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Stable Currency and International Export Competitiveness: A Test of Buckley's 3-P Model

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This paper tests the Buckley et al (1988) 3-P model of international competitiveness at firm level. It reports on the results of a postal questionnaire sent to companies in the United Kingdom (which has not had a stable currency regime) and Ireland (where the government is committed to the EU's Exchange Rate Mechanism and proposed single currency). A series of post-test interviews contributes qualitative depth to the postal survey. Overall, the results indicate a positive linkage between currency stability and measures of 'potential', 'performance' and 'process' competitiveness. The study highlights profound implications for exporters of long term government commitment to a stable currency environment. The Irish government has learnt the lesson well; in deciding whether to join the ERM, the UK government will have to factor into its decision process, among other things, its view on how it wishes British industry to develop.

Document Type: Research Article


Publication date: June 1, 1998

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