市场分割与汇率低估

Market Segmentation and Currency Undervaluation

文章基于市场分割探讨了不同市场的定价行为以及均衡汇率问题。文章从微观层面的市场定价机制出发,分析垄断企业的最优供给决策。由于存在市场分割,垄断企业根据市场需求定价,使高端产品在后进国家因需求少而价格较高,在先进国家因需求多而价格较低,从而导致市场分割下同一产品的价格存在巨大差异。进一步地,通过在巴拉萨—萨缪尔森效应模型中引入商品定价结构进行分析后指出,后进国家的汇率相对先进国家出现低估的原因,不仅在于相对劳动生产率差异,还有由于市场分割以及市场异质性存在而引起的价格歧视这一重要因素。文章最后以人民币/美元为例进行了初步的经验分析,发现1994年前后人均收入水平对汇率的影响出现了转折性的变化。

This paper investigates the linkage between pricing to market behavior and equilibrium exchange rates based on market segmentation. This paper analyzes monopoly firms＇ optimal supply decision based on microeconomic mechanism of pricing. Due to market segmentation and pricing strategies of monopoly firms based on demands of different markets, producer will price high-tech product higher in developing countries than developed countries because developing countries have less demand than developed coun- tries, which will lead to price discrimination. Furthermore, we prolong Balassa-Samuelson Effect model by introducing the structure of pricing, and find that besides relative labor productivity, price discrimination caused by market segmentation and market heterogeneity is an important factor lead to developing country＇s currency undervaluation relative to developed country. At last we empirically analyze the exchange rate between Renminbi and U.S. dollar, and find that Chinese national income per person plays a different part in exchange rate before and after 1994.