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Trade Development and Political Economy presents: Hong Ma

341 Eggers Hall

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How do exchange rate movements affect Chinese exports? – A firm-level investigation Authors: Hongbin Li, Hong Ma, Yuan Xu and Yanyan Xiong The authors use detailed Chinese firm-level data for 2000–2007 to examine the effect of exchange rate movements on the export behavior of firms. They find that exchange rate movements have a significant and large pass-through to export price in destination currency and a significant effect on export volume. Moreover, an appreciation of domestic currency reduces the probability of firm export and export firms’ product scope in existing destinations. They also find that firms with different characteristics measures respond differently to the changes in exchange rates: firms with high productivity will price more to market, while those with low productivity adjust their export volume. Firms with larger destination market share and in a more concentrated market, however, price less to market. Using firms import intensity and import-weighted exchange rate changes, they also capture the impact of marginal cost changes on firms’ export price as well as volume. Hong Ma is Assistant Professor of Economics at the School of Economics and Management at Tsinghua University in Beijing China. His research interests are in International Economics and the Chinese Economy. Sponsor: Moynihan Institute of Global Affairs, Co-Sponsor Trade, Development, and Political Economy, Co-Sponsor

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