Dollar and Exports

• 成果类型: Article
• 署名作者: Bruno, Valentina; Shin, Hyun Song
• 署名单位: American University; Bank for International Settlements (BIS)
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad005
• 发表日期: 2023
• 页码: 2963
• 关键词: INTERNATIONAL-TRADE; credit conditions; exchange-rates; banks; transmission; liquidity; channel; FIRMS; RISK

摘要

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.