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- handle: 10670/1.ljxkdg
- hal: hal-01913757
- doi: 10.1016/j.jce.2018.07.016
- PRODINRA: 437243
- WOS: 000454970500017
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jce.2018.07.016
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Jérôme Héricourt et al., « Multi-destination firms and the impact of exchange-rate risk on trade », HAL-SHS : économie et finance, ID : 10.1016/j.jce.2018.07.016
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Partage / Export
Résumé
Based on a French firm-level database that combines information on balance-sheet and destination-specific export information over the period 1995–2009, we document a new stylized fact related to the heterogeneous reaction of exporters to RER volatility: we show that strongly multi-destination firms tend to reduce significantly more their exports to a destination that faces higher exchange-rate volatility. We also show that, following an exchange-rate volatility shock in a given country, strongly multi-destination firms increase exports to all other destinations served. This specific behavior of multi-destination firms has significant aggregate implications. First, the bilateral aggregate impact is increasingly negative with the weight of multi-destination firms in total exports towards the considered destination. Second, the reallocation behavior of large, multi-destination firms ultimately translates into stable total French exports (summed over all destinations).