汇率波动对差异化产品出口定价的影响

借鉴Hotelling模型和Lancaster的产品差异化概念,构建一个从事跨国生产和销售的三国框架,研究多国汇率因素对国际双头垄断市场上差异化产品价格的传导效应。研究显示:受资国汇率单边波动对跨国企业出口价格表现为负向不完全传导,其弹性值取决于跨国企业内部母子公司的相对成本。当投资国和受资国汇率均出现波动时,跨国企业出口价格的综合弹性相当于"加权"的单边汇率弹性;总体上看,汇率相对波动幅度与跨国企业母子公司相对成本这两个指标的相对位置,决定了综合弹性的传导机制(叠加/抵消)和方向。在某临界条件下,综合弹性的绝对值大于1,汇率波动对跨国企业出口价格的传导程度显著;反之,汇率对跨国企业出口价格的综合传递效应弱化。

Analysis of Exchange Rate Effect on Export Price of Differentiated Products

Referenced by Hotelling model and Lancaster′s idea of product differentiation, the paper makes an analysis of exchange rate effect on export price through establishing the three-nation framework. The model indicates that: (1) The elasticity of exchange rate on export price is less than 1, depending on the relative cost ratio of the MNCs′ parent company and its affiliate. (2) If the exchange rates of nation 1 and 2 all fluctuate, the total elasticity of exchange rates on export price will be the "weighted" elasticity of exchange rate on export price. (3) The pass-through total effect of exchange rates on export price will be significant with elasticity more than 1 when the two indicators, such as