1 论文标题
Dollar exchange rate as a credit supply factor-evidence from firm-level exports
2 作者信息
Valentina Bruno, Hyun Song Shin（国际清算银行经济顾问兼研究主管玄松信）
3 出处和链接（比如，NBER working paper No.11000）
BIS （国际清算银行）Working Papers
No 819
4 摘要
The dollar exchange rate effects real outcomes not only through competitiveness, but also through áuctuations in credit supply. Using detailed export data at the Örm-level, we find that the dollar exchange rate a§ects exports and, conditional on the firm's and bank's 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 e§ect 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.