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Exchange Rate Risk And Export Revenue In Taiwan

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  • Wen Shwo Fang
  • Henry Thompson

Abstract

The effect of exchange rate risk on export revenue in Taiwan between 1979 and 2001 is investigated in a bivariate GARCH-M model that simultaneously estimates time-varying risk. Depreciation is found to stimulate export revenue in domestic currency, but the quantitative impact is small and any associated increase in exchange risk has a negative impact. Implications for economic policy are discussed. Copyright 2004 Blackwell Publishing Ltd

Suggested Citation

  • Wen Shwo Fang & Henry Thompson, 2004. "Exchange Rate Risk And Export Revenue In Taiwan," Pacific Economic Review, Wiley Blackwell, vol. 9(2), pages 117-129, June.
  • Handle: RePEc:bla:pacecr:v:9:y:2004:i:2:p:117-129
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    References listed on IDEAS

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    1. James J. Heckman & Lance J. Lochner & Petra E. Todd, 2003. "Fifty Years of Mincer Earnings Regressions," NBER Working Papers 9732, National Bureau of Economic Research, Inc.
    2. Pedro Carneiro & James J. Heckman, 2002. "The Evidence on Credit Constraints in Post--secondary Schooling," Economic Journal, Royal Economic Society, vol. 112(482), pages 705-734, October.
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    4. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, vol. 45(1), pages 1-22, January.
    5. James Heckman, 1997. "Instrumental Variables: A Study of Implicit Behavioral Assumptions Used in Making Program Evaluations," Journal of Human Resources, University of Wisconsin Press, pages 441-462.
    6. Keisuke Hirano & Guido W. Imbens & Geert Ridder, 2003. "Efficient Estimation of Average Treatment Effects Using the Estimated Propensity Score," Econometrica, Econometric Society, pages 1161-1189.
    7. Bjorklund, Anders & Moffitt, Robert, 1987. "The Estimation of Wage Gains and Welfare Gains in Self-selection," The Review of Economics and Statistics, MIT Press, pages 42-49.
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    Cited by:

    1. Fang, WenShwo & Lai, YiHao & Miller, Stephen M., 2009. "Does exchange rate risk affect exports asymmetrically? Asian evidence," Journal of International Money and Finance, Elsevier, pages 215-239.
    2. Fang, WenShwo & Lai, YiHao & Thompson, Henry, 2007. "Exchange rates, exchange risk, and Asian export revenue," International Review of Economics & Finance, Elsevier, vol. 16(2), pages 237-254.
    3. WenShwo Fang & Stephen Miller, 2007. "Exchange rate depreciation and exports: the case of Singapore revisited," Applied Economics, Taylor & Francis Journals, vol. 39(3), pages 273-277.
    4. WenShwo Fang & YiHao Lai & Stephen M. Miller, 2005. "Export Promotion through Exchange Rate Policy: Exchange Rate Depreciation or Stabilization?," Working papers 2005-07, University of Connecticut, Department of Economics.

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