题目：Financial Constraints and the Sensitivity of Export to Exchange Rates

　　报告人：徐建炜，北京师范大学，副教授

　　时间：2018年10月17日(周三)19:00~21:00

　　地点：经管院B131

　　报告摘要如下：

　　The recent empirical literature measuring the elasticity of exports to exchange-rate fluctuations has shown that while devaluations have in general a positive effect on exports, the size of the effect varies significantly depending on firm, sector and country characteristics. In this paper we provide theoretical and empirical support to the view that the financial conditions of a firm have a relevant effect on the way in which exchange rate movements affect export decisions. In particular, we show that exporting activities by more financially constrained firms tend to be more sensitive to exchange rate fluctuations than those by firms with a better ability to raise external capital, at both the intensive and extensive margins of export. Consistent with the result on export quantities, we also show that the pass-through of exchange rate oscillations to export prices denominated in the buyer currency is higher (in absolute value) for those firm that face stronger financial constraints. The result is robust to controlling for a variety of alternative characteristics that may affect the firm-level elasticity of exports to exchange-rate fluctuations, including labor productivity, the intensity of use of imported inputs, the degree of price stickiness and firm size.

　　报告人简介：

　　徐建炜，北京师范大学经济与工商管理学院副教授，同时担任比利时布鲁盖尔研究所客座研究员、北京大学汇丰商学院海上丝路研究中心高级研究员等学术职位。2011年毕业于北京大学国家发展研究院，获得博士学位，纽约大学访问学者，学术研究成果发表于Journal of International Economics、《中国社会科学》、《经济研究》、《管理世界》、《世界经济》等中英文杂志，政策观点被金融时报、华盛顿邮报、Bloomberg、半岛电视台等诸多媒体广泛引用。