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Trade Costs and Real Exchange Rate Volatility
Claudio Bravo-OrtegaJulian di Giovanni
其他書名
The Role of Ricardian Comparative Advantage
出版International Monetary Fund, 2005
主題Business & Economics / GeneralBusiness & Economics / Exports & ImportsBusiness & Economics / Foreign ExchangeBusiness & Economics / Economics / Macroeconomics
ISBN14518602429781451860245
URLhttp://books.google.com.hk/books?id=oWq3AAAAIAAJ&hl=&source=gbs_api
註釋This paper examines the impact of trade costs on real exchange rate volatility. We incorporate a multi-country Ricardian model of trade, based on the work of Eaton and Kortum (2002), into a macroeconomic model to show how bilateral real exchange rate volatility depends on relative technological differences and trade costs. These differences highlight a new channel, in which the similarity of a pair of countries' set of suppliers of traded goods affects bilateral exchange rate volatility. We then test the importance of this channel using a large panel of cross-country data over 1970-97, and find strong evidence supporting the channel.