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Market Liberalization and Exchange-Rate Exposure: The Case of Taiwanese Exporting Firms

Author

Listed:
  • Chiao, Chaoshin

    (National Dong Hwa University - Department of Finance)

  • Hung, Ken

    (National Dong Hwa University - Department of Finance)

  • Nwanna , Gladson I.

    (Morgan State University Earl G. Graves School of Business & Management)

Abstract

This paper examines the effects of market liberalization on exchange-rate exposure of exporting firms and its possible time-varying nature. Using Taiwanese exporting firms as a test case, particularly, we consider the effects of the timing of the three liberalization events through which the government of Taiwan carried out explicit policies to open gradually its foreign exchange and stock markets. We find that the timing of the three liberalization events greatly affects the exchange-rate exposure of Taiwanese exporting firms. We also observe the determinants of possible time-varying exchange-rate exposure of exporting firms are the exports-to-sales ratio, firm size, and the timing of the three liberalization events.

Suggested Citation

  • Chiao, Chaoshin & Hung, Ken & Nwanna , Gladson I., 2001. "Market Liberalization and Exchange-Rate Exposure: The Case of Taiwanese Exporting Firms," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 54(2), pages 137-161.
    • Handle: RePEc:ris:ecoint:0214
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    More about this item

    Keywords

    Exchange-rate exposure; time-varying exchange-rate exposure;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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