Real Exchange Rate Volatility and International Trade: A Reexamination of the Theory
One of the issues that has received considerable attention in the comparison of the properties of alternative exchange rate regimes is the effect of exchange rate risk on the volume of trade. The large majority of empirical studies regarding the effect of exchange rate risk on trade has been unable...
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| Veröffentlicht in: | Southern economic journal 1993-04, Vol.59 (4), p.641-647 |
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| container_title | Southern economic journal |
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| creator | Dellas, Harris Zilberfarb, Ben-Zion |
| description | One of the issues that has received considerable attention in the comparison of the properties of alternative exchange rate regimes is the effect of exchange rate risk on the volume of trade. The large majority of empirical studies regarding the effect of exchange rate risk on trade has been unable to establish a systematically significant link between exchange rate variability and the volume of international trade, whether on an aggregate or on a bilateral basis. The similarity of trade decisions to the portfolio-savings decisions under uncertainty is exploited. The model employed is one with incomplete asset markets and ex ante trading decisions, in which the choice of exports is made before the resolution of uncertainty in prices. |
| doi_str_mv | 10.2307/1059729 |
| format | Article |
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The large majority of empirical studies regarding the effect of exchange rate risk on trade has been unable to establish a systematically significant link between exchange rate variability and the volume of international trade, whether on an aggregate or on a bilateral basis. The similarity of trade decisions to the portfolio-savings decisions under uncertainty is exploited. The model employed is one with incomplete asset markets and ex ante trading decisions, in which the choice of exports is made before the resolution of uncertainty in prices.</description><identifier>ISSN: 0038-4038</identifier><identifier>EISSN: 2325-8012</identifier><identifier>DOI: 10.2307/1059729</identifier><identifier>CODEN: SECJAR</identifier><language>eng</language><publisher>Chapel Hill, N.C., etc: Southern Economic Association and the University of North Carolina at Chapel Hill</publisher><subject>Balance of trade ; Currency ; Economic models ; Economic theory ; Economic uncertainty ; Exchange rates ; Foreign exchange ; Foreign exchange rate risk ; Foreign exchange rates ; Forward exchange ; International trade ; Nominal prices ; Prices and rates ; Real exchange rates ; Risk aversion ; Terms of trade ; Trade volume ; Utility functions ; Volatility</subject><ispartof>Southern economic journal, 1993-04, Vol.59 (4), p.641-647</ispartof><rights>Copyright 1993 Southern Economic Association</rights><rights>COPYRIGHT 1993 Southern Economic Association</rights><rights>Copyright Southern Economic Association Apr 1993</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c474t-cd18b2d3630a636fac537364b616b07141e73c1ccb531098e6d7a4f7697de36f3</citedby></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/1059729$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/1059729$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,780,784,803,27869,27924,27925,58017,58250</link.rule.ids></links><search><creatorcontrib>Dellas, Harris</creatorcontrib><creatorcontrib>Zilberfarb, Ben-Zion</creatorcontrib><title>Real Exchange Rate Volatility and International Trade: A Reexamination of the Theory</title><title>Southern economic journal</title><description>One of the issues that has received considerable attention in the comparison of the properties of alternative exchange rate regimes is the effect of exchange rate risk on the volume of trade. The large majority of empirical studies regarding the effect of exchange rate risk on trade has been unable to establish a systematically significant link between exchange rate variability and the volume of international trade, whether on an aggregate or on a bilateral basis. The similarity of trade decisions to the portfolio-savings decisions under uncertainty is exploited. The model employed is one with incomplete asset markets and ex ante trading decisions, in which the choice of exports is made before the resolution of uncertainty in prices.</description><subject>Balance of trade</subject><subject>Currency</subject><subject>Economic models</subject><subject>Economic theory</subject><subject>Economic uncertainty</subject><subject>Exchange rates</subject><subject>Foreign exchange</subject><subject>Foreign exchange rate risk</subject><subject>Foreign exchange rates</subject><subject>Forward exchange</subject><subject>International trade</subject><subject>Nominal prices</subject><subject>Prices and rates</subject><subject>Real exchange rates</subject><subject>Risk aversion</subject><subject>Terms of trade</subject><subject>Trade volume</subject><subject>Utility 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| fulltext | fulltext |
| identifier | ISSN: 0038-4038 |
| ispartof | Southern economic journal, 1993-04, Vol.59 (4), p.641-647 |
| issn | 0038-4038 2325-8012 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_839280123 |
| source | Business Source Complete; Periodicals Index Online; JSTOR Archive Collection A-Z Listing |
| subjects | Balance of trade Currency Economic models Economic theory Economic uncertainty Exchange rates Foreign exchange Foreign exchange rate risk Foreign exchange rates Forward exchange International trade Nominal prices Prices and rates Real exchange rates Risk aversion Terms of trade Trade volume Utility functions Volatility |
| title | Real Exchange Rate Volatility and International Trade: A Reexamination of the Theory |
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