制造业实际有效汇率对中美价值链嵌入度的影响研究

An Effective Research on the Real Effective Exchange Rate of the Manufacturing to the China-U. S. Embedded Value Chain

随着价值链发展的不断深入,一国贸易中的国内增加值在不断影响着名义有效汇率,更影响了实际有效汇率。文章基于全球价值链视角,立足于中美两国的制造业贸易增加值数据,测算了中美两国整体制造业及分行业的实际有效汇率指数,发现了两国整体制造业实际有效汇率指数的共同特点以及分行业实际有效汇率指数的差异性。同时,文章在测算了价值链嵌入度数据的基础上,通过构造两国实际有效汇率指数、价值链嵌入度的相关面板数据,经过不同约束条件的方法估计后,发现两国实际有效汇率指数对各自价值链嵌入度的影响作用有些差异;最后,文章依据数据估计的结果,提出了相关的建议。

With the deepening development of the value chain, a country＇s Domestic Value -Added in the trade continues to affect the Nominal Effective Exchange Rate （NEER）, but also affected the Real Effective Exchange Rate （REER）. Based on the global value chain perspective, and through the data of the value -added of manufacturing trade in China and the United States, this paper calculated the REER index of the whole manufacturing industry and each manufacturing of the two countries, and found out some common characteristics of the REER of the whole manufacturing industry and some difference between the various in- dustries in the two countries. At the same time, based on the calculated data of the Embedded Value Chain, this paper built the panel data of REER index and Embedded Value Chain between these two countries, with different restrictions of estimation, and it was found that the REER of the two countries played a different role in the Embedded Value Chain; lastly, based on the results of the data＇s estimation, this paper also made the relevant recorca,nendations.