全球智库信息集成服务系统(G2TT): The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w17593
来源ID	Working Paper 17593
	The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data
	Barry Eichengreen; Hui Tong
发表日期	2011-11-17
出版年	2011
语种	英语
摘要	We examine the impact of renminbi revaluation on firm valuations, considering two surprise announcements of changes in China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive effect on firms exporting to China but little positive or even a negative impact on those providing inputs for China's processing exports. Stock prices rise for firms competing with China in their home market while falling for firms importing Chinese products with large imported-input content. Renminbi appreciation also reduces the valuation of financially-constrained firms, particularly in more financially integrated countries.
主题	International Economics ; International Finance
URL	https://www.nber.org/papers/w17593
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/575271
推荐引用方式 GB/T 7714	Barry Eichengreen,Hui Tong. The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data. 2011.