The effects of exchange rate variability on international trade: A meta-regression analysis

Applied Economics

Volumn 42, Issue 20, 2010, Pages 2631-2644

  Ćorić, Bruno ^a   Pugh, Geoff ^b  

^a UNIVERSITY OF SPLIT   (Croatia)

^b STAFFORDSHIRE UNIVERSITY   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EMPIRICAL ANALYSIS; ESTIMATION METHOD; EXCHANGE RATE; FINANCIAL MARKET; INTERNATIONAL TRADE; REGRESSION ANALYSIS;

EID: 77954950733     PISSN: 00036846     EISSN: 14664283     Source Type: Journal    
DOI: 10.1080/00036840801964500     Document Type: Article

References (84)

1. Abbott, A., Darnell, A. and Evans, L. (2001) The influence of exchange rate variability on UK exports, Applied Economic Letters, 8, 47-49.
2. Abrams, R. (1980) International trade flows under flexible exchange rates, Federal Reserve Bank of Kansas City Economic Review, 65, 3-10.
3. Akhtar, M. A. and Hilton, R. S. (1984) Exchange rate uncertainty and international trade: some conceptual issue and new estimates for Germany and the United States, Federal Reserve Bank of New York Research Papers No. 8403.
4. Anderson, M. and Garcia, P. (1989) Exchange rate uncertainty and the demand for US soybeans, American Journal of Agricultural Economics, 71, 721-29.
5. Aristotelous, K. (2001) Exchange-rate volatility, exchange-rate regime and trade volume: evidence from the UK-US export function (1889-1999, Economics Letters, 72, 87-94.
6. Arize, A. C. (1995) The effect of exchange rate volatility on US exports, Southern Economic Journal, 62, 34-43.
7. Arize, A. C. (1996a) Real exchange rate volatility and trade flows: the experience of eight european economies, International Review of Economics and Finance, 5, 187-205.
8. Arize, A. C. (1996b) The impact of exchange rate uncertainty on export growth: evidence from Korean data, International Economic Journal, 10, 49-60.
9. Arize, A. C. (1997a) Conditional exchange rate volatility and trade flows: the experience of eight European economies, Southern Economic Journal, 64, 235-253.
10. Arize, A. C. (1997b) Foreign trade and exchange rate risk in G-7 countries, Review of Financial Economics, 6, 95-112.
11. Arize, A. C. (1998) The effects of exchange rate volatility on U.S. imports: an empirical investigation, International Economic Journal, 12, 31-40.
12. Arize, A. C., Osang, T. and Slottje, D. J. (2000) Exchange rate volatility and foreign trade: evidence from thirteen LDC's, Journal of Business and Economic Statistics, 18, 10-17.
13. Arize, A. C. and Shwiff, S. S. (1998) Does exchange-rate volatility affect import flows in G-7 countries? Evidence from cointegration models, Applied Economics, 30, 1269-76.
14. Assery, A. and Peel, D. A. (1991) The effect of exchange rate volatility on exports: some new estimates, Economic Letters, 37, 173-7.
15. Bahmani-Oskooee, M. and Payesteh, S. (1993) Does exchange rate volatility deter trade volume of LDC's?, Journal of Economic Development, 18, 189-205.
16. Bailey, M. J., Tavlas, G. S. and Ulan, M. (1986) Exchange rate variability and trade performance: evidence for the big seven industrial countries, Weltwirtschaftliches Archiv, 122, 467-77.
17. Bailey, M. J., Tavlas, G. S. and Ulan, M. (1987) The impact of exchange rate volatility on export growth: some theoretical considerations and empirical results, Journal of Policy Modelling, 9, 225-43.
18. Baum, C., Schaffer, M. and Stillman, S., (2003) Instrumental variables and GMM: estimation and testing, Boston College Department of Economics, Working Paper No. 545.
19. Bini-Smaghi, L. (1991) Exchange rate variability and trade: why is it so difficult to find any empirical relationship?, Applied Economics, 23, 927-35.
20. Bodnar, G. (1997) Exchange rate exposure and market value, in Financial Times, Mastering Finance Series, Vol. 4, p. 2. Reprinted in Mastering Finance, 1998. FT Pitman, London.
21. Brodsky, D. (1984) Fixed versus flexible exchange rates and the measurement of exchange rate instability, Journal of International Economics, 16, 295-306.
22. Caporale, T. and Doroodian, K. (1994) Exchange rate variability and the flow of international trade, Economic Letters, 46, 49-54.
23. Card, D. and Krueger, A. B. (1995) Time series minimum wage studies: a meta-analysis, American Economic Review, 85, 238-43.
24. Chan, P. and Wong, J. (1985) The effect of exchange rate variability on Hong Kong's exports, Hong Kong Economic Papers, 10, 27-39.
