The share of world trade attributed to intra-firm trade is large and fast-growing. This paper offers new information on the welfare outcome of these trends. Two-country evaluations of the gains from international trade were replaced by local welfare measured, not only by the usual per capita income, but also by a newly available index of happiness which incorporates measures for non-economic human welfare. With the aid of large panel data and Hicksian production theory tools, we estimated positive marginal elasticities and a positive elasticity of substitution between intra-firm trade in goods and services. Kernel causality defined in a new R package helped quantify positive externalities from a selected set of 24 variables related to local welfare. Hence, we conclude that multinationals make a positive impact on local welfare.

中文翻译：

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美国跨国公司内部贸易的外部性

归因于公司内部贸易的世界贸易份额巨大且增长迅速。本文提供了有关这些趋势的福利结果的新信息。两国对国际贸易收益的评估被当地福利所取代，不仅以通常的人均收入衡量，而且以新的幸福指数衡量，该指数纳入了非经济人类福利的衡量标准。借助大型面板数据和希克斯生产理论工具，我们估计了企业内部商品和服务贸易之间的正边际弹性和正替代弹性。新 R 包中定义的核心因果关系有助于从与当地福利相关的 24 个选定变量集中量化正外部性。因此，我们得出结论，跨国公司对当地福利产生积极影响。