Fotak, Veljko; Megginson, William L.; Tsai, Yi-Da - 2022
countries. We question whether such an increase comes at the expense of trade with third-party countries (a “zero-sum hypothesis …”), or whether the infrastructure investment leads to an increase in overall trade (a “lifting all boats hypothesis”). Our …-border economic activity (imports, exports, and M&A flows) with China is accompanied by a decrease in activity with third party …