We examine effects of currency depreciation on South Korean exporting firms, taking into account invoicing currencies in international trade. Such effects on real exports (intensive margin) and the probability of exporting (extensive margin) are decomposed into invoice-currency adjusted improved price competitiveness, increased costs of imported inputs, and increased burden of foreign-currency debts. We find strong evidence that currency depreciation affects both margins through price competitiveness, and invoice currencies play an important role in explaining such effects. However, evidence for impacts of currency depreciation via the costs of imported inputs and the burden of foreign-currency debt channel is weak.

我们研究了货币贬值对韩国出口企业的影响，同时考虑了国际贸易中的计价货币。这种对实际出口（集约保证金）和出口概率（扩展保证金）的影响被分解为发票货币调整后的价格竞争力提高、进口投入成本增加以及外币债务负担增加。我们发现强有力的证据表明，货币贬值通过价格竞争力影响双方的利润，而发票货币在解释这种影响方面发挥着重要作用。然而，通过进口投入成本和外币债务渠道负担影响货币贬值的证据还很薄弱。