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Autor:innen: 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
ADB Economics Working Paper Series No. 498
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
Tepid trade growth since the 2008/2009 global financial crisis (GFC) has been partly attributed to sluggish demand from developed countries. However, data reveals that developing countries play a bigger role in holding back trade growth, while developed countries show quite robust import growth. Post-GFC, the exchange rate volatility has grown significantly. As decomposion of country groups by changes in currency valuation shows, however, local currency depreciation is not contributing to export growth as much as conventional wisdom dictates. On the other hand, countries with appreciating currencies show rising import intensity and significant export growth. This implies that the more countries undergo currency devaluation - the deeper the degree of devaluation and even competitive devaluations - the more likely international trade will grow slower.
Schlagwörter: 
gravity model
real effective exchange rate
trade volume
JEL: 
C23
F10
F31
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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