Industry Composition and the Effects of Exchange Rates on Exports - Why Switzerland is Special
Industry Composition and the Effects of Exchange Rates on Exports - Why Switzerland is Special
复制标题
产业构成以及汇率对出口的影响 - 为什么瑞士很特别
DOI：
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发表时间：
2011
期刊：
影响因子：
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通讯作者：
Philip Sauré
中科院分区：
文献类型：
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作者：
Raphael A. Auer;Philip Sauré
我们确定的作用，产业结构的总出口量的弹性相对于汇率。在一个涵盖1972年至2000年的865个部门和24个经合组织经济体之间的双边贸易流量的年度面板中，我们估计了出口量相对于汇率的部门弹性。然后，我们将联合收割机得出的865弹性估计值与每个国家出口篮子中每个部门的权重相结合。由此产生的具体国家的平均汇率弹性差异很大，因为各国专门从事非常不同的部门。它的范围从瑞士的0.83到土耳其的1.06，平均值为0.94。因此，我们的研究结果表明，2008年至2011年期间，瑞士出口表现对瑞士法郎强劲的真实的升值的低反应可以部分地解释为瑞士经济的独特产业构成。
We identify the role of industrial composition on the elasticity of aggregate export volume with respect to the exchange rate. In an annual panel covering the time from 1972 to 2000, 865 sectors, and bilateral trade flows between 24 OECD economies, we estimate sectoral elasticities of export volume with respect to the exchange rate. We then combine the resulting 865 elasticity estimates with the weight of each sector in each of the countries' export basket. The resulting country-specific average exchange rate elasticity varies substantially as countries specialize in very different sectors. It ranges from 0.83 for Switzerland to 1.06 inTurkey, with the average being 0.94. Consequently, our results demonstrate that the low response of Swiss export performance to the strong real appreciation of the Swiss Franc observed during 2008 to 2011 can partly be explained by the unique industrial composition of the Swiss economy.