China’s Exchange-Rate Regime Reform and Trade Between China and the Eurozone
China’s Exchange-Rate Regime Reform and Trade Between China and the Eurozone
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DOI：
10.1080/1540496x.2016.1256195
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发表时间：
2018-01
影响因子：
4
通讯作者：
Yusaku Nishimura;Bianxia Sun
中科院分区：
文献类型：
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作者：
Yusaku Nishimura;Bianxia Sun
本文探讨了中国汇率制度改革对中国与欧元区贸易的影响。在自回归分布滞后（ARDL）模型中考虑了欧元与人民币之间的汇率和汇率波动，并考虑了第三国效应。我们的研究结果表明，在改革期间，中国对欧元区的出口仅受欧元对人民币汇率本身的影响，而不受其波动性的影响。然而，在改革期间，汇率及其波动性对欧元区对中国的出口都没有显著影响。这种不对称可能归因于中国出口商与欧元区出口商在管理汇率风险的知识和能力方面存在差异。
ABSTRACT This article investigates the effects of China’s exchange-rate regime reform on trade between China and the eurozone. Both the exchange rate between the euro (EUR) and the renminbi (RMB) and exchange-rate volatility are included in the autoregressive distributed lag (ARDL) model, and our empirical work also considers the third-country effect. Our findings show that, during the reform period, China’s exports to the eurozone are affected only by the EUR–RMB exchange rate per se and not by its volatility. However, neither the exchange rate nor its volatility significantly influences the eurozone’s exports to China during the reform period. Such asymmetry might be attributed to the discrepancy between Chinese exporters and their eurozone counterparts in the knowledge and ability to manage exchange-rate risk.