The Effects of Real Exchange Rate, External Finance

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The book examines the effects of fluctuations in international trade competitiveness on employment in the UK manufacturing sector from 1999 to 2010. It reveals that shocks to trade competitiveness significantly influence employment levels, primarily through job creation. Notably, small firms are found to contribute more to job creation than larger firms. Additionally, the research highlights the relationship between GDP growth, average wages, and employment, indicating a strong response of the UK labor market to market dynamics. The impact of real exchange rate changes also varies between exporting and non-exporting firms.