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Dollar and Exports

Valentina Bruno and Hyun Song Shin

No 819, BIS Working Papers from Bank for International Settlements

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 nd that following dollar appreciation, exporters that are more reliant on dollar-funded bank credit su¤er 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 fi nancial globalization and international trade and show a novel channel of exchange rate transmission that goes in the opposite direction to the competitiveness channel.

Keywords: global factors; risk taking channel; non-core bank funding; working capital; global value chains (search for similar items in EconPapers)
JEL-codes: F40 F65 (search for similar items in EconPapers)
Pages: 61 pages
Date: 2019-10
New Economics Papers: this item is included in nep-ifn
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