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Depreciations without Exports?: Global Value Chains and the Exchange Rate Elasticity of Exports

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dc.contributor.authorAhmed, Swarnali
dc.contributor.authorAppendino, Maximiliano
dc.contributor.authorRuta, Michele
dc.date.accessioned2015-08-17T18:27:03Z
dc.date.available2015-08-17T18:27:03Z
dc.date.issued2015-08
dc.description.abstractThis paper analyzes how the exchange rate elasticity of exports has changed over time and across countries and sectors, and how the formation of global value chains has affected this relationship. The analysis uses a panel framework covering 46 countries over the period 1996-2012, and first finds evidence that the elasticity of manufacturing export volumes to the real effective exchange rate has decreased over time. The paper then examines whether the formation of supply chains has affected this elasticity using different measures of global value chain integration. Intuitively, as countries are more integrated in global production processes, a currency depreciation only improves the competitiveness of a fraction of the value of final goods exports. In line with this intuition, the analysis finds evidence that the rise of participation in global value chains explains on average 40 percent of the fall in the elasticity, and that corrections of the real effective exchange rate for participation in global value chains do not present the same decreasing pattern in elasticity.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/08/24895630/depreciations-without-exports-global-value-chains-exchange-rate-elasticity-exports
dc.identifier.doi10.1596/1813-9450-7390
dc.identifier.urihttps://hdl.handle.net/10986/22440
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7390
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectGROWTH RATES
dc.subjectECONOMIC GROWTH
dc.subjectPRODUCTION
dc.subjectNOMINAL EXCHANGE RATES
dc.subjectFIXED EFFECT
dc.subjectCOUNTRY FIXED EFFECTS
dc.subjectDEPRECIATION
dc.subjectCONSUMER PRICE INDICES
dc.subjectREAL EXCHANGE RATES
dc.subjectIMPORT
dc.subjectTRADE BARRIERS
dc.subjectEXCHANGE
dc.subjectREAL GDP
dc.subjectCHANGES IN TRADE
dc.subjectGDP PER CAPITA
dc.subjectEXPORTS
dc.subjectELASTICITY OF EXPORTS
dc.subjectELASTICITY
dc.subjectTRADE FLOWS
dc.subjectRECESSION
dc.subjectEXPORTERS
dc.subjectPRICE INDICES
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectVARIABLES
dc.subjectSLOWDOWN
dc.subjectINPUTS
dc.subjectDUMPING
dc.subjectREAL EXCHANGE RATE
dc.subjectECONOMIC OUTLOOK
dc.subjectFINAL GOODS
dc.subjectIMPORT CONTENT
dc.subjectREAL EFFECTIVE EXCHANGE RATE
dc.subjectEFFECTIVE EXCHANGE RATE
dc.subjectGROSS EXPORTS
dc.subjectINFLUENCE
dc.subjectREAL DEPRECIATION
dc.subjectABSOLUTE VALUE
dc.subjectCURRENCY
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectEXPORT GROWTH
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectREAL GDP
dc.subjectTRADE INTEGRATION
dc.subjectVALUE‐ADDED
dc.subjectINCOME GROWTH
dc.subjectREAL EFFECTIVE EXCHANGE RATES
dc.subjectEXCHANGE RATES
dc.subjectCOUNTRY FIXED EFFECT
dc.subjectMACROECONOMIC MODELS
dc.subjectFOREIGN FIRMS
dc.subjectCURRENCY DEPRECIATIONS
dc.subjectIMPORT PROTECTION
dc.subjectREAL EXCHANGE RATE CHANGE