25. Chou, W. L. (2000) Exchange rate variability and China's exports, Journal of Comparative Economics, 28, 61-79.
26. Chowdbury, A. R. (1993) Does exchange rate volatility depress trade flows?, The Review of Economics and Statistics, 75, 45-63.
27. Clark, P., Tamirisa, N., Wei, S.-J., Sadikov, A. and Zeng, L. (2004) Exchange rate volatility and trade flows: some new evidence, International Monetary Fund, Occasional Paper 235 (May).
28. Cooper, R. (2000) Towards a common currency, International Finance, 3, 287-308.
29. Cushman, D. O. (1983) The effect of real exchange rate risk on international trade, European Economic Review, 15, 45-63.
30. Cushman, D. O. (1986) Has exchange risk depressed international trade? The impact of third country exchange risk, Journal of International Money and Finance, 5, 361-379.
31. Cushman, D. O. (1988) US bilateral trade flows and exchange rate risk during the floating period, Journal of International Economics, 24, 317-330.
32. Daly, K. (1996) The effect of exchange rate volatility on the volume of Japan's bilateral trade, The Singapore Economic Review, 41, 23-39.
33. De Grauwe, P. (1988) Exchange rate variability and slowdown in growth of international trade, IMF Staff Papers, 35, 63-84.
34. De Grauwe, P. and Bellfroid, B. (1987) Long-run exchange rate variability and international trade, in Real-financial Linkages among Open Economies (Eds) S. Arndt and J. D. Richardson, The MIT Press, London, pp. 193-212.
35. Deaton, A. (1997) The Analysis of Household Surveys, The John Hopkins University Press, Baltimore Maryland.
36. Dell'ariccia, G. (1999) Exchange rate fluctuations and trade flows: evidence from the european union, International Monetary Fund Staff Papers, 46, 315-34.
37. Dellas, H. and Zilberfarb, B. (1993) Real exchange rate volatility and international trade: a reexamination of the theory, Southern Economic Journal, 59, 641-7.
38. Dhanani, A. and Groves, R. (2001) The management of strategic exchange risk: evidence from corporate practices, Accounting and Business Research, 31, 275-90.
39. Doyle, E. (2001) Exchange rate volatility and Irish-UK trade, 1979-1992, Applied Economics, 33, 249-65.
40. Fountas, S. and Aristotelous, K. (2003) Does the exchange rate regime affect export volume? Evidence from bilateral exports in US-UK trade: 1900-98, The Manchester School, 71, 51-64.
41. Gagnon, J. (1993) Exchange rate variability and the level of international trade, Journal of International Economics, 34,269-87.
42. Giorgioni, G. and Thompson, J. L. (2002) Which volatility? The case of the exports of wheat, Applied Economics Letters, 9, 681-4.
43. Gorg, H. and Strobl, E. (2001) Multinational companies and productivity spillovers: a meta-analysis, Economic Journal, 111, 723-39.
44. Gotur, P. (1985) The effect of exchange rate volatility on trade: some further evidence, IMF Staff Papers, 32, 475-521.
45. Grobar, L. (1993) The effect of real exchange rate uncertainty on LDC manufactured exports, Journal of Development Economics, 41, 367-376.
46. Gros, D., (1987) Exchange rate variability and the foreign trade in the presence of adjustment costs, CESP Working Papers 8704 (Univesite Catholique de Louvain).
47. Hassan, M. K. and Tufte, D. R. (1998) Exchange rate volatility and aggregate export growth in Bangladesh, Applied Economics, 30, 189-201.
48. Holly, S. (1995) Exchange rate uncertainty and export performance: supply and demand effect, Scottish Journal of Political Economy, 42, 381-91.
49. Hooper, P. and Kohlhagen, S. W. (1978) The effect of exchange rate uncertainty on the price and volume of international trade, Journal of International Economics, 8,483-511.
50. IMF: International Monetary Fund, Research Department (1984) Exchange rate volatility and world trade, International Monetary Fund, Occasional Papers 28.
51. Jarrell, S. B. and Stanley, T. D. (1990) A meta-analysis of the union-nonunion wage gap, Industrial and Labor Relations Review, 44, 54-67.
52. Kenen, P. B. and Rodrik, D. (1986) Measuring and analyzing the effect of the short-term volatility in the exchange rates, Review of Economics and Statistics, 68, 311-5.
53. Kiheung, K. and WooRhee, L. (1996) The impact of Korea's exchange rate volatility on korean trade, Asian Economic Journal, 10, 45-60.
