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

作为三年项目的最后一年，我们集中研究了以下三个主题：1)全球化时代企业定价行为分析；2)利用国际价格比较（ICP）数据对决定内外价差的因素进行国际比较；3)对产生内外价差的监管和政治经济因素进行分析。对于1)，我们构建了问卷级的日本企业海外子公司微观数据库，并连接了企业内部贸易数据。我们现在是日本公司的外国子公司，并连接了公司内部贸易的数据。如何将商品价格数据与数据库连接起来，是我们目前面临的一个难题。不过，我们很快就会报告这个问题的初步结果。对于2)，我们同样需要花费大量的时间进行数据匹配和清理。然而，我们写了一篇题为《利用ICP数据衡量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。至于3)，与普遍认为内部-外部价格差异问题在通货紧缩经济中已经过去的看法相反，我们发现许多部门没有解决根本问题。我们将在不久的将来写一篇政策导向的论文。

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.