Econometric Analysis on the Effects of Exchange Rate Fluctuation on Internal-External Price Differentials

作为本研究项目的最后一年，我们集中研究了以下三个课题：（1）全球化时代的企业定价行为分析（2）利用国际比较价格（ICP）数据对内外价差的决定因素进行国际比较（3）对内外价差的规制和政治经济因素进行分析（1）构建了日本企业海外子公司的企业级微观数据库，并连接了企业内贸易数据。我们现在的日本企业的外国子公司和连接的数据，公司内贸易。我们现在不得不面对一个将商品价格数据与数据库连接起来的难题。不过，我们很快就可以报告我们在这个问题上的初步结果。至于2），我们再次不得不花费大量的时间在数据匹配和清理。但是，我们撰写了题为“利用ICP数据测算非关税壁垒的关税等价物：初步结果”的论文，目前正在准备发表。关于3），与一般认为通货紧缩经济中内外价格差问题已经过时的看法相反，我们发现了一些没有解决根本问题的部门。我们将在不久的将来编写一份政策性文件。

As the last year of the three-year project, we concentrated on the following three research topics:1) Analysis on corporate firm's pricing behavior In the era of globalization2) International comparison of factors which determine internal-external price differentials by using the data of International Comparison of Prices (ICP), and3) Analysis on regulatory and politico-economic factors generating internal-external price differentials.As for 1), we constructed questionnaire-level micro database of foreign affiliates of Japanese firms and connected the data of intra-firm trade. We now foreign affiliates of Japanese firms and connected the data of intra-firm trade. We now have to face a difficult problem in connecting commodity price data with the database. However, we can report our preliminary result on this issue soon.As for 2), again we had to spend huge amount of time in data matching and cleaning. However, we wrote up a paper titled "The Measurement of Tariff Equivalents of Nontariff Barriers by Using ICP Data: Preliminary Results" and are now preparing for publication.As for 3), on the contrary to general perception that the internal-external price differential problem is passe in the deflationary economy, we found a number of sectors which have not solved fundamental problems. We will write up a policy-oriented paper in the near future.