When Exchange—rate Volatility Affects Trade
2013-01-01 00:00:00SandraPoncet
China’s foreign Trade 2013年2期
Tne underlying intuition is simple：exchange-rate risk increases transac-tion costs and reduces the gains tointernational trade. Surprisingly， mac-roeconomic evidence of the effect ofexchange-rate volatility on trade， andmore generally on growth， has beenquite mixed.
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