三、採用亞洲國家和拉丁美洲國家做為兩組樣本，結果發現匯率波動依舊是不顯著的。 Since the collapse of Bretton Woods system in 1973, the volatility of real exchange rate has increased, with significant effects on economic growth, capital movements and international trade (see Baig, 2001, and Hviding, Nowak and Ricci, 2004). Consequently, a central question has been how such high exchange-rate volatility will affect trade flows. However, the overall evidence is mixed either in the theoretical or empirical studies. Unlike the previous literature, this paper uses cross-country and cross-time data to empirically investigate how the impact of exchange rate volatility on U.S. exports to some Asia and Latin American countries. The data used in this study contains 12 countries for the period of 1980 to 2009 and the main findings of this thesis are as follows:
1. By applying pooled mean group (PMG) method to explore the impact of exchange-rate volatility on trade, we find no significant effect of exchange rate volatility on U.S. real exports to some Asian and Latin American countries, regardless in the short- or long-run.
2. This main finding is robust to various sensitivity tests.
3. The result of no significant impact of exchange-rate volatility still holds when the sample is further divided into the Asian countries and Latin American countries.