Invoicing and the dynamics of pricing-to-market: Evidence from UK export prices around the Brexit referendum
Invoicing and the dynamics of pricing-to-market: Evidence from UK export prices around the Brexit referendum
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发票和市场定价动态：英国脱欧公投前后英国出口价格的证据
DOI：
10.1016/j.jinteco.2022.103570
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发表时间：
2022
影响因子：
3.3
通讯作者：
Corsetti G
中科院分区：
文献类型：
--
作者：
Corsetti G
我们提供的微观计量经济学证据表明，在英国退欧公投后英镑持续大幅贬值后，受影响，以生产国货币开具发票的交易的汇率传递(ERPT)是完整的，而以工具或目的地市场货币开具发票的销售交易的汇率传递(ERPT)较低。然而，这些差异在六个季度内显著缩小。货币走弱并不意味着英国出口产品的价格竞争力持续增强。在细粒度层面上，我们发现英国出口商以多种货币开具发票--即使是在将一种产品运往同一目的地时--并随着时间的推移更换货币。值得注意的是，我们没有发现针对英国退欧冲击的发票货币的相对份额发生了重大变化。最后但同样重要的是，我们发现英国公司只有在以目的地市场货币开具销售发票时，才会按市场定价，即根据双边汇率和CPI变动调整加价。
We provide micro-econometric evidence that, following the large and persistent sterling depreciation after the Brexit referendum, on impact, exchange rate pass-through (ERPT) was complete for transactions invoiced in producer currency and low for sales invoiced either in a vehicle or in the destination market currency. Yet these differences strikingly narrowed within six quarters. A weaker currency did not translate into a persistent gain in price competitiveness for UK exports. At a granular level we find that UK exporters invoice in multiple currencies—even when shipping a product to the same destination—and switch currencies over time. Remarkably, we fail to detect significant changes in the relative shares of invoicing currencies in response to the Brexit shock. Last but not least, we find that UK firms price-to-market, i.e., adjust markups to bilateral exchange rate and CPI movements, only when they invoice sales in the destination-market currency.