The impact of exchange rate volatility on trade: The evidence from Russia

This paper analyzes the effects of exchange rate volatility on exports and imports of a range of goods between Russia and its 70 trading partners from 2004 until 2018. The goods in question fall into eight product categories, as follows: (i) agricultural raw materials­; (ii) chemicals; (iii) food; (...

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Bibliographic Details
Published in:Russian journal of economics (Moskva) 2021-12, Vol.7 (3), p.213-232
Main Author: Tarasenko, Irina
Format: Article
Language:English
Subjects:
Agriculture
Exports
Foreign exchange rates
Imports
International trade
Metals
Ores
Raw materials
Textiles
Trading
Transportation
Volatility
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Summary:This paper analyzes the effects of exchange rate volatility on exports and imports of a range of goods between Russia and its 70 trading partners from 2004 until 2018. The goods in question fall into eight product categories, as follows: (i) agricultural raw materials­; (ii) chemicals; (iii) food; (iv) fuels; (v) manufactured goods; (vi) ores and metals­; (vii) textiles; and (viii) machinery and transport equipment. Exchange rate volatility­ is measured using the standard deviation of the first difference in the logarithmic daily nominal exchange rate. The paper concludes that exchange rate volatility had a negative impact on exports of agricultural raw materials, manufactured goods, and machinery and transport equipment. In contrast, it was found to have a positive and significant impact on trade in fuels and imports of chemicals and textiles.
ISSN:2618-7213
2405-4739
DOI:10.32609/j.ruje.7.57933