The strength of the U.S. dollar has attributes of a barometer of dollar credit conditions, with a stronger dollar associated with tighter dollar credit conditions. We find that following dollar appreciation, exporters that are more reliant on dollar-funded bank credit suffer a greater decline in credit and slowdown in exports, including those exporting to the United States. Our findings shed light on the role of the U.S. dollar in the interaction between financial globalization and international trade and show a novel channel of exchange rate transmission that goes in the opposite direction to the competitiveness channel.

中文翻译：

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美元和出口

美元强势具有美元信贷状况晴雨表的属性，美元走强与美元信贷状况收紧相关。我们发现，在美元升值之后，更加依赖美元资助的银行信贷的出口商遭受更大的信贷下降和出口放缓，包括那些出口到美国的出口商。我们的研究结果阐明了美元在金融全球化和国际贸易相互作用中的作用，并展示了一种与竞争力渠道相反的汇率传导新渠道。