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Exchange market pressure, trade, sovereign credit ratings, and U.S. exports in banking services

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  • Cynthia Tori
  • Scott Tori

Abstract

As a leader in providing banking services in the global market, it is important to understand the variables that influence U.S. exports in banking services. This paper examines the influence that trade, sovereign credit ratings, and exchange market pressure have on U.S. exports of banking services. The empirical evidence indicates that higher trade activity and a higher sovereign credit rating reduce U.S. exports of banking services. The results also suggest that exchange market pressure positively affects U.S. exports of banking services. Tests for individual and random effects across units suggest most of the variation in the estimators is within units. Copyright International Atlantic Economic Society 2001

Suggested Citation

  • Cynthia Tori & Scott Tori, 2001. "Exchange market pressure, trade, sovereign credit ratings, and U.S. exports in banking services," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 29(1), pages 48-62, March.
  • Handle: RePEc:kap:atlecj:v:29:y:2001:i:1:p:48-62
    DOI: 10.1007/BF02299931
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    References listed on IDEAS

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    1. Barry Eichengreen & Andrew K. Rose & Charles Wyplosz, 1994. "Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System," NBER Working Papers 4898, National Bureau of Economic Research, Inc.
    2. Girton, Lance & Roper, Don, 1977. "A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience," American Economic Review, American Economic Association, vol. 67(4), pages 537-548, September.
    3. Weymark, Diana N, 1998. "A General Approach to Measuring Exchange Market Pressure," Oxford Economic Papers, Oxford University Press, vol. 50(1), pages 106-121, January.
    4. Don E. Roper & Stephen J. Turnovsky, 1980. "Optimal Exchange Market Intervention in a Simple Stochastic Macro Model," Canadian Journal of Economics, Canadian Economics Association, vol. 13(2), pages 296-309, May.
    5. Deardorff, Alan V., 1984. "Testing trade theories and predicting trade flows," Handbook of International Economics,in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 1, chapter 10, pages 467-517 Elsevier.
    6. Richard Cantor & Frank Packer, 1996. "Determinants and impact of sovereign credit ratings," Economic Policy Review, Federal Reserve Bank of New York, issue Oct, pages 37-53.
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