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The Multiple Impacts of the Exchange Rate on Export Diversification

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  • Daniel Goya

Abstract

There is evidence that suggests that one of the channels through which the exchange rate could have an impact on growth is export product diversification. I distinguish between the variety and concentration dimensions of export diversification and review the theoretical and empirical literature relating these two dimensions to the level and the volatility of the exchange rate. Using disaggregated trade data for a long panel of countries, I investigate these relationships employing an econometric methodology that allows for heterogeneity of coefficients across countries, and discuss two sources of bias which are often overlooked. I find that the variety dimension of export diversification is positively related to a weaker exchange rate and negatively related to exchange rate volatility. These relationships seem to be stronger for goods with higher technological intensity. I do not find a clear relationship between the exchange rate and the concentration of exports.

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  • Daniel Goya, 2014. "The Multiple Impacts of the Exchange Rate on Export Diversification," Cambridge Working Papers in Economics 1436, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:1436
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    1. Goya, Daniel, 2014. "Política industrial: Qué es, por qué es necesaria, y su pasado, presente y futuro en Chile [Industrial policy: What is it, why it is necessary, and its past, present and future in Chile]," MPRA Paper 64881, University Library of Munich, Germany.
    2. Muhammad Ali, 2017. "Determinants of Related and Unrelated Export Diversification," Economies, MDPI, vol. 5(4), pages 1-21, December.
    3. Gabriel Porcile & Giuliano Toshiro Yajima, 2019. "New Structuralism and the balance-ofpayments constraint," Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(4), pages 517-536, October.
    4. Camara Kwasi Obeng, 2018. "Is the effect of exchange rate volatility on export diversification symmetric or asymmetric? Evidence from Ghana," Cogent Economics & Finance, Taylor & Francis Journals, vol. 6(1), pages 1460027-146, January.

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    More about this item

    Keywords

    export diversification; variety; concentration; exchange rate; exchange rate volatility; pooled mean group.;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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