汇率、产品质量与出口价格

发布时间：2018-02-12 07:04

本文关键词： 人民币汇率汇率传递率产品质量　出处：《世界经济》2015年05期 　论文类型：期刊论文

【摘要】：基于高度细化的企业-产品层面中国海关出口交易数据,本文考察了2000~2006年人民币汇率变动对中国出口产品价格的影响。本研究发现中国出口产品价格几乎不受汇率冲击的影响,这意味着汇率的出口传递效应接近于完全,即中国的出口企业产品定价基本遵循生产者货币定价(PCP)原则。同时,中国出口商对高收入国家的出口价格比对中低收入国家的出口价格有更高的汇率弹性。进一步研究表明,产品质量是解释以上现象的重要原因。出口价格的汇率弹性会随着产品质量的提高而上升:产品质量每提高1个标准差,出口价格的汇率弹性会上升5.85个百分点。因此,低质量的出口产品很容易呈现出较高的汇率传递性。与文献中的生产率渠道与中间品进口渠道相比较,我们发现质量因素具有更高的解释力度。本文的稳健性检验印证了结果的可靠性。
[Abstract]:Based on the highly detailed data of Chinese customs export transactions at the enterprise-product level, this paper examines the effect of RMB exchange rate changes on the prices of Chinese export products from 2000 to 2006. This study finds that the prices of Chinese export products are almost unaffected by the impact of exchange rate shocks. This means that the export transfer effect of the exchange rate is close to complete, that is, the pricing of Chinese export enterprises' products basically follows the principle of producer currency pricing (PCPP). At the same time, The export prices of Chinese exporters to high-income countries are more flexible than those of low- and middle-income countries. Further studies show that. The exchange rate elasticity of export price will increase with the improvement of product quality: for every one standard deviation of product quality, the exchange rate elasticity of export price will rise by 5.85 percentage points. Low-quality exports tend to exhibit high exchange rate transitivity. Compared with the productivity channels in the literature and the import channels for intermediate goods, We find that the quality factor has higher explanatory force. The robustness test in this paper confirms the reliability of the result.
【作者单位】：北京大学国家发展研究院;北京师范大学经济与工商管理学院;
【基金】：国家自然科学基金青年基金项目(71303021) 中央高校基本科研业务费专项资金资助项目(2012WYB34;SKZZX2013033) 中国博士后科学基金资助项目(2014M550630) 北京市社会科学基金项目(14JGC100) 四川省高校科研创新团队“自由贸易区战略与人民币区研究”(JBK130504)的资助
【分类号】：F832.6;F752.62;F273.2

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