Market Integration,Exchange Rate Changes and the Choice of the Opening-up Model of the Yangtze River Delta
Based on the panel data from 41 cities in the Yangtze River Delta from 2010 to 2020,this paper uses a fixed-effects model to examine the promoting effect of exchange rate changes on regional exports and OFDI.Furthermore,a moderation effects model is applied to investigate how the market integration index affects the promotion of exports and OFDI by exchange rate chan-ges.The research finds that RMB depreciation has a certain promoting effect on exports and OFDI in the Yangtze River Delta.The introduction of the market integration index and the interaction term with exchange rate changes reveals that the market inte-gration index does not moderate the promoting effect of RMB depreciation on exports but significantly constrains its promoting effect on OFDI.Heterogeneity tests show that in non-core cities and underdeveloped cities,RMB depreciation significantly pro-motes exports and OFDI,and the market integration index still does not affect the promoting effect of depreciation on exports but constrains its effect on OFDI.Therefore,regions should establish early warning measures for exchange rate changes and build a higher level of open economic systems.
万方数据
维普
