The impact of exchange rate movements on multi-product firms' export performance: Evidence from China |
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| Institution: | 1. School of Public Policy & Management, Institute for Contemporary China Studies, Tsinghua University, Beijing 100084, China;2. Institute of International Economics & Collaborative Innovation Center for China Economy, Nankai University, Tianjin 300071, China;3. School of Economics, Nankai University, Tianjin 300071, China;1. School of Finance, Shanghai University of Finance and Economics, Shanghai, 200433, China;2. Shanghai Key Laboratory of Financial Information Technology, Shanghai University of Finance and Economics, Shanghai, 200433, China;3. Department of Economics, University of California, Davis, CA 95616, USA;4. NBER, USA;5. School of Economics, Fudan University, Shanghai 200433, China;1. Department of Economics, Lingnan University, Hong Kong;2. China Center for Economic Research (CCER), National School of Development, Peking University, Beijing 100871, China |
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| Abstract: | This paper investigates the effects of RMB exchange rate movements on Chinese multi-product firms' export behavior using China's firm-level micro data and highly disaggregated customs data over 2000–2007. We find that real appreciation of RMB exerts negative effects on Chinese multi-product firms' export prices and export quantities, and the effects are significantly different across firms with different productivity as well as the product ladder within multi-product firms. In addition, we document that real appreciation of RMB narrows multi-product firms' export scope and induces firms to skew their export sales towards the best performing products. Finally, the paper explores the effects of RMB exchange rate movements on firms' export duration, and shows that real appreciation of RMB lengthens the export duration of core products but shortens the export duration of non-core products. |
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