| 研究実績の概要 |
This project provides new insight into how exchange rate changes affect firm-level exports when firms face financial constraints. I show that firms differ in their access to resources. Some firms are more distorted in labor, capital, and output allocation than others. The empirical evidence shows that exchange rate movements significantly affect firms’ export decisions and export values. The effects vary across firms depending on the degree of resource misallocation. The findings offer important policy implications for understanding how resource misallocation mediates the impact of exchange rate fluctuations on export behavior.
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