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| Exchange Rate Volatility, Financial Marketization and Export |
| TAN Xiaofen, WANG Yaqi, LU Bing
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| School of Finance, Central University of Finance and Economics |
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Abstract Based on highly disaggregate transaction level data, we explore the effect of exchange rate volatility on Chinese export during 2002-2009. We find that both the export value and the scope of products decrease for destinations with higher exchange rate volatility. Meanwhile, exports are more focused on the products with core competency. This effect is dampened when the level of financial marketization is higher. When the level of financial marketization increases by 10% from the average value,the exchange rate volatility elasticities of export value,product scope and product skewness reduce by 30.4%,37.5%and 35.7% respectively.Our results provide a micro-level support for the financial marketization and the relaxation of credit constraint.
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Received: 03 September 2015
Published: 01 January 1900
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