Bought, sold and bought again : the impact of complex value chains on export elasticities / François de Soyres, Erik Frohm, Vanessa Gunnella, Elena Pavlova
Mitwirkende(r): Resource type: Ressourcentyp: Buch (Online)Buch (Online)Sprache: Englisch Reihen: World Bank E-Library Archive | Policy research working paper ; 8535Verlag: Washington, D.C. : World Bank Group, Middle East and North Africa Region, Office of the Chief Economist, July 2018Beschreibung: 1 Online-Ressource (circa 45 Seiten) : IllustrationenSchlagwörter: Genre/Form: Andere physische Formen: Erscheint auch als: Bought, Sold, and Bought Again: The Impact of Complex Value Chains on Export Elasticities. Druck-Ausgabe Washington, D.C : The World Bank, 2018DOI: DOI: 10.1596/1813-9450-8535Online-Ressourcen: Zusammenfassung: Global value chain participation affects the exchange rate pass-through to export prices and export volumes. The paper develops a partial equilibrium model of international trade with cross-border production and shows that higher participation in global value chains reduces the elasticities. Specifically, a higher share of foreign value added in exports reduces the exchange rate pass-through to export prices and export volumes. A greater share of exports that return as imports also reduces the responsiveness of export volumes to changes in bilateral exchange rates. Finally, exports of inputs that are further re-exported increase the responsiveness to the trading partner's effective exchange rate. Using a novel sector-level panel dataset with 40 countries, the analysis tests and finds strong empirical support for the theoretical predictions. The paper further shows that some sectors in some countries can even experience a decline in gross exports when their currency depreciatesPPN: PPN: 1031666176Package identifier: Produktsigel: ZDB-1-WBA | ZDB-110-WBODieser Titel hat keine Exemplare
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