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Sensibilidad de las Exportaciones al TCR: Un Análisis Sectorial y por Destino

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  • Samuel Carrasco
  • Diego Gianelli
  • Carolina Godoy

Abstract

This paper estimates demand curve equations for Chilean non-copper exports, focusing on the role of the Real Exchange Rate (RER) during the period 1990-2013. This research is motivated by the substantial real depreciation over the last year which has led the Real Effective Exchange Rate (REER) to depreciate by around 15% between March 2013 and March 2014. Although, in average, relative prices would have evolved favorably for Chilean exports, this adjustment has been heterogeneous among trading partners. Based on estimates for a panel of annual data – by trading partner and economic activity – we found that export volumes would be highly sensitive to RER, especially when using a bilateral real exchange rate (BRER) measure. Sectorial analysis would indicate that agricultural exports would consistently be the most sensitive to relative price changes.

Suggested Citation

  • Samuel Carrasco & Diego Gianelli & Carolina Godoy, 2015. "Sensibilidad de las Exportaciones al TCR: Un Análisis Sectorial y por Destino," Working Papers Central Bank of Chile 745, Central Bank of Chile.
    • Handle: RePEc:chb:bcchwp:745
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    File URL: https://www.bcentral.cl/documents/33528/133326/DTBC_745.pdf
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    1. Martha Misas A. & María Teresa Ramírez G. & Luisa Fernanda Silva E., 2001. "Exportaciones no tradicionales en Colombia y sus determinantes," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 19(39), pages 73-114, June.
    2. Bernardina Algieri, 2004. "Price and Income Elasticities of Russian Exports," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 1(2), pages 175-193, December.
    3. Alberto Behar & Lawrence Edwards, 2004. "Estimating elasticities of demand and supply for South African manufactured exports using a vector error correction model," CSAE Working Paper Series 2004-04, Centre for the Study of African Economies, University of Oxford.
    4. Graciela Moguillansky & Daniel Titelman, 1993. "Estimación econométrica de funciones de exportación en Chile," Estudios de Economia, University of Chile, Department of Economics, vol. 20(1 Year 19), pages 153-190, June.
    5. Mr. Claudio A Paiva, 2003. "Trade Elasticities and Market Expectations in Brazil," IMF Working Papers 2003/140, International Monetary Fund.
    6. Aravena, Claudio, 2005. "Demanda de exportaciones e importaciones de bienes y servicios para Argentina y Chile," Estudios Estadísticos 4746, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    7. Freund, Caroline, 2009. "The trade response to global downturns : historical evidence," Policy Research Working Paper Series 5015, The World Bank.
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    Cited by:

    1. Jorge A. Fornero & Miguel A. Fuentes & Andrés Gatty, 2017. "How do manufacturing exports react to RER and foreign demand? The Chilean case," Working Papers Central Bank of Chile 810, Central Bank of Chile.

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