This paper examines the impact of exchange rate volatility on the bilateral exports within the ASEAN-China Free Trade Area (ACFTA) by using a generalized gravity model. A panel data set of 20 bilateral observations for the period from 1982:Q1 to 2005:Q1 is estimated using fixed-effect and random effect methods. Panel unit-roots and panel cointegration tests confirm the long-run relationship among the variables. The empirical results suggest that bilateral real exchange rate volatility has a statistically significant negative impact on the bilateral exports of the major ACFTA countries. But the magnitude of the impact appears to be fairly small.ACFTA, trade, exchange rate volatility,
This paper empirically examines the role of financial sector development in influencing the impact of exchange rate volatility on the exports of five emerging East Asian countries – China, Indonesia, Malaysia, the Philippines and Thailand – using a GMM‐IV estimation method. The results indicate that the effect of exchange rate volatility on exports is conditional on the level of financial sector development. The less financially developed an economy, the more its exports are adversely affected by exchange rate volatility. In addition, a stable exchange rate seems to be a necessary condition to achieve export promotion via a currency depreciation in these economies.East Asia, exports, exchange rate volatility, financial sector development, F13, F14, F31, O16,
We research the antecedents of relative success among small and medium enterprises (SMEs) in avoiding temporary or permanent closure during the COVID-19 pandemic. We investigate the roles of firm-specific resources and state support policies in influencing SME fortunes, in a sizeable group of European countries covered in the World Bank Enterprise Survey. Using resource dependency, Varieties of Capitalism and Systems theories, we find that innovative capacities, institutional connectedness, governance, and management experience were major antecedents of success across all SMEs. Significant differences in outcomes were found between SMEs operating in old and new EU member states, and non-EU countries.
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