NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Nationalism and Economic Exchange: Evidence from Shocks to Sino-Japanese Relations

Raymond Fisman, Yasushi Hamao, Yongxiang Wang

NBER Working Paper No. 20089
Issued in May 2014
NBER Program(s):   CF   DEV   ITI   POL

We study the impact of nationalism and interstate frictions on international economic relations by analyzing market reaction to adverse shocks to Sino-Japanese relations in 2005 and 2010. Japanese companies with high China exposure suffer relative declines during each event window; a symmetric effect is observed for Chinese companies with high Japanese exposure. The effect on Japanese companies is more pronounced for those operating in industries dominated by Chinese state-owned enterprises, while firms with high Chinese employment experience lower declines. These results emphasize the role of countries' economic and political institutions in mediating the impact of interstate frictions on firm-level outcomes.

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Document Object Identifier (DOI): 10.3386/w20089

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