Sectoral Price Movements under the Yen Appreciation
Sectoral Price Movements under the Yen Appreciation
复制标题
日元升值下的行业价格变动
DOI：
10.1006/jjie.1997.0394
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发表时间：
1997
影响因子：
2.9
通讯作者：
Hiroki Kawai
中科院分区：
文献类型：
--
作者：
Y. Sazanami;F. Kimura;Hiroki Kawai
摘要本文分析了日本贸易品价格的变动情况。进口价格指数和出口价格指数与日本国内最详细的批发价格指数相匹配，并在日元升值期间（1985-1995年）的定价行为进行了检查。在进口方面的分析中，我们研究了在货币升值的情况下，价格变动偏离一价定律的程度。我们发现，自1985年以来，大多数产品的内外价差都令人惊讶地扩大了。对于一些商品来说，进口价格并没有随着汇率的升值而下降，而国内批发价格也没有随着进口价格的下降而下降。尽管扩大的价格差距不一定是故意设置贸易壁垒的结果，但它们表明，进口商品受到了某种障碍，日元升值产生的大部分租金被截留在中间。在出口方面的分析中，研究了企业活动的全球化与出口传递之间的关系。根据截面回归分析，日本企业的海外产品附加值比率越高，出口的转嫁率越低。在货币升值情况下，出口传递率低往往被解释为公司试图保持其外国市场份额的结果，但公司活动的全球化可能是降低传递率的另一个重要因素。日本国际经济杂志，1997年12月，11（4），pp. 611-641.庆应义塾大学经济学系，地址：日本东京都港区三田2-15-45。
Abstract This paper analyzes the movements of tradable goods prices in Japan. The import price indices and the export price indices are matched with the domestic wholesale price indices at the most detailed level available for Japan, and the pricing behavior in the yen appreciation period (1985–1995) is examined. In the import-side analysis, we investigate how far the price movements under currency appreciation deviate from the law of one price. We find that internal–external price differentials have surprisingly expanded for most of the products since 1985. For a number of commodities, the import prices do not decline as far as the exchange rate appreciates, and the domestic wholesale prices do not decrease as far as the import prices decline. Although the expanded price gaps cannot necessarily be interpreted as a result of deliberate trade barriers, they suggest that some sort of handicap is imposed on imported goods and the large fraction of rent generated by the yen appreciation is intercepted in the middle. In the export-side analysis, the relationship between the globalization of firms' activities and export pass-through is investigated. Our cross-sectional regression analysis indicates that the export path-through rates tend to be low when the value added ratios of foreign production of Japanese firms are high. Low export pass-through under currency appreciation is often interpreted as a result of firms' attempts to keep their foreign market share, but the globalization of firms' activities may be another important factor in lowering the pass-through. J. Japan Int. Econ., December 1997, 11 (4), pp. 611–641. Department of Economics, Keio University, 2-15-45 Mita, Minato-ku, Tokyo 108, Japan.