Endnotes
1Bénassy-Quéré, Béreau, and Mignon (2009) argue that global rebalancing will be accompanied by a
depreciation of the dollar over time.
2Indonesia is excluded because it plays only a small role in the computer industry. Singapore is excluded
because its role in entrepôt trade may complicate attempts to estimate exchange rate elasticities.
3Electronic components correspond to the ISIC classification number 321. Data on electronic components
comes from the CEPII-CHELEM database.
4Computers and office equipment correspond to the ISIC classification number 300.
5The importing countries are: Argentina; Australia; Austria; Belgium; Bangladesh; Brazil; Canada; Chile;
Denmark; Finland; France; Germany; Greece; Italy; Japan; Netherlands; New Zealand; Norway; Poland; Saudi
Arabia; Korea; Spain; Sweden; Switzerland; Taipei,China; Turkey; the UK; and the US.
6http://stats.unctad.org/FDI/TableViewer/tableView.aspx?ReportId=1254 (accessed 26 August 2009).
7Garcia-Herrero and Koivu (2007) posit that the PRC's WTO accession began affecting its trade after it became
certain that the PRC would join the WTO in the beginning of 2000. The WTO dummy variable is thus set equal
to one beginning in 2000.
8Results using other DOLS specifications are similar and are available on request.
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The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.
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