Beggar-Thy-Neighbor Effects of Exchange Rates: A Study of the Renminbi

• 成果类型: Article
• 署名作者: Mattoo, Aaditya; Mishra, Prachi; Subramanian, Arvind
• 署名单位: The World Bank; Reserve Bank of India
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20150293
• 发表日期: 2017
• 页码: 344-366
• 关键词: rate pass-through; trade-flows; prices; CHINA; appreciation; COMPETITION

摘要

This paper estimates the effect of China's exchange rate changes on exports of developing countries in third markets. The degree of competition between China and its developing country competitors in specific products and destinations plays a key role in the identification strategy. The strategy exploits variation across exporters, importers, products and time-afforded both by disaggregated trade data and bilateral exchange rates-to estimate this competitor country effect. There is robust evidence of a statistically and quantitatively significant effect. A 10 percent appreciation of China's real exchange rate boosts a developing country's exports at the product level on average by about 1.5-2.5 percent.