54. Klein, M. W. (1990) Sectoral effects of exchange rate volatility on United States exports, Journal of International Money and Finance, 9, 299-308.
55. Kroner, K. and Lastrapes, W. (1993) The impact of exchange rate volatility on international trade, Journal of International Money and Finance, 12, 293-318.
56. Kumar, R. and Dhawan, R. (1991) Exchange rate volatility and Pakistan's exports to the developed world, 1974-85, World Development, 19, 1225-40.
57. Leamer, E. (1985) Sensitivity analyses would help, American Economic Review, 75, 308-13.
58. Leamer, E. and Leonard, H. (1983) Reporting the fragility of regression estimates, Review of Economics and Statistics, 65, 306-317.
59. Lee, J. (1999) The effect of exchange rate volatility on trade in durables, Review of International Economics, 7, 189-201.
60. McKenzie, M. D. (1998) The impact of exchange rate volatility on australian trade flows, Journal of International Financial Markets, Institutions and Money, 8, 21-38.
61. McKenzie, M. D. (1999) The impact of exchange rate volatility on international trade flows, Journal of Economic Surveys, 13, 71-106.
62. McKenzie, M. D. and Brooks, R. D. (1997) The impact of exchange rate volatility on German - US trade flows, Journal of International Financial Markets, Institutions and Money, 7, 73-87.
63. Medhora, R. (1990) The effect of exchange rate variability on trade: the case of West African monetary union's imports, World Development, 18, 313-24.
64. Peree, E. and Steinherr, A. (1989) Exchange rate uncertainty and foreign trade, European Economic Review, 33,1241-64.
65. Pozo, S. (1992) Conditional exchange rate volatility and the volume of international trade: evidence from the early 1990's, Review of Economics and Statistics, 74, 325-29.
66. Pradhan, K. H. (1988) Exchange rate variability of the rupee and India's exports, Margin, 20, 28-47.
67. Pugh, G. and Tyrrall, D. (2002) Will the single currency promote intra-European trade?, European Business Journal, 14, 150-157.
68. Pugh, G., Tyrrall, D. and Tarnawa, L. (1999) Exchange rate variability, international trade and the single currency debate: a survey, in Economic Policy in the European Union (Ed.) W. Meeusen, Edward Elgar, Cheltenham, pp. 9-25.
69. Qian, Y. and Varangis, P. (1994) Does exchange rate volatility hinder export growth, Empirical Economics, 19,371-96.
70. Rose, A. (2000) One money, one market: estimating the effect of common currencies on trade, Economic Policy, 30, 9-45.
71. Rose, A. K. and Stanley, T. D. (2005) A meta-analysis of the effect of common currencies on international trade, Journal of Economic Surveys, 19, 347-66.
72. Sauer, C. and Bohara, A. K. (2001) Exchange rate volatility and exports: regional differences between developing and industrialized countries, Review of International Economics, 9, 133-52.
73. Savvides, A. (1992) Unanticipated exchange rate variability and the growth of international trade, Weltwirtschaftliches Archiv, 128, 446-63.
74. Sekkat, K. (2001) On the aggregate impact of exchange rate variability on EU trade, German Economic Review, 2, 57-78.
75. Smit, B. W. (1991) The variability of the rand and South African exports, Journal for Studies in Economics and Econometrics, 15, 19-29.
76. Solakoglu, M. (2005) Exchange rate volatility and real exports: a sensitivity analysis, Journal of Economic and Social Research, 7, 1-30.
77. Stanley, T. D. (1998) New wine in old bottles: a meta analysis of ricardian equivalence, Southern Economic Journal, 64, 713-27.
78. Stanley, T. D. (2001) Wheat from chaff: meta - analysis as quantitative literature review, Journal of Economic Perspectives, 15, 131-50.
79. Stanley, T. D. (2005) Beyond publication bias, Journal of Economic Surveys, 19, 309-45.
80. Stanley, T. D. and Jarrell, S. B. (1989) Meta - regression analysis: a quantitative method of literature surveys, Journal of Economic Surveys, 3, 161-71.
81. StataCorp (2003) STATA User's Guide, Stata Corporation, College Station, Texas.
82. Stokman, A. (1995) Effect of exchange rate risk on intra-EC trade, De Economist, 143, 41-54.
83. Taylor, M. (1995) Exchange rate modelling and macro fundamentals, British Review of Economic Issues, 17, 1-42.
84. Thursby, J. G. and Thursby, M. C. (1987) Bilateral trade flows, the linder hypothesis, and exchange risk, Review of Economics and Statistics, 69, 488-95.