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Exchange Rates and Firm Exports: The Role of Foreign Ownership and Subsidiaries

Hyelin Choi (hlchoi@kiep.go.kr) and Hyo Sang Kim (hyosangkim@kiep.go.kr)
Additional contact information
Hyelin Choi: Korea Institute for International Economic Policy, Postal: Building C, Sejong National Research Complex, 370,, Sicheong-daero, Sejong-si, Korea, http://www.kiep.go.kr/index.do
Hyo Sang Kim: Korea Institute for International Economic Policy, Postal: Building C, Sejong National Research Complex, 370,, Sicheong-daero, Sejong-si, Korea, http://www.kiep.go.kr/index.do

No 18-3, Working Papers from Korea Institute for International Economic Policy

Abstract: Exchange rates have been changed unusually large these days. From 2011 to 2016, the Euro and the Japanese Yen have depreciated against the US Dollar by more than 25 percent. According to a theory, since competitively valued exchange rate helps to boost export growth, we should have observed a substantial increase in export in the EU and Japan. However, the effectiveness of the exchange rates on exports appears to be weak across countries. This anomaly is one of the central puzzles in international macroeconomics: why large movements in the exchange rate have modest effects on the aggregate variables such as import prices, consumer prices, and quantity of exports.

Keywords: Exchange Rate Elasticity; Firm Export; Production Linkage; Global Value Chains (search for similar items in EconPapers)
JEL-codes: F14 F15 F23 F31 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2018-08-31
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Citations: View citations in EconPapers (1)

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