Template-Type: ReDIF-Paper 1.0
Author-Name: Valentina Bruno
Author-X-Name-First: Valentina 
Author-X-Name-Last: Bruno
Author-Name: Hyun Song Shin
Author-X-Name-First: Hyun 
Author-X-Name-Last: Song Shin
Title: Dollar and Exports
Abstract: The strength of the U.S. dollar has attributes of a barometer of dollar credit conditions, with a stronger dollar associated with tighter dollar credit conditions. We …nd that following dollar appreciation, exporters that are more reliant on dollar-funded bank credit su¤er a greater decline in credit and slowdown in exports, including those exporting to the United States. Our findings shed light on the role of the U.S. dollar in the interaction between fi…nancial globalization and international trade and show a novel channel of exchange rate transmission that goes in the opposite direction to the competitiveness channel.
Length: 61 pages
Creation-Date: 2019-10
File-URL: https://www.bis.org/publ/work819.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/work819.htm
File-Format: text/html
Number: 819
Classification-JEL: F40, F65
Keywords: global factors, risk taking channel, non-core bank funding, working capital, global value chains
Handle: RePEc:bis:biswps:819