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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2010.12
- 수록면
- 551 - 568 (18page)
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This paper explores the implications of cross-border production networks and vertical intra-industry trade for macroeconomic adjustment and for the effectiveness of monetary and fiscal stabilization policies. Vertical intra-industry trade introduces direct links between countries’ imports and exports and thereby affects the manner in which trade balances respond to variations in exchange rates and to global shocks more generally.
The precise effects depend on whether the direct link runs from exports to imports or vice versa. In the U.S., for example, exports of auto parts and components rise with an increase of imports of passenger vehicles from Mexico. This produces a change in balance-of-payments adjustment similar to high capital mobility and raises the likelihood that a fiscal expansion will lead to appreciation rather than depreciation of the currency. In China and Mexico, on the other hand, a rise in exports of assembled end products raises imports of parts and components.
The differences in outcome are more pronounced under floating rates, because of the role of the exchange rate in the adjustment process. Direct export-import links undermine the impact of the exchange rate on the trade balance, hence necessitating larger changes in rates in order to achieve a given degree of adjustment and raising exchange-rate volatility as a result. In the case of both types of exchange-rate regime, vertical intra-industry trade weakens the response of the trade balance to price and income shocks.
The precise effects depend on whether the direct link runs from exports to imports or vice versa. In the U.S., for example, exports of auto parts and components rise with an increase of imports of passenger vehicles from Mexico. This produces a change in balance-of-payments adjustment similar to high capital mobility and raises the likelihood that a fiscal expansion will lead to appreciation rather than depreciation of the currency. In China and Mexico, on the other hand, a rise in exports of assembled end products raises imports of parts and components.
The differences in outcome are more pronounced under floating rates, because of the role of the exchange rate in the adjustment process. Direct export-import links undermine the impact of the exchange rate on the trade balance, hence necessitating larger changes in rates in order to achieve a given degree of adjustment and raising exchange-rate volatility as a result. In the case of both types of exchange-rate regime, vertical intra-industry trade weakens the response of the trade balance to price and income shocks.
목차
1. INTRODUCTION
2. NETWORK TRADE AND THE TRADE BALANCE
3. MACRO POLICY IN AN OPEN ECONOMY WITH PRODUCTION SHARING
4. CONCLUDING COMMENTS
REFERENCES
참고문헌 (6)
참고문헌 신청
1. [보고서] - Ando, M. / 2006 / Production Networks in East Asia: Strategic Behavior by Japanese and U.S. Firms
2. [학술대회논문] - Arndt, S. W. / 2008 / Production Networks, Trade Patterns and Exchange Rates / presented at APEA conference
3. [학술지(정기간행물)] - Arndt, S. W. / 2007 / Trade, Production Networks, and the Exchange Rate / Journal of Economic Asymmetries 4 (1) : 11 ~ 39
4. [단행본] - De Grauwe, P. / 2009 / Paradigms of Macroeconomic Policy for the Open Economy. in: Macroeconomic Policies in Open Economies / Greenwood Press
5. [보고서] - Wynne, M. / 1997 / The Financial Crisis, Trade Finance and the Collapse of World Trade
2. [학술대회논문] - Arndt, S. W. / 2008 / Production Networks, Trade Patterns and Exchange Rates / presented at APEA conference
3. [학술지(정기간행물)] - Arndt, S. W. / 2007 / Trade, Production Networks, and the Exchange Rate / Journal of Economic Asymmetries 4 (1) : 11 ~ 39
4. [단행본] - De Grauwe, P. / 2009 / Paradigms of Macroeconomic Policy for the Open Economy. in: Macroeconomic Policies in Open Economies / Greenwood Press
5. [보고서] - Wynne, M. / 1997 / The Financial Crisis, Trade Finance and the Collapse of World Trade
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UCI(KEPA) : I410-ECN-0101-2012-320-003784305