Abstract:
Based on the special background of the coexistence of “Migrant Worker Shortage” and “Employment Difficulties of College Students”, this paper studies the skill-biased effects of RMB exchange rate fluctuations so that we can grasp its influence on the employment structure of the enterprise under the premise of labor heterogeneity, and examines the adjustment effects of processing trade and competition mode. Using detailed employment structure data in “Chinese Economic Census (2004 & 2008)”, we find that, (1) exchange rate appreciation impacts on the employment of skilled worker negatively through the “Export-Orientation Channel” while positively through the “Imported-Inputs Channel”. (2) As the proportion of processing trade increased, the impact of exchange rate shock on the employment structure through “Imported-Inputs Channel” declines continuously until it tends to zero, while the impact through “Export-Orientation Channel” will decrease gradually only when the processing trade accounts for more than 40%. (3) Competition mode also has regulatory effect. The employment structure of enterprises with “price competition” is more negatively affected by exchange risk exposure index and this reflects the positive role of “quality competition”.
铁瑛, 刘啟仁. 人民币汇率变动与劳动力技能偏向效应——来自中国微观企业的证据[J]. 金融研究, 2018, 451(1): 53-66.
TIE Ying, LIU Qiren. Exchange Rate Movement and the Skill-biased Effects: Evidence from Chinese Firm-level Data. Journal of Financial Research, 2018, 451(1): 53-66.
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