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    The Effect of Exchange Rate Volatility on Productivity of Korean Manufacturing Plants: Market Average Rate Regime vs Free Floating

    Bo-Young, CHOI; Hyun, PYUN Ju | October 2016
    Abstract
    This study examines how exchange rate volatility can influence total factor productivity (TFP) invarious dimensions. Using Korean manufacturing plant-level data for 1990-2007, we first compare and contrast the effects of exchange rate volatility on TFPs between two different exchange rate regimes—pegged and free floating. We find that the exchange rate volatility had a negative effect on productivity in both regimes but this negative effect was greater during the period when exchange rate fluctuation was restricted, compared to the period with free floating rate. We also find that the negative effects of the volatility on productivity were heterogeneous over TFP quantiles and exhibited an inverted W-shape curve. In particular, the negative effects were more pronounced for exporting plants that had the lowest or highest TFPs.
    Citation
    Bo-Young, CHOI; Hyun, PYUN Ju. 2016. The Effect of Exchange Rate Volatility on Productivity of Korean Manufacturing Plants: Market Average Rate Regime vs Free Floating. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/6813.
    PDF ISBN
    978-89-322-4259
    Keywords
    ADB
    Project finance
    Development plans
    Strategic planning
    Business Financing
    Investment Requirements
    Insurance Companies
    International Monetary Relations
    International Financial Market
    Exchange Rate
    Development
    Finance
    Development Challenges
    Development Issues
    Development Problems
    Microenterprises Finance
    Commercial Finance Companies
    Enterprise Financing
    Financial Analysis
    Banking Finance And Investment
    Insurers
    Insurance stocks
    Insurance holding companies
    Insurance carriers
    Insurance agencies
    Business subsidies
    Investment companies
    International banks and banking
    Stock exchanges
    Grants
    Loans
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/6813
    Metadata
    Show full item record
    Thumbnail
    WP16-08.pdf (3.160Mb)
    Author
    Bo-Young, CHOI
    Hyun, PYUN Ju
    Theme
    Development
    Finance
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise