美元汇率作为信贷供给因素-企业出口的证据
Dollar exchange rate as a credit supply factor - evidence from firm-level exports


Author
Listed:

• Valentina Bruno
• Hyun Song Shin
  

AbstractThe dollar exchange rate affects real outcomes not only through competitiveness, but also through fluctuations in credit supply. Using detailed export data at the firm-level, we find that the dollar exchange rate affects exports and, conditional on the firms' and banks' financing structure, operates in the opposite direction to the competitiveness channel. Other things equal, firms that are more reliant on banks with higher dollar funding suffer a larger negative effect on exports following an appreciation of the dollar. The effect is particularly pronounced for firms with long production chains. We identify a financial channel of the dollar exchange rate operating through bank credit supply to the exporting firm.



摘要：
美元汇率不仅影响竞争力，还影响信贷供应的波动，从而影响实际结果。通过使用企业一级的详细出口数据，我们发现美元汇率会影响出口，并且以企业和银行的融资结构为条件，其运行方向与竞争力渠道相反。在其他条件相同的情况下，在美元升值后，更依赖于美元资金较高的银行的公司对出口的负面影响更大。对于生产链较长的企业，这种影响尤为明显。我们通过银行向出口公司的信贷供应来确定美元汇率的财务渠道。

美元汇率作为信贷供给因素-企业出口的证据.pdf
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