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| European Quantitative Easing Policy Impact onChina's Manufacturing Export: A Viewpoint of Exchange Rate Network Spillover Effects |
| ZHANG Jingjia, SUN Puyang, GU Fang
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APEC Study Center, Nankai University;
School of Economics, Nankai University;
School of Economics and Management, Tsinghua University |
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Abstract We develop a theoretical model of European quantitative easing policy impact on Chinese export through the perspective of exchange rate spillover effects for the first time. We also test the exchange rate spillover effects on exporters in China with the panel fixed effect model. Our results show that, firstly, the spillover effects stimulate the export value and volume of Chinese firms on the whole. Secondly, it turns out that when firms export to a destination country which appreciates under the influence of European quantitative easing policy, the export value and volume will be improved, and the results are opposite for the countries depreciate. Thirdly, we find that the export value and volume improved when we export to the countries appreciate relative to China, and vice versa for the counterpart. Furthermore, our results show that the ordinary trade will be affected most compared to the processing trade.The impacts of exchange rate spillover effect on state-owned-enterprises are limited, while foreign-owned-enterprises will benefit most from European quantitative easing policy.
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Received: 28 March 2017
Published: 18 January 2018
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