出口豁免制度下的企业网络：洪都拉斯的典型事实（英）2024

Investment Rating - The report does not explicitly provide an investment rating for the industry under review. Core Insights - The report evaluates the integration of firms receiving export-oriented tax exemptions in Honduras with the local economy, presenting five stylized facts about their trade networks. It challenges the notion that these firms operate as isolated economic enclaves, indicating that they are as connected to local suppliers as non-exempt firms of similar size [13][17][18]. Summary by Sections Introduction - The report discusses the common pattern where exporting firms outperform non-exporting firms, highlighting the potential benefits of spillovers to local firms through backward linkages with suppliers [14][15]. Context of Export Exemption Regimes in Honduras - Export-oriented tax regimes have been in place for over four decades in Honduras, with total tax exemptions in 2022 estimated at L51 billion (US$2.04 billion), representing over 6% of the country's GDP [21][22]. Data - The analysis is based on administrative datasets from the Honduran Revenue Administration Service, covering corporate and personal income tax declarations from 2018 to 2021, including over 860,000 formal workers in 2021 [26][27]. Stylized Facts on Firm-to-Firm Trade Networks - Fact 1: Exempt firms have similar connections to local suppliers, conditional on firm size. The average number of suppliers is similar across exempt and non-exempt firms when controlling for size [42][43]. - Fact 2: Suppliers of firms in export-oriented regimes differ in several characteristics from those of non-exempt firms, indicating variations in sector and size of suppliers [48]. Policy Implications and Conclusions - The findings suggest that while firms in export-oriented regimes are well-connected to local suppliers, the potential for spillovers may be weak or non-existent. The report emphasizes the need for better-targeted and enforced exemption regimes to enhance local economic integration [18][19].