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Les entreprises multi-destinations, mieux armées face au risque de change

Author

Listed:
  • Jérôme Héricourt
  • Clément Nedoncelle

Abstract

Comment expliquer qu’au niveau macroéconomique les exportations soient peu sensibles à la volatilité du taux de change réel ? Cette Lettre propose de répondre à cette question à partir d’une étude empirique sur données d’entreprises françaises pour la période 1995-2009. Confrontées à une volatilité plus forte sur un marché donné, les entreprises qui exportent vers un grand nombre de destinations peuvent plus facilement réallouer leurs exportations. Or ces entreprises sont aussi les plus grandes, donc celles qui déterminent le comportement des exportations au niveau macroéconomique. La diversification des destinations apparaît dès lors comme un outil efficace et complémentaire aux instruments financiers pour gérer la volatilité des changes, de même qu’elle explique la faible réaction des exportations au niveau macroéconomique.

Suggested Citation

  • Jérôme Héricourt & Clément Nedoncelle, 2016. "Les entreprises multi-destinations, mieux armées face au risque de change," La Lettre du CEPII, CEPII research center, issue 367.
    • Handle: RePEc:cii:cepill:2016-367
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    More about this item

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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