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An Analysis of Hong Kong Export Performance

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  • Cheung, Yin-Wong

Abstract

The article examines the Hong Kong export performance. A standard export demand formulation is used as the benchmark. Then, we investigate the effects of real exchange rate volatility, “third†country competition, domestic wages, and costs of imports from China on export volume. The study models the Hong Kong domestic exports and re-exports separately, compares the performance of exports to the rest of the world, US and Japan, and uses destination-and-export-type specific unit value indexes to construct real exchange rates. It is found that Hong Kong export performance varies across export types and across destinations. In general, Hong Kong exports display mean-reverting dynamics, are positively influenced by foreign income, and are adversely affected by high value of its currency. The lagged export variable, foreign income, and real exchange rate provide most of the explanatory power. The other variables contribute only marginally in explaining the variability of Hong Kong exports.

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Bibliographic Info

Paper provided by Department of Economics, UC Santa Cruz in its series Santa Cruz Department of Economics, Working Paper Series with number qt5r02w66n.

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Date of creation: 01 Jun 2003
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Handle: RePEc:cdl:ucscec:qt5r02w66n

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Keywords: Hong Kong Export Performance;

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References

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  1. Yin-wong Cheung, 2003. "An Analysis of Hong Kong Export Performance," Working Papers 092003, Hong Kong Institute for Monetary Research.
  2. Agathe Cote, . "Exchange Rate Volatility and Trade: A Survey," Working Papers 94-5, Bank of Canada.
  3. Cheung, Yin-Wong & Lai, Kon S, 1995. "Lag Order and Critical Values of the Augmented Dickey-Fuller Test," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(3), pages 277-80, July.
  4. Goldstein, Morris & Khan, Mohsin S., 1985. "Income and price effects in foreign trade," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 20, pages 1041-1105 Elsevier.
  5. Hooper, Peter & Kohlhagen, Steven W., 1978. "The effect of exchange rate uncertainty on the prices and volume of international trade," Journal of International Economics, Elsevier, vol. 8(4), pages 483-511, November.
  6. Cheung, Yin-Wong & Lai, Kon S, 1993. "Finite-Sample Sizes of Johansen's Likelihood Ration Tests for Conintegration," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 55(3), pages 313-28, August.
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Cited by:
  1. Cheung, Yin-Wong, 2003. "An Analysis of Hong Kong Export Performance," Santa Cruz Department of Economics, Working Paper Series qt5r02w66n, Department of Economics, UC Santa Cruz.
  2. Cheung, Yin-Wong & Chinn, Menzie D. & Qian, Xing Wang, 2012. "Are Chinese Trade Flows Different?," BOFIT Discussion Papers 14/2012, Bank of Finland, Institute for Economies in Transition.
  3. Cheung, Yin-Wong & Sengupta, Rajeswari, 2012. "Impact of exchange rate movements on exports: an analysis of Indian non-financial sector firms," MPRA Paper 43118, University Library of Munich, Germany.
  4. Yin-Wong Cheung & Menzie D. Chinn & Eiji Fujii, 2010. "China's Current Account and Exchange Rate," NBER Chapters, in: China's Growing Role in World Trade, pages 231-271 National Bureau of Economic Research, Inc.
  5. Menzie D. Chinn, 2005. "A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation," NBER Working Papers 11521, National Bureau of Economic Research, Inc.
  6. Cheung, Yin-Wong & Sengupta, Rajeswari, 2013. "Impact of exchange rate movements on exports: An analysis of Indian non-financial sector firms," Journal of International Money and Finance, Elsevier, vol. 39(C), pages 231-245.

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