| Srl | Item |
| 1 |
ID:
180468
|
|
|
|
|
| Summary/Abstract |
This study analyzes how exchange rate risk exposure and foreign industry competition affect Chinese industries. Using the data from 2005 to 2018, the authors find that industry competition from the US has a statistically significant influence on 33.3 percent of Chinese industries. Unsurprisingly, tradable goods benefit more from depreciation of the Renminbi against the US dollar. Counterintuitively, only 20 percent of the industries supported by the ‘Made in China 2025’ initiative is sensitive to US industrial competition. In addition, on average Chinese industries face international competition from few developed countries, such as the Netherlands; and depreciation of RMB against the Japanese yen is hurting Chinese industries on average. Developing countries, however, exert marginal competition effects on their Chinese counterparts in the sample period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
ID:
125009
|
|
|
|
|
| Publication |
2013.
|
| Summary/Abstract |
This paper investigates sensitivity of stock returns of industry-sorted Chinese firms with respect to renminbi exchange rate movements. Strong evidence of significant exposure is documented for 7 out of 16 Chinese industries. Evidence is also found of the size asymmetry effects. In addition, we explore the characteristics of the exposure, and detect evidence of significant exposure among non-exporters in some of the industries. Special attention is given to examining the time-varying exposure under the impact of the new Chinese exchange rate regime in place since 2005, in which even stronger exchange rate exposure is reported. The conditional exposure estimated in this paper also reveals the close relation between stock returns and changes of the renminbi exchange rate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|