Exchange rate variations facing individual industries in developing countries
研究了发展中国家不同行业因贸易结构差异而面临的汇率影响差异，使用行业特定有效汇率指数，发现各行业汇率水平和波动性存在广泛差异，对钉住一篮子货币的汇率政策有重要启示。
Abstract To the extent that a country's structure of trade differs among industries, there is a ‘matrix of resource allocation effects’ associated with exchange rate changes. Using the concept of industry‐specific effective exchange rate indices, the paper evaluates the empirical significance of differential exchange rate impacts on individual industries. For the four countries examined, the results confirm the existence of widespread differences both in the levels of effective exchange rate indices for different industries and in their degree of variability. These findings have important policy implications, particularly for the growing number of countries which have chosen to define their exchange rate by pegging to a basket of currencies. Notes The authors are members of the secretariat of the United Nations Conference on Trade and Development, Geneva, Switzerland. They are grateful for the helpful comments of an anonymous referee on an earlier draft of the paper. The views expressed in this paper are their own and do not necessarily reflect those of the United Nations.