Exchange-Rate Exposure of Taiwanese Exporting Firms

Chaoshin Chiao and Ken Hung
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Chaoshin Chiao: National Dong Hwa University, Hualien, Taiwan, R.O.C.
Ken Hung: National Dong Hwa University, Hualien, Taiwan, R.O.C.

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2000, vol. 03, issue 02, 201-233

Abstract: The purpose of this paper is to investigate the exchange-rate exposure of Taiwanese exporting firms. Particularly, we consider the effects of the timing of the three liberalization events through which the government carried out explicit policies to open gradually its foreign exchange and stock markets. First, we cannot corroborate that most exporting firms are individually exposed to exchange-rate risk. However, we cannot reject that the exporting firms are jointly exposed to exchange-rate risk in all sub-periods. Second, the timing of the three liberalization events greatly affects the exchange-rate exposure of Taiwanese exporting firms. Finally, the determinants of possibly time-varying exchange-rate exposure of exporting firms are exports-to-sales ratio, firm size, and the timing of the three liberalization events.

Keywords: exchange-rate exposure; time-varying exchange-rate exposure (search for similar items in EconPapers)
JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (10)

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DOI: 10.1142/S0219091500000133

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