Dollar and Exports

Valentina Bruno and Hyun Song
Authors registered in the RePEc Author Service: Hyun Song Shin

The Review of Financial Studies, 2023, vol. 36, issue 8, 2963-2996

Abstract: The strength of the U.S. dollar has attributes of a barometer of dollar credit conditions, with a stronger dollar associated with tighter dollar credit conditions. We find that following dollar appreciation, exporters that are more reliant on dollar-funded bank credit suffer a greater decline in credit and slowdown in exports, including those exporting to the United States. Our findings shed light on the role of the U.S. dollar in the interaction between financial globalization and international trade and show a novel channel of exchange rate transmission that goes in the opposite direction to the competitiveness channel.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

JEL-codes: F40 F65 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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Related works:
Working Paper: Dollar and Exports (2021)
Working Paper: Dollar and Exports (2019)
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