We attempt to uncover the relationship between the real exchange rates and exports shares of manufacturing firms in Turkey by taking into account FX exposures and various firm characteristics. We use a large panel of manufacturing firms to carry out an empirical analysis for the period 2002–2010. Contrary to macro-evidence, firm-level empirical evidence suggests that a depreciation of the Turkish lira seems to favor the external competitiveness of firms in general. We document that a real depreciation of the Turkish lira has a positive impact on export shares and its impact is muted to some extent for firms operating in sectors that use imported inputs intensively. In addition, we estimate that export shares increase as a result of real depreciation for firms having low (naturally hedged) and moderate FX debt-to-export ratios. We do not confirm a strong balance sheet channel where a depreciation of the currency may harm firms’ export performance due to currency mismatch. On the contrary, FX borrowing is estimated to support export performance probably due to undermining finance constraints.

中文翻译：

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出口，实际汇率和美元化：土耳其制造公司的经验证据

我们尝试通过考虑外汇风险和各种公司特征来揭示土耳其的实际汇率与制造公司的出口份额之间的关系。我们使用大量的制造公司来进行2002-2010年的实证分析。与宏观证据相反，公司一级的经验证据表明，土耳其里拉贬值似乎有利于一般公司的外部竞争力。我们记录到，土耳其里拉的实际贬值会对出口份额产生积极影响，对于在密集使用进口投入品的行业中经营的公司而言，其影响在某种程度上没有受到影响。此外，我们估计由于低（自然对冲）和适度的外汇债务与出口比率的公司实际贬值，出口份额增加。我们无法确定强大的资产负债表渠道，在这种渠道中，货币贬值可能会由于货币不匹配而导致货币贬值，从而损害企业的出口业绩。相反，估计外汇借款可以支持出口业绩，这可能是由于破坏了金融约束所致。