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The impact of exchange rate volatility on U.S. poultry exports

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  • Titus O. Awokuse

    (Department of Food and Resource Economics, University of Delaware, Newark, DE 19717)

  • Yan Yuan

    (Department of Agricultural Economics, Texas A&M University, College Station, TX 77840)

Abstract

Existing empirical evidence on the effect of exchange rate uncertainty on trade is generally conflicting and inconclusive. While some studies found a positive relationship between exchange rate volatility and trade, others argue for the opposite. Furthermore, the vast majority of past studies only focused on aggregate trade flow data. The lack of extensive literature on studies based on disaggregated and commodity-level data may partially explain the ambiguity in past empirical evidence. This paper re-examines the relationship between exchange rate volatility and U.S. poultry exports using a panel data for 49 importing nations over two subperiods: 1976-1985 and 1986-2000. The analysis uses a fixed-effects model specification and three alternative measures of exchange rate volatility. The empirical results suggest that the choice of volatility measure matters as there is a positive relationship between exchange rate uncertainty and poultry exports. These findings are consistent with those from several previous studies. [JEL classification: F310, Q170]. © 2006 Wiley Periodicals, Inc. Agribusiness 22: 233-245, 2006.

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File URL: http://hdl.handle.net/10.1002/agr.20082
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Agribusiness.

Volume (Year): 22 (2006)
Issue (Month): 2 ()
Pages: 233-245

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Handle: RePEc:wly:agribz:v:22:y:2006:i:2:p:233-245

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Web page: http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1520-6297

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  1. Kenen, Peter B & Rodrik, Dani, 1986. "Measuring and Analyzing the Effects of Short-term Volatility in Real Exchange Rates," The Review of Economics and Statistics, MIT Press, vol. 68(2), pages 311-15, May.
  2. Koray, Faik & Lastrapes, William D, 1989. "Real Exchange Rate Volatility and U.S. Bilateral Trade: A VAR Approach," The Review of Economics and Statistics, MIT Press, vol. 71(4), pages 708-12, November.
  3. McKenzie, Michael D, 1999. " The Impact of Exchange Rate Volatility on International Trade Flows," Journal of Economic Surveys, Wiley Blackwell, vol. 13(1), pages 71-106, February.
  4. Chowdhury, Abdur R, 1993. "Does Exchange Rate Volatility Depress Trade Flows? Evidence from Error-Correction Models," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 700-706, November.
  5. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
  6. Bessler, David A & Babula, Ronald A, 1987. "Forecasting Wheat Exports: Do Exchange Rates Matter?," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(3), pages 397-406, July.
  7. Giovannini, Alberto, 1988. "Exchange rates and traded goods prices," Journal of International Economics, Elsevier, vol. 24(1-2), pages 45-68, February.
  8. Murat Doğanlar, 2002. "Estimating the impact of exchange rate volatility on exports: evidence from Asian countries," Applied Economics Letters, Taylor & Francis Journals, vol. 9(13), pages 859-863.
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Cited by:
  1. Shane, Mathew & Roe, Terry L. & Somwaru, Agapi, 2008. "Exchange Rates, Foreign Income, and U.S. Agricultural Exports," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 37(2), October.
  2. Wesley, J.D. & Shen, Xuan & Li, Sheng & Wilson, Norbert L.W., 2012. "Agricultural Trade Bias in Exchange Rate Volatility Effect Estimation: An Application of Meta-Regression Analysis," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124870, Agricultural and Applied Economics Association.
  3. Durmaz, Nazif & Thompson, Henry, 2010. "Textile Producer Cotton Imports and the Exchange Rate," MPRA Paper 21831, University Library of Munich, Germany.

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