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Exchange Rate Changes and the Distribution of Industry Value

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Author Info
Timothy A Luehrman (Harvard Business School)
Abstract

This article investigates the simple, widely-held hypothesis that an exogenous real home currency depreciation enhances the competitiveness of home country manufacturers vis á vis foreign rivals. The study associates changes in competitiveness with redistributions of value within an industry. Daily and weekly data on redistributions of value are obtained from world financial markets. The study estimates the relationship between changes in exchange rates and redistributions of value within the world automobile and steel industries during the period 1978-87. The data generally do not support the notion that firms benefit competitively from a depreciation of the home currency. On the contrary, for large fractions of both industries, a depreciation of the home currency is associated with a significant decline in their share of industry value.© 1991 JIBS. Journal of International Business Studies (1991) 22, 619–649

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Article provided by Palgrave Macmillan Journals in its journal Journal of International Business Studies.

Volume (Year): 22 (1991)
Issue (Month): 4 (December)
Pages: 619-649
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Handle: RePEc:pal:jintbs:v:22:y:1991:i:4:p:619-649

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  1. Jose Campa & Linda S. Goldberg, 1993. "Investment in Manufacturing, Exchange-Rates and External Exposure," NBER Working Papers 4378, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Bahar Erdal, 2001. "Investment Decisions under Real Exchange Rate Uncertainty," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 1(1), pages 25-47. [Downloadable!]
  3. Bartram, Sohnke & Bodnar, Gordon, 2005. "The Exchange Rate Exposure Puzzle," MPRA Paper 6482, University Library of Munich, Germany. [Downloadable!]
  4. Ahmed A. El-Masry, 2004. "The Exchange Rate Exposure of UK Nonfinancial Companies: Industry-Level Analysis," International Finance 0401001, EconWPA. [Downloadable!]
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