dc.subjectWTO
dc.subjectDEPRECIATIONS
dc.subjectBUSINESS CYCLE
dc.subjectACCESS
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectTRADE POLICY
dc.subjectRATE MOVEMENTS
dc.subjectTRADE POLICIES
dc.subjectECONOMIC RESEARCH
dc.subjectREAL EXCHANGE RATE CHANGE
dc.subjectVALUE ADDED
dc.subjectKNOWLEDGE SPILLOVERS
dc.subjectEXTERNAL DEMAND
dc.subjectTOTAL EXPORTS
dc.subjectDEFLATORS
dc.subjectINTERNATIONAL TRADE
dc.subjectTRADE RESTRICTIVENESS
dc.subjectFINANCIAL CRISIS
dc.subjectVALUE
dc.subjectDEPENDENT VARIABLE
dc.subjectCOMPETITIVENESS
dc.subjectTRADE GROWTH
dc.subjectCREDIT
dc.subjectFORMAL ANALYSIS
dc.subjectMACROECONOMICS
dc.subjectDEMAND
dc.subjectEXPORT SHARES
dc.subjectINTERMEDIATE GOODS
dc.subjectREAL EXCHANGE RATE CHANGE
dc.subjectECONOMY
dc.subjectCONSUMERS
dc.subjectREAL EXCHANGE RATE
dc.subjectLOCAL CURRENCY
dc.subjectREAL EXPORTS
dc.subjectFIXED EFFECTS
dc.subjectBUSINESS CYCLES
dc.subjectTRADE DATA
dc.subjectTRADE
dc.subjectCURRENCY DEPRECIATION
dc.subjectUSE VALUE
dc.subjectGDP
dc.subjectGOODS
dc.subjectTHEORY
dc.subjectGLOBAL TRADE
dc.subjectREAL DEPRECIATIONS
dc.subjectREAL EXPORT GROWTH
dc.subjectEFFECTIVE EXCHANGE RATES
dc.subjectSUPPLY
dc.subjectTRADE RELATIONS
dc.subjectGLOBAL DEMAND
dc.subjectEXPORT VOLUMES
dc.subjectPRICE COMPETITIVENESS
dc.subjectWORLD TRADE
dc.subjectVALUE ADDED
dc.subjectREVALUATION
dc.subjectECONOMIC HISTORY
dc.subjectCYCLICAL FACTORS
dc.subjectEXCHANGE RATE
dc.subjectREAL EFFECTIVE EXCHANGE RATE
dc.subjectBUSINESS CYCLE SYNCHRONIZATION
dc.subjectINTERMEDIATE INPUTS
dc.subjectTRADING PARTNERS
dc.subjectMEASURES OF INTEGRATION
dc.subjectREAL EXPORT
dc.subjectMACROECONOMIC ADJUSTMENT
dc.subjectREAL EXCHANGE RATE CHANGES
dc.subjectECONOMIES
dc.subjectDEVELOPMENT POLICY
dc.subjectTOTAL EXPORT
dc.subjectFUTURE RESEARCH
dc.titleDepreciations without Exports?en
dc.title.subtitleGlobal Value Chains and the Exchange Rate Elasticity of Exportsen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleDepreciations without Exports? Global Value Chains and the Exchange Rate Elasticity of Exports
okr.date.disclosure2015-08-11
okr.date.doiregistration2025-04-10T10:23:56.801279Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2015/08/24895630/depreciations-without-exports-global-value-chains-exchange-rate-elasticity-exports
okr.globalpracticeTrade and Competitiveness
okr.guid689841468189545684
okr.identifier.doi10.1596/1813-9450-7390
okr.identifier.externaldocumentum090224b08306790b_1_0
okr.identifier.internaldocumentum24895630
okr.identifier.reportWPS7390
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/08/11/090224b08306790b/1_0/Rendered/PDF/Depreciations00lasticity0of0exports.pdfen
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicInternational Economics and Trade::Free Trade
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicInternational Economics and Trade::Export Competitiveness
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.unitTrade and Competitiveness Global Practice Group
relation.isAuthorOfPublicationf938bd19-ef80-50c5-9b58-e8429fce3b91
relation.isAuthorOfPublication.latestForDiscoveryf938bd19-ef80-50c5-9b58-e8429fce3b91
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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