developing countries is likely to strongly increase FDI inflows. [32] Finally, studying the domestic effects on French firms of initiating production abroad in 1987–99, Mayer, Alexander Hijzen and Sébastien Jean find the domestic effects to vary across types of FDI, with market-seeking FDI in manufacturing as well as FDI in services sectors resulting in domestic job creation due to scale effects and their market-seeking motive, whereas factor-seeking FDI has no impact on employment at home. [33]
Analyzing the agglomeration patterns of foreign firms in France, Mayer, Crozet and Jean-Louis Mucchielli observe positive spillovers between firms, patterns of clustering across firms from the same country and with the highest spillovers, and a "learning process" whereby FDI locations become increasingly distant from the country of origin (e.g. from Germany, Belgium, Switzerland or the Netherlands), but very little evidence for regional policies attempting to attract FDI to a particular location. [34] In further research on firm clusters in France, Martin and Florian Mayneris find that public policies promoting the development of industrial clusters - so-called "systèmes de production localisés" - have failed to reverse the relative decline in productivity for the firms it targeted, which had been selected specifically in depressed sectors and regions, and had no robust effect on employment or exports. [35] However, analyzing the short-run effects of clustering on plant productivity in France, they find a positive effect for localization economies (though none for urbanization); while this lends support to cluster policies in general, their findings also suggest that French firms' location have already well internalized such advantages and further policy-induced clustering is unlikely to yield large gains in productivity. [36]
Combes, P.P., Mayer, T., Thisse, J.-F. (2008). Economic geography: The integration of regions and nations. Princeton: Princeton University Press.
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services.
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade.
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors and raise government revenue. Opponents argue that protectionist policies reduce trade, and adversely affect consumers in general as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries against which the protections are implemented.
In economics, internationalization or internationalisation is the process of increasing involvement of enterprises in international markets, although there is no agreed definition of internationalization. Internationalization is a crucial strategy not only for companies that seek horizontal integration globally but also for countries that addresses the sustainability of its development in different manufacturing as well as service sectors especially in higher education which is a very important context that needs internationalization to bridge the gap between different cultures and countries. There are several internationalization theories which try to explain why there are international activities.
A foreign direct investment (FDI) refers to purchase of an asset in another country, such that it gives direct control to the purchaser over the asset. In other words, it is an investment in the form of a controlling ownership in a business, in real estate or in productive assets such as factories in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment or foreign indirect investment by a notion of direct control.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
International business refers to the trade of Goods and service goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale.
The gravity model of international trade in international economics is a model that, in its traditional form, predicts bilateral trade flows based on the economic sizes and distance between two units. Research shows that there is "overwhelming evidence that trade tends to fall with distance."
Immigration is the international movement of people to a destination country of which they are not usual residents or where they do not possess nationality in order to settle as permanent residents. Commuters, tourists, and other short-term stays in a destination country do not fall under the definition of immigration or migration; seasonal labour immigration is sometimes included, however.
Maurice Kugler is a Colombian American economist born in 1967. He received his Ph.D. in economics from UC Berkeley in 2000, as well as an M.Sc. (Econ) and a B.Sc. (Econ) both from the London School of Economics. Kugler is professor of public policy in the Schar School of Policy and Government at George Mason University. Prior to this, he worked as a consultant for the World Bank, where he was senior economist before (2010-2012). Most recently he was principal research scientist and managing director at IMPAQ International.
In economics, a spillover is a positive or a negative, but more often negative, impact experienced in one region or across the world due to an independent event occurring from an unrelated environment.
Giovanni Peri is an Italian-born American economist who is Professor and Chair of the Department of Economics at the University of California, Davis, where he directs the Global Migration Center. He is also a research associate at the National Bureau of Economic Research and the co-editor of the peer-reviewed Journal of the European Economic Association. He is known for his research on the economic impact of immigration to the United States. He has also researched the economic determinants of international migrations and the Economic impact of immigration in several European Countries. He has challenged and broadened the work of George Borjas, which has argued that immigration has negative economic effects on low educated US workers.
Francis Kramarz is a French economist who works as Professor at the École Nationale de la Statistique et de l'Administration Économique (ENSAE), where he has been directing the Center for Research in Economics and Statistics (CREST). He is one of the leading labour economists in France.
Peter H. Egger is an Austrian economist who currently works as Professor of Applied Economics at the ETH Zurich. His research areas are industrial economics, innovation and international competition. In 2011, his contributions to economic research were awarded the Gossen Prize. His brother Hartmut is professor of economics at the University of Bayreuth.
Holger Görg is a German economist who currently works as Professor of International Economics at the University of Kiel. Görg also leads the Kiel Center for Globalization and heads the Research Area "Global Division of Labour" at the Kiel Institute for the World Economy. In 2009, he was awarded the Gossen Prize for his contributions to the study of firms' decisions to invest, export and outsource parts of their value chains abroad.
Gianmarco Ireo Paolo Ottaviano is an Italian economist and Professor of Economics at Bocconi University.
Mary Amiti is an Australian economist and a Vice President of the Microeconomic Studies Function at the Federal Reserve Bank of New York.
Oleg Itskhoki is a Russian-American economist specialized on macroeconomics and international economics and a professor of economics at the University of California, Los Angeles. He won the John Bates Clark Medal for his "fundamental contributions to both international finance and international trade" in 2022.
Kalina Manova is an American and Bulgarian professor of economics and deputy head of department at University College London. She is the winner of the 2016 Philip Leverhulme Prize. She also part of the council of the European Economic Association. She is on the editorial board of the Review of Economic Studies.
James R. Markusen is an American economist, academic, and author. He is Distinguished Professor (emeritus) at the University of Colorado, Boulder.
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