Real exchange rates and manufacturing exports in emerging economies: the role of sectoral heterogeneity and product complexity

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dc.citation.epage1082
dc.citation.journalTitleReview of World Economicseng
dc.citation.spage1057
dc.citation.volume160
dc.contributor.affiliationUniversidad EAFIT
dc.contributor.affiliationBID
dc.contributor.authorGoda, Thomas
dc.contributor.authorTorres Garcia, Alejandro
dc.contributor.authorLarrahondo, Cristhian
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees
dc.creator.emailtgoda@eafit.edu.co
dc.date.accessioned2025-01-08T20:12:20Z
dc.date.available2025-01-08T20:12:20Z
dc.date.issued2024-01-02
dc.description.abstractThe empirical evidence on the relationship between the real exchange rate and export performance in emerging economies is inconclusive. In this paper, we present evidence that one reason for this inconclusiveness is the use of real exchange rate (RER) measures that do not consider the heterogeneity between economic sectors. To this end, we calculate a unique sectoral bilateral RER index (SBRER) for 12 Latin American economies, which considers the variation of producer price differentials and bilateral nominal exchange rates across 21 manufacturing sectors and 38 trade partners between 2001–2018, and to estimate the effect of SBRER movements on manufacturing exports. The regression results show that the SBRER is a significant determinant of aggregate manufacturing exports, whereas the bilateral RER is not significant. Moreover, sectoral export elasticities indicate that mainly sectors with low levels of product complexity and, to a lesser extent, those of medium complexity are affected by RER movements. These findings show that it is important to consider sectoral heterogeneity when estimating RER export elasticities from a macroeconomic perspective.eng
dc.identifier.doi10.1007/s10290-023-00523-3
dc.identifier.issn1610-2886
dc.identifier.jelF14
dc.identifier.jelF31
dc.identifier.jelO14
dc.identifier.urihttps://hdl.handle.net/10784/34849
dc.language.isoeng
dc.publisherSpringereng
dc.publisher.departmentUniversidad EAFIT. Escuela de Finanzas, Economía y Gobierno. Área de Macroeconomía y Sistemas Financierosspa
dc.publisher.placeMedellínspa
dc.publisher.programGrupo de Investigación Omegaspa
dc.relation.ispartofReview of World Economics, Vol. 160, (2024), pp 1057–1082
dc.relation.isversionofhttps://link.springer.com/article/10.1007/s10290-023-00523-3
dc.relation.urihttps://link.springer.com/article/10.1007/s10290-023-00523-3
dc.rightsCopyright © 2024 Springer. All rights reserved.
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordReal exchange rateeng
dc.subject.keywordManufacturing exportseng
dc.subject.keywordTradeeng
dc.subject.keywordProduct complexityeng
dc.subject.keywordLatin Americaeng
dc.titleReal exchange rates and manufacturing exports in emerging economies: the role of sectoral heterogeneity and product complexityeng
dc.typeinfo:eu-repo/semantics/articleeng
dc.typearticleeng
dc.type.hasVersionpublishedVersioneng
dc.type.localArtículospa

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