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I would like to thank Marwa Alnassa, Yevgeniya Korniyenko, Subir Lall, Nathan Porter, Sergejs Saksonovs, and Hamid Reza Tabarraei for helpful comments and suggestions. Liliya Nigmatullina provided excellent production assistance. The usual disclaimer applies.
The sample does not include Turkmenistan due to lack of sufficiently long time series.
Goldberg and Knetter (1997) define ERPT as “the percentage change in local currency import prices resulting from a one percent change in the exchange rate between the exporting and importing countries”.
We chose the 15 percent threshold for the definition of large exchange rate changes since it corresponds to one standard deviation of the annual exchange rate growth in the total sample. We have also tried 10 percent, 20 percent, and 30 percent thresholds and the results re main qualitatively unchanged.