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Exchange rate crises and bilateral trade flows in Latin America

  • Campa, Jose M.


    (IESE Business School)

This paper looks at the behavior of trade flows in eight countries in Latin America that experienced an extreme nominal exchange rate depreciation. The composition of trade flows shows a very persistent pattern around these episodes of large exchange rate movements. Both the industry composition of trade and the country composition of trading partners remain stable after the devaluation occurs. The relative importance of export and import industries in the countries' trade flows does not vary substantially, nor does the importance of the different source countries for imports and destination countries for exports. Exports to industrialized countries are especially sensitive to changes in the real exchange rate, while bilateral import flows do not show much reaction to changes in bilateral exchange rates.

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Paper provided by IESE Business School in its series IESE Research Papers with number D/470.

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Length: 33 pages
Date of creation: 29 Sep 2002
Date of revision:
Handle: RePEc:ebg:iesewp:d-0470
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IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN

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  1. Obstfeld, Maurice, 1996. "Models of currency crises with self-fulfilling features," European Economic Review, Elsevier, vol. 40(3-5), pages 1037-1047, April.
  2. Campa, Jose & Goldberg, Linda, 1995. "Investment, Pass-Through and Exchange-Rates: A Cross-Country Comparison," Working Papers 95-14, C.V. Starr Center for Applied Economics, New York University.
  3. Reinhart, Carmen & Kaminsky, Graciela & Lizondo, Saul, 1998. "Leading Indicators of Currency Crises," MPRA Paper 6981, University Library of Munich, Germany.
  4. Eichengreen, Barry & Rose, Andrew K & Wyplosz, Charles, 1996. "Contagious Currency Crises," CEPR Discussion Papers 1453, C.E.P.R. Discussion Papers.
  5. Roberto Chang & Andres Velasco, 1999. "Liquidity Crises in Emerging Markets: Theory and Policy," NBER Working Papers 7272, National Bureau of Economic Research, Inc.
  6. Amartya Lahiri & Carlos A. Vegh, 2000. "Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises," NBER Working Papers 7734, National Bureau of Economic Research, Inc.
  7. Jose Manuel Campa & Linda S. Goldberg, 1997. "The evolving external orientation of manufacturing: a profile of four countries," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 53-81.
  8. Glick, Reuven & Rose, Andrew K., 1999. "Contagion and trade: Why are currency crises regional?," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 603-617, August.
  9. Pinelopi Koujianou Goldberg & Michael M. Knetter, 1997. "Goods Prices and Exchange Rates: What Have We Learned?," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1243-1272, September.
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