Firms’ decisions to outsource the production of intermediate inputs abroad depend on the macroeconomic environment set by governments’ monetary and foreign exchange policies, while the relocations of production change liquidity demands in the financial markets and affect policy effectiveness. This paper studies theoretically the interdependence of firms’ sourcing decisions and governments’ conducts of policies. By constructing a two-country, monetary model with segmented financial markets to incorporate the microeconomic foundations of firms’ make-or-buy decisions and highlight the working capital needs of both buyers and suppliers of intermediate inputs, the endogenous adjustments of international outsourcing at both the extensive and intensive margins are examined. It shows that the adjustments at the intensive margin of firms’ sourcing decisions will dampen the effects of temporary monetary shocks under a fixed exchange rate if the firms face low upfront payments to their foreign suppliers. The adjustments at the extensive margin can alter qualitatively the impacts of a currency revaluation and help explain the perverse effect on the trade balance. Implementing the Friedman rule and a fixed exchange rate regime can address both margins so that the socially optimal allocation can be achieved.

企业将中间投入生产外包的决定取决于政府货币和外汇政策设定的宏观经济环境，而生产转移会改变金融市场的流动性需求并影响政策有效性。本文从理论上研究了企业采购决策与政府政策行为之间的相互依存关系。通过构建一个具有分段金融市场的两国货币模型，以纳入公司制造或购买决策的微观经济基础，并突出中间投入的买方和供应商的营运资金需求，这两个国家的国际外包的内生调整检查广泛和密集的边缘。它表明，如果企业面临较低的外国供应商预付款，企业采购决策的集约边际调整将抑制固定汇率下临时货币冲击的影响。广义边际的调整可以定性地改变货币重估的影响，并有助于解释对贸易平衡的不利影响。实施弗里德曼规则和固定汇率制度可以解决这两个边际问题，从而实现社会最优配置。