Exchange Rates and Commodity Markets: Global Exports of Corn, Cotton, Poultry, and Soybeans
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The effects of exchange rates and risk on major commodity exporters are examined in
markets constructed from the top five importers and top three exporters from 1961 to
2000. Depreciation typically stimulates exports but the impacts vary considerably. Exchange
risk has virtually no negative impacts. Importer incomes raise exports for about
half the exporters, and major competitor market shares affect about half the exporters.