Fig. 7.

Impact of the Chinese lockdown on firm-level exports: Low- and high-inventory firms. Notes: The figure shows the results of a dynamic differences-in-differences estimation, distinguishing between firms with high inventories, as defined by a ratio of inventories over sales larger falling in the fifth quintile of the firm’s sector-specific distribution, and the rest of the estimation sample. All coefficients interpret in relative terms with respect to firms in the control group that would display comparable inventory-to-sales ratios. The estimated equation has firm and period fixed effects. Standard errors are clustered at the firm level. Confidence intervals are defined at 5%