Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 施康教授 (经济学系) |
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| 数位物件识别号 (DOI) ○○@http://aims.cuhk.edu.hk/converis/portal/Publication/2$@○○ |
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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/2WOS source URL
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摘要This paper examines how China's exports are affected by exchange rate shocks from countries that supply intermediate inputs to China. We build a simple small open economy model with intermediate goods trade to show that due to the intra-regional trade in intermediate goods, a devaluation of other Asian currencies does not necessarily hurt China's exports, as imported intermediate goods could become cheaper. The effect of intermediate goods costs depends critically on the share of intermediate goods used in China's export goods production and the degree of exchange rate pass-through in imported intermediate goods prices. If prices for intermediate goods are not very sticky, the effect through this channel could be large, and China's exports could even benefit. We find that these findings do not depend on China's choice of currency invoicing between the RMB and the US dollar or the choice between fixed and flexible exchange rate regimes. (C) http://aims.cuhk.edu.hk/converis/portal/Publication/201http://aims.cuhk.edu.hk/converis/portal/Publication/2 Elsevier Inc. All rights reserved.
着者Liao W, Shi K, Zhang ZW
期刊名称China Economic Review
出版年份http://aims.cuhk.edu.hk/converis/portal/Publication/201http://aims.cuhk.edu.hk/converis/portal/Publication/2
月份1http://aims.cuhk.edu.hk/converis/portal/Publication/2
日期1
卷号http://aims.cuhk.edu.hk/converis/portal/Publication/23
期次4
出版社Elsevier
页次763 - 775
国际标準期刊号1043-951X
电子国际标準期刊号1873-7781
语言英式英语
关键词Currency invoicing; Exchange rates; Export dynamics; Vertical trade
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
