金融危机对日本进口汇率传导弹性的影响分析

The Impacts of the Financial Crisis upon the Exchange Rate Elasticity of Japanese Imports

本文通过对金融危机后的日本进口汇率弹性进行实证研究,结果表明大部分行业的进口汇率传导弹性出现了明显的上升,而机械类行业(一般机械、运输设备和精密仪器)则出现了下降,并且这些变化是在短时间内实现的。本文认为此次金融危机和日元汇率变化特征是汇率弹性急剧变化的原因,而需求价格弹性和企业内贸易的行业差别可能是导致汇率弹性变化方向不一致的根源。

This paper empirically studies the exchange rate elasticity of Japanese imports after the financial crisis. The results show that the pass - through elasticities for most industries had increased while that for the machinery industries （including general machinery, transportation equipment and precision equipment） had deelined. The changes occurred almost immediately, which can be explained by the financial crisis and the Yen behavior. The differences across the industries rise from the different demand elasticities and the intra -firm trade.