Abstract:
This paper takes trade intermediaries into exporters, and uses big data of China's Customs Database during 2000-2009 to analyze the differences between trade intermediaries and direct exporters when facing to exchange rate movements. The results show that due to lower export distribution costs, trade intermediaries are more responsive to exchange rate, and are more likely to make adjustments in dual margins. When exchange rate changes every 1%, compared to direct exporters, the adjustment of trade intermediaries in extensive margin and the intensive margin are higher than 0.90% and 0.47%, which means trade intermediaries have a higher price transitivity; After 2004, with the emergence of “export disintermediation”, the reaction of trade intermediaries to exchange rate have weakened. Therefore, China's “export disintermediation” is a result of “self-selected” behavior of indirect exporters based on export stability when facing exchange rate volatility.
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