汇率转嫁不完全:理论与经验分析

Incomplete Exchange Rate Transfer:A Theoretical and Empirical Analysis

汇率在国际贸易的定价过程中具有重要作用。汇率变动如何影响国际贸易中的商品价格这一问题,具有重要的研究意义。然而,传统国际经济理论关于汇率对贸易的影响机制的分析,主要集中于商品弹性等方面,忽视了对市场结构和商品替代性等因素的分析。本文基于卖方市场结构,分析了在存在市场势力且不同厂商之间的商品存在一定的替代性的情况下,汇率变动对于出口定价的影响,并且得出结论,即市场势力以及不同厂商之间的商品替代性使得汇率转嫁不完全。

Exchange rate plays a very important role in the pricing process of international trade.How the changes in exchange rate affect the price of trade goods in international trade is of great research significance.However,the analyses in the traditional economic theory on the mechanism of the influence of interest rate on trade mainly focused on the flexibility of goods,etc,but ignored such elements as market power and product substitution,etc.On the basis of the market structure of the sellers,the authors analyzed how the changes in exchange rate affect the pricing of export goods in the case of the existence of market power and product substitution of different manufacturers and concluded that market power and product substitution of different manufacturers make exchange rate transfer incomplete.