汇率传递异质性研究——基于中韩产业内贸易的视角

The Heterogeneity of Exchange Rate Pass-through:An Empirical Analysis of the Bilateral Trade between China and Korea

围绕产业内贸易对汇率传递异质性的影响,本文选取中韩1995~2014年HS6位代码产品的贸易数据,采用产业内贸易指数、产业内贸易虚拟变量、单位商品价值三种方法对产业内贸易类型予以细分,并加入金融危机、汇率制度两个因素,实证分析了中国从韩国进口商品价格的汇率传递异质性。研究发现:产业内贸易水平是影响中国从韩国进口商品价格汇率传递异质性的显著性因素。具体而言,在中国处于低质量贸易地位的行业中,产业内贸易水平的提高显著降低中国从韩国进口商品价格的汇率传递效应;而在中国处于高质量贸易地位的行业中,产业内贸易水平的提高显著提高中国从韩国进口商品价格的汇率传递效应。

This paper empirically analyzes the impact of intra-industry trade on the heterogeneity of exchange rate pass-through(ERPT).Using the bilateral trade data of HS-6from1995to2014between China and Korea,we apply three methods:intra-industry trade index,intra-industry trade fictitious variables and unit value of commodity,to subdivide the intra-industry trade types.Financial crisis and exchange rate system are also taken into consideration in the empirical analysis.The study finds that the level of intra-industry trade could significantly affect the ERPT of China’s import from Korea.We also find that in the industries where China is in the low quality trading status,the intra-industry trade can significantly reduce the effect of EPRT of China's import from Korea while in the industries where China is in the high quality trading status,the intra-industry trade can significantly improve the effect of EPRT of China’s import from Korea.