美联储出口市场准入对劳动力市场力量的影响：来自越南的企业层面证据

The Impact of Export Market Access on Labor Market Power: Firm-Level Evidence from Vietnam

Abstract

This paper examines the effect of an export market expansion created by the US-Vietnam Bilateral Trade Agreement (BTA) on labor market competition among Vietnamese manufacturing firms. Key findings include:

• The median firm pays workers 59% of their equilibrium marginal revenue product of labor (MRPL).
• The BTA permanently decreases labor market distortion in manufacturing by 3.4%, primarily for domestic private firms.
• The median distortion is 26% higher for women than men, and the decline in distortion for women drives the overall distortion reduction.

Introduction

The paper explores how an export market expansion affects domestic labor markets and the share of a worker's wage in additional firm revenue through labor-market power. It addresses the decline in labor share observed in many countries, attributing part of this decline to globalization. The study uses a unique mechanism to analyze the impact of trade on firm-level labor shares.

Theoretical Model

The model incorporates imperfect competition in labor markets due to firm-specific labor market power. It assumes firms are perfectly competitive in the product market but oligopsonistic in local labor markets. A key insight is that lower labor supply elasticity leads to higher labor-market distortion. Firm entry reduces distortion more for groups with lower labor supply elasticity.

Empirical Analysis

The study applies a nonparametric production function approach to measure firm-level oligopsonistic labor-market distortions using Vietnamese firm-level data from 2000 to 2010. The BTA is used as a natural experiment to examine the impact of export shocks on labor market distortion. The study finds:

• Significant wedges between equilibrium marginal revenue products of labor and wages, with workers receiving about 59% of their MRPL at the median firm.
• Industries exposed to US tariff reductions see faster employment and wage growth, along with a faster decline in labor market distortion.

Conclusion

The BTA permanently decreases labor market distortion in manufacturing by 3.4%, with the decline driven by a 26% higher distortion for women compared to men. This suggests that export market access can reduce labor market distortions, particularly for women.

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Note: The summary focuses on key findings and the methodology used in the study.