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The impact of exchange rate variability on exports and imports: A comparative study of Canada, Switzerland, and the United Kingdom, 1973-1987
Abstract
Since the collapse of the Bretton Woods system, concern about the relationship between exchange rate variability and volume of trade has grown. The main purpose of this study is to investigate empirically whether exchange rate variability affected the trade volumes of Canada, Switzerland, and the United Kingdom during the generalized floating exchange rate regime. The study analyzes the behavior of a trading firm facing exchange rate uncertainty and takes into account the adverse impact of exchange rate variability on the volume of trade. The study also explains the concepts and the causes of exchange rate variability and develops four models to measure exchange rate variability. The purpose of these models is to ensure the reliability of results. This study specifies export and import equations for empirical tests by using new explanatory variables, which include the effects of price, income, and exchange rates from the third countries. This study has conducted a variety of empirical tests: estimates of the effects of exchange rate variability on aggregate, bilateral, and sectoral volumes of trade. In particular, this study investigated the differences in the sensitivities of exports and imports of selected economic sectors to the exchange rate variability. Although many previous empirical works have failed to extract the adverse relationship between the exchange rate variability and the volume of trade, this study successfully shows that the exchange rate variability has adversely and significantly affected the volume of trade of three sample countries.
Subject Area
Economics
Recommended Citation
Yoon, Jae-Hee, "The impact of exchange rate variability on exports and imports: A comparative study of Canada, Switzerland, and the United Kingdom, 1973-1987" (1989). ETD collection for University of Nebraska-Lincoln. AAI9013639.
https://digitalcommons.unl.edu/dissertations/AAI9013639