O efeito da volatilidade da taxa de câmbio sobre o comércio internacional: uma investigação empírica sob a ótica da margem extensiva

Alex Sander Souza do Carmo Maurício Vaz Lobo Bittencourt About the authors

The main purpose of this paper is to analyze the effect of exchange rate volatility on the extensive margin of international trade. In methodological terms, we defined as the extensive margin of international trade, the number of products exported by countries to their trading partners. Later, this variable was specified as dependent variable on a gravity model of trade, whose parameters were estimated by nonlinear panel data. The period of analysis in this work was from 1995 to 2009 and the number of countries considered in the study was 54. The results indicate that an increase in the volatility of the exchange rate causes a reduction on the extensive margin of international trade.

extensive margin; heterogeneous firms; gravity equation; Poisson maximum likelihood


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