TY - JOUR AU - Park, Albert AU - Yang, Dean AU - Shi, Xinzheng AU - Jiang, Yuan TI - Exporting and Firm Performance: Chinese Exporters and the Asian Financial Crisis JF - National Bureau of Economic Research Working Paper Series VL - No. 14632 PY - 2009 Y2 - January 2009 DO - 10.3386/w14632 UR - http://www.nber.org/papers/w14632 L1 - http://www.nber.org/papers/w14632.pdf N1 - Author contact info: Albert Park HKUST Hong Kong E-Mail: albertpark@ust.hk Dean Yang University of Michigan Department of Economics and Gerald R. Ford School of Public Policy 735 S. State Street, Room 3316 Ann Arbor, MI 48109 Tel: 734/764-6158 Fax: 734/763-9181 E-Mail: deanyang@umich.edu Xinzheng Shi University of Michigan Lorch Hall 611 Tappan Street Ann Arbor, MI 48109 E-Mail: xzhshi@umich.edu Yuan Jiang National Bureau of Statistics Beijing People's Republic of China E-Mail: wise.jiangyuan@gmail.com AB - We ask how export demand shocks associated with the Asian financial crisis affected Chinese exporters. We construct firm-specific exchange rate shocks based on the pre-crisis destinations of firms' exports. Because the shocks were unanticipated and large, they are a plausible instrument for identifying the impact of exporting on firm productivity and other outcomes. We find that firms whose export destinations experience greater currency depreciation have slower export growth, and that export growth leads to increases firm productivity and other firm performance measures. Consistent with "earning-by-exporting", the productivity impact of export growth is greater when firms export to more developed countries. ER -