This paper examines the role of global production linkages on exchange rate elasticities by using Korean firm-level data. Firms with foreign ownership or with foreign subsidiaries, which are linked to global production, tend to weaken the effects of exchange rate movements on firm exports. We find the exchange rate elasticities of firm exports are significant and tend to have a negative effect on domestic firms or firms with no foreign subsidiary. In contrast, the results show an insignificant effect on foreign-owned firms or firms with foreign subsidiaries. After controlling for the export to foreign affiliates, we still find the estimated exchange rate elasticities of exports to be statistically insignificant, although it has a negative and relatively large impact for firms with global production linkages. Moreover, firms with a higher global value chain integration measure or more imported intermediate inputs have a significantly lower exchange rate elasticity of exports. This indicates that the developments in global production linkages have an important role in explaining lower exchange rate elasticity to exports.

中文翻译：

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汇率和企业出口：外国所有权和外国子公司的作用

本文通过使用韩国公司层面的数据研究了全球生产联系对汇率弹性的作用。与全球生产相关的外资企业或外国子公司，往往会削弱汇率变动对企业出口的影响。我们发现企业出口的汇率弹性是显着的，往往对国内企业或没有外国子公司的企业产生负面影响。相比之下，结果显示对外资企业或拥有外国子公司的企业影响不显着。在控制了对外国子公司的出口后，我们仍然发现出口的估计汇率弹性在统计上不显着，尽管它对具有全球生产联系的公司产生了负面且相对较大的影响。而且，具有较高全球价值链整合措施或更多进口中间投入品的公司的出口汇率弹性明显较低。这表明，全球生产联系的发展在解释出口汇率弹性较低方面具有重要作用。