Auboin, Marc; Ruta, Michele - CESifo - 2012
, two main issues are investigated: the impact on international trade of exchange rate volatility and of currency … misalignments. On average, exchange rate volatility has a negative (even if not large) impact on trade flows. The extent of this … effect depends on a number of factors, including the existence of hedging instruments, the structure of production (e.g. the …