中国主要出口商品汇率传递的国别比较——以美国和日本为例

A Comparative Study on the Exchange Rate Pass-through of China's Major Export Commodities on the U.S.and Japanese Market

在计算研究中国主要出口商品的年平均单价和名义有效汇率指数的基础上,控制国内生产者价格,实证分析了中国10种主要出口商品价格在美国和日本市场上的汇率传递情况。对时间序列数据的分析表明:中国出口到美国市场上的大部分研究商品价格的汇率传递程度相对于日本市场低;中国出口到美国和日本两个市场上的研究商品中,工业品的汇率传递程度较低,而农产品及其制成品的汇率传递程度有高有低,差别较大。

Based on the computation of the annual average unit prices of China＇s major exports and the effective nominal export exchange rate indices during the sample period, this paper empirically analyzes the exchange rate pass-through （EPT） of China＇s top 10 exports by controlling the domestic producer prices of these commodities. A- nalysis of the time-series data indicates ： The EPT of most of the studied exports on the U.S. market is lower than on the Japanese market; Among the studied commodities exported to the U.S. and Japan, the EPT of manufacturing products is relatively lower, while that of agricultural products and their finished products differs considerably.