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has been cited by the following article:

• TITLE: The Exchange Rate Response of Credit-Constrained Exporters: The Role of Location

  AUTHORS: Trond-Arne Borgersen

  KEYWORDS: Exports, Exchange Rate Response, Collateral, Balance Sheet Effects

  JOURNAL NAME: Theoretical Economics Letters, Vol.6 No.5, September 20, 2016

  ABSTRACT: This paper analyses the exchange rate response of credit-constrained exporters and highlights location-driven balance sheet effects residing both on the real side and on the financial side of the economy. A model focusing the location of production relative to both credit markets and to the first and the second hand market for capital inputs introduces a number of balance-sheet driven exchange rate effects. When it comes to location, we consider four regimes, referred to as a developed, a developing and two transition economies that differ with respect to production technology and credit market structure, respectively. The export supply response differs both across countries at different stages of development as well as between countries with different strategies to globalisation.