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Dollar and Exports

Author

Listed:
  • Valentina Bruno
  • Hyun Song
  • Itay Goldstein

Abstract

The strength of the U.S. dollar has attributes of a barometer of dollar credit conditions, with a stronger dollar associated with tighter dollar credit conditions. We find that following dollar appreciation, exporters that are more reliant on dollar-funded bank credit suffer a greater decline in credit and slowdown in exports, including those exporting to the United States. Our findings shed light on the role of the U.S. dollar in the interaction between financial globalization and international trade and show a novel channel of exchange rate transmission that goes in the opposite direction to the competitiveness channel.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Suggested Citation

  • Valentina Bruno & Hyun Song & Itay Goldstein, 2023. "Dollar and Exports," The Review of Financial Studies, Society for Financial Studies, vol. 36(8), pages 2963-2996.
    • Handle: RePEc:oup:rfinst:v:36:y:2023:i:8:p:2963-2996.
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    File URL: http://hdl.handle.net/10.1093/rfs/hhad005
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    More about this item

    JEL classification:

    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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