Depreciations without Exports?

This paper analyzes how the exchange rate elasticity of exports has changed over time and across countries and sectors, and how the formation of global value chains has affected this relationship. The analysis uses a panel framework covering 46 countries over the period 1996-2012, and first finds ev...

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Bibliographische Detailangaben
Hauptverfasser:	Ahmed, Swarnali, Appendino, Maximiliano, Ruta, Michele
Format:	Artikel
Sprache:	eng
Schlagworte:	ABSOLUTE VALUE ACCESS BUSINESS CYCLE BUSINESS CYCLE SYNCHRONIZATION BUSINESS CYCLES CHANGES IN TRADE COMPETITIVENESS CONSUMER PRICE INDICES CONSUMERS COUNTRY FIXED EFFECT COUNTRY FIXED EFFECTS CREDIT CURRENCY CURRENCY DEPRECIATION CURRENCY DEPRECIATIONS CYCLICAL FACTORS DEFLATORS DEMAND DEPENDENT VARIABLE DEPRECIATION DEPRECIATIONS DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DUMPING ECONOMIC GROWTH ECONOMIC HISTORY ECONOMIC OUTLOOK ECONOMIC RESEARCH ECONOMIES ECONOMY EFFECTIVE EXCHANGE RATE EFFECTIVE EXCHANGE RATES ELASTICITY ELASTICITY OF EXPORTS EXCHANGE EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXCHANGE RATES EXPORT GROWTH EXPORT SHARES EXPORT VOLUMES EXPORTERS EXPORTS EXTERNAL DEMAND FINAL GOODS FINANCIAL CRISIS FIXED EFFECT FIXED EFFECTS FOREIGN FIRMS FORMAL ANALYSIS FUTURE RESEARCH GDP GDP PER CAPITA GLOBAL DEMAND GLOBAL TRADE GOODS GROSS EXPORTS GROWTH RATES IMPORT IMPORT CONTENT IMPORT PROTECTION INCOME GROWTH INFLUENCE INPUTS INTERMEDIATE GOODS INTERMEDIATE INPUTS INTERNATIONAL ECONOMICS INTERNATIONAL TRADE KNOWLEDGE SPILLOVERS LOCAL CURRENCY MACROECONOMIC ADJUSTMENT MACROECONOMIC CONDITIONS MACROECONOMIC MODELS MACROECONOMICS MEASURES OF INTEGRATION NOMINAL EXCHANGE RATES PRICE COMPETITIVENESS PRICE INDICES PRODUCTION RATE MOVEMENTS REAL DEPRECIATION REAL DEPRECIATIONS REAL EFFECTIVE EXCHANGE RATE REAL EFFECTIVE EXCHANGE RATES REAL EXCHANGE RATE REAL EXCHANGE RATE CHANGE REAL EXCHANGE RATE CHANGES REAL EXCHANGE RATES REAL EXPORT REAL EXPORT GROWTH REAL EXPORTS REAL GDP RECESSION REVALUATION SLOWDOWN SUPPLY THEORY TOTAL EXPORT TOTAL EXPORTS TRADE TRADE BARRIERS TRADE DATA TRADE FLOWS TRADE GROWTH TRADE INTEGRATION TRADE POLICIES TRADE POLICY TRADE RELATIONS TRADE RESTRICTIVENESS TRADING PARTNERS USE VALUE VALUE VALUE ADDED VARIABLES WORLD DEVELOPMENT INDICATORS WORLD TRADE WTO
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Beschreibung
Zusammenfassung:	This paper analyzes how the exchange rate elasticity of exports has changed over time and across countries and sectors, and how the formation of global value chains has affected this relationship. The analysis uses a panel framework covering 46 countries over the period 1996-2012, and first finds evidence that the elasticity of manufacturing export volumes to the real effective exchange rate has decreased over time. The paper then examines whether the formation of supply chains has affected this elasticity using different measures of global value chain integration. Intuitively, as countries are more integrated in global production processes, a currency depreciation only improves the competitiveness of a fraction of the value of final goods exports. In line with this intuition, the analysis finds evidence that the rise of participation in global value chains explains on average 40 percent of the fall in the elasticity, and that corrections of the real effective exchange rate for participation in global value chains do not present the same decreasing pattern in elasticity.