The Impact of Chinese Exchange Rate Policy on the Rest of the World: Evidence from Firm-Level Data

被引：2

作者：

Eichengreen, Barry ^{[1
]}

Tong, Hui ^{[2
]}

机构：

[1] Univ Calif Berkeley, Dept Econ, Berkeley, CA 94720 USA

[2] Int Monetary Fund, Res Dept, Washington, DC 20431 USA

来源：

GLOBAL ECONOMIC REVIEW | 2011年 / 40卷 / 02期

关键词：

China; exchange rate; firms; rest of the world;

D O I：

10.1080/1226508X.2011.585054

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper aims to gauge the global effect of renminbi revaluation on stock markets. Using data on 12,300 firms in operating in tradable sectors in 44 economies, we find that expectations of renminbi appreciation reduce the relative stock returns of firms providing components or raw materials to China as inputs for that country's exports. We also find some evidence that expectations of renminbi appreciation reduce the stock prices of financially constrained firms.

引用

页码：211 / 225

页数：15

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