Investigating China's Disaggregated Processed Exports: Evidence that Both the <scp>RMB</scp> and Exchange Rates in Supply Chain Countries Matter

Thorbecke, Willem

doi:10.1111/twec.12096

Cited by 6 publications

(2 citation statements)

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“…For China, it took a long time to peg its currency to US dollar through government interventions, which makes competitive commodity prices. See McKinnon and Schnabl (), Thorbecke () for a detailed discussion. The exchange rate markets in China were strictly regulated until the US–China Strategic Economic Dialogue (SED) was introduced in September, 2006.…”

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confidence: 99%

A Dynamic Analysis of Exchange Rate Exposure: The impact of China's Renminbi

2015

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This study examines the impacts of unexpected exchange rate movements of Chinese renminbi (CNY/USD) on stock returns of Standard & Poor's 500 corporations. To gain better insight into the long‐standing exposure puzzle concerning the divergence between theoretical and empirical investigation and the critical issue regarding the determinants of exposure, the time variation and asymmetry property associated with foreign exchange exposure are further taking into account. We also broaden the scope of analysis to investigate unexpected risk exposure at 10 economic sectors in compliance with Global Industry Classification Standard. Unlike those from the static analysis or dynamic ones with the ordinary least squares model, the empirical findings provide additional concrete evidence that unexpected exchange rate exposure varies substantially across time and market circumstances when using the quantile regression with a rolling method. Furthermore, our dynamic analysis not only supports the existence of industrial effects across different economic sectors, but also provides strong evidence that financial factors, such as size, debt ratio and book to market ratio, have a significant impact on exposure.

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Section: Introductionmentioning

confidence: 99%

A Dynamic Analysis of Exchange Rate Exposure: The impact of China's Renminbi

2015

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“…Several recent analyses of the exchange rate responses of the Asian manufacturing trade draw attention to the need to recognize the importance and role of imports of parts and components. See, for example:Greenaway and others, 201;Jongwanish, 2010;Thorbecke, 2012;and Thorbecke and Smith, 2010. …”

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International Production Sharing and Exchange Rates of Asian Countries

Anukoonwattaka¹

2016

ESCAP Studies in Trade and Investment

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The opinions, figures and estimates set forth in this publication are the responsibility of the authors, and should not necessarily be considered as reflecting the views or carrying the endorsement of the United Nations. The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of frontiers or boundaries. Mention of firm names and commercial products does not imply the endorsement of the United Nations. All material in this publication may be freely quoted or reprinted, but acknowledgment is required, together with a copy of the publication containing the quotation or reprint. The use of the publication for any commercial purposes, including resale, is prohibited, unless permission is first obtained from Secretary of the Publications Board, United Nations, New York. Requests for permission should state the purpose and the extent of reproduction. This publication has been issued without formal editing. v Preface and acknowledgments The expansion of international production networks (IPNs), alternatively referred to as "global value chains", raises important new analytical and policy challenges. This study demonstrates how the growing importance of international product fragmentation and intermediate goods in international trade has altered the links between exchange rates and international trade flows. This publication is not intended to provide comprehensive coverage of the topic. viii List of Tables 1. Shares of the Asia-Pacific region in global exports of customized intermediate and final products by subregion and selected economies, 2. Partners in Asia-Pacific intermediate goods trading 3. Sources of IPN-associated intermediate imports by selected industries in China, 2011 4. Fixed-effects estimations of exchange-rate effects on intermediate imports by China from selected Asian countries, 1992-2011 5. Fixed-effects estimations of exchange-rate effects on intermediate imports by China from selected Asian countries, 1992-2011: electronics 6. Fixed-effects estimations of exchange rate effects on intermediate imports by China from selected Asian countries, 1992-2011: apparel and footwear 7. Fixed-effects estimations of exchange-rate effects on intermediate imports by China from selected Asian countries, 1992-2011: automotive 8. Intensive-margin effects 9. Intensive-margin effects by country: electronics 7 The difference between intermediate and capital goods lies in the latter entering as a fixed asset in the production process. Like any primary factor (such as labour, land or natural resources), capital is used but not used up in the production process. On the contrary, an intermediate good is used, often transformed, and incorporated in the final output (Miroudot and others, 2009). 8 The traditional classification into raw materials, intermediate and machinery, ...

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Mercantilism and China's hunger for international reserves

Schröder

2017

China Economic Review

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Investigating China's Disaggregated Processed Exports: Evidence that Both the RMB and Exchange Rates in Supply Chain Countries Matter

Cited by 6 publications

References 24 publications

A Dynamic Analysis of Exchange Rate Exposure: The impact of China's Renminbi

A Dynamic Analysis of Exchange Rate Exposure: The impact of China's Renminbi

International Production Sharing and Exchange Rates of Asian Countries

Mercantilism and China's hunger for international reserves

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