摘要
文章基于汇率传递的视角，详细考察了中国贸易价格的汇率传递问题，通过构建贸易价格指数和汇率指数，分析了中国总体、分类商品、分贸易伙伴的汇率传递弹性及其对称性。从总体上看，中国贸易价格的汇率传递弹性具有不完全传递的特征，出口和进口的价格汇率传递弹性仅约为20％，且两者变化均与人民币汇率变动密切相关。从分类商品上看，各类商品的汇率传递弹性体现出明显的异质性，其中，矿产品和化工产品的出口；12率传递弹性较大，动植物和金属产品的进口汇率传递弹性较高。人民币汇率变动方向和幅度对汇率传递的影响基本存在对称性，人民币汇率制度改革也并未明显影响汇率传递的程度。从分国别上看，以美国和韩国为例，中国与前者贸易价格的汇率传递弹性明显较大，是与后者的2．5～3倍左右。
Based on the perspective of exchange rate pass-through,this paper inspected the issue of China' s Exchange Rate Passthrough,by building the index of China's trade price and exchange rate. Overally,China's exchange rate pass-through price elasticity is not fully transferred. Export and import price exchange rate pass-through elasticity is only about 20%,and both are closely related to changes in RMB exchange rate. From the perspective of product classification,there is some difference between each products' exchange rate pass-through elasticity,for example,Mining products and Chemical Products have higher elasticity of export exchange rate pass-through. Further research also shows that the direction and magnitude of RMB exchange rate pass-through is basically symmetric. The reform of RMB exchange rate regime also did not significantly affect the degree of exchange rate passthough. Globally,taking U. S. and South Korea for example,the trade price elasticity of exchange rate pass-through between China and the former is obviously higher than the later at about 2. 5 ~ 3 times.
出处
《世界经济研究》
CSSCI
北大核心
2016年第9期73-85,96,共14页
World Economy Studies
