Same Currency, Different Strategies? The Role of the Exchange Rate in Shaping European Agri-Food Exports
2017
Fedoseeva, Svetlana
This paper uses a nonlinear autoregressive distributed lag framework to assess the role that the exchange rate plays in shaping European agri-food exports after the introduction of Euro. Although the ten countries of this study share the same currency, cross-country discrepancies of exports’ reactions to exchange rate changes are evident. Moreover, exchange rate changes influence exports asymmetrically especially in the long run. Euro appreciations are harmful to a lesser extent than Euro depreciations are beneficial for European agri-food exports. The magnitude of this effect is country-specific and varies considerably between individual exporting countries. Exported quantities are less affected by exchange rate fluctuations than export values.
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