{"id":117598,"date":"2024-01-22T20:35:47","date_gmt":"2024-01-22T19:35:47","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/117598\/"},"modified":"2025-10-22T21:50:20","modified_gmt":"2025-10-22T19:50:20","slug":"regime-changes-and-the-impact-of-currency-depreciations-the-case-of-spanish-us-industry-trade","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/117598\/","title":{"rendered":"Regime changes and the impact of currency depreciations: the case of Spanish-US industry trade"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-117598","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Over the past half century, Western Europe has been part of varying currency regimes. Yet, whether under Bretton Woods, the European Monetary System, or the Euro, exchange-rate fluctuations have had an influence on these countries' trade flows with the USA at the national and the industry level. This study looks at the case of Spain, examining the role of real exchange-rate fluctuations on trade with the USA for 74 industries. We find that the trade balances of only 40 industries are cointegrated with their macroeconomic determinants, but that 26 of these respond positively in the long run to a real depreciation. While industry characteristics do not seem to explain which industries are more likely to do this, we find that a relatively large share of industries in the machinery sector see their trade balances improve after a depreciation.","onlinedate":"2013-02-01 01:00:00","lang":"English","publication_series":"","publication_date":"20130201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Bounds testing\",\"Depreciation\",\"Industry data\",\"Trade balance Spain USA\"]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"40","monthly_report_pages":"21-37","monthly_report_pages_sort":"21","issue":"1","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3491],"collaboration":"","persons":[11791,11793,11795],"persons_data":"[{\"personId\":11791,\"personName\":\"Mohsen Bahmani-Oskooee\",\"organisationNames\":[]},{\"personId\":11793,\"personName\":\"Hanafiah Harvey\",\"organisationNames\":[]},{\"personId\":11795,\"personName\":\"Scott W. Hegerty\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Regime changes and the impact of currency depreciations: the case of Spanish-US industry trade - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/117598\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regime changes and the impact of currency depreciations: the case of Spanish-US industry trade\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/117598\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-22T19:50:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/117598\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/117598\\\/\",\"name\":\"Regime changes and the impact of currency depreciations: the case of Spanish-US industry trade - 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