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Global value chains and the exchange rate elasticity of exports

Author: Swarnali Ahmed; Maximiliano Appendino; Michele Ruta; International Monetary Fund. Strategy, Policy, and Review Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2015.
Series: IMF working paper, WP/15/252.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some suggestive evidence that the elasticity of real manufacturing exports to the Real Effective Exchange Rate (REER) has decreased over time. We then examine whether the formation of supply chains has affected  Read more...
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Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Swarnali Ahmed; Maximiliano Appendino; Michele Ruta; International Monetary Fund. Strategy, Policy, and Review Department.
OCLC Number: 930620265
Notes: "November 2015."
"Strategy, Policy and Review."
Description: 1 online resource (28 pages) : color illustrations.
Series Title: IMF working paper, WP/15/252.
Responsibility: prepared by Swarnali Ahmed, Maximiliano Appendino and Michele Ruta.

Abstract:

This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some suggestive evidence that the elasticity of real manufacturing exports to the Real Effective Exchange Rate (REER) has decreased over time. We then examine whether the formation of supply chains has affected this elasticity using different measures of GVC integration. Intuitively, as countries are more integrated in global production processes, a currency depreciation only improves competitiveness of a fraction of the value of final good exports. In line with this intuition, we find evidence that GVC participation reduces the REER elasticity of manufacturing exports by 22 percent, on average. --Abstract.

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