【主讲】Ju H.Pyun (Korea University Business School)
【主题】Does Real Exchange Rate Depreciation Increase Firm Productivity?: Analysis using Korean Firm-Level Data
【时间】2015年5月4日 (周一) 15：30-17：00
【地点】上海财经大学经济学院楼602室
【语言】英文
【摘要】This study examines the effects of real exchange rate (RER) depreciation shocks on firm-levelproductivity in Korean manufacturing industries during 2006–2012. In particular, the studyfocuses on a sharp RER depreciation of the Korean Won from 2007 to 2009, which is asituation akin to a natural experiment in Korea. We find that the effects of RER depreciationshocks on firm productivity are heterogeneous across firms and over time. A year-by-yearanalysis shows that RER depreciation has positive effects on productivity for firms with highexport exposure in foreign markets. However, these effects disappear when a sharp andpersistent RER depreciation is identified by a difference-in-difference approach. This impliesthat immediate RER depreciation benefits the prices of firms’ products in foreign markets,which leads to an increase in firm productivity, while persistent RER depreciation affects firmefficiency negatively owing to slack competition, despite the price competitiveness gain. Thedifference-in-difference analysis further reveals that RER depreciation hurts domestic firmsproductivity in industries with higher import penetration. Our results are robust whencontrolling for firm-level markups which is potentially correlated to measured productivity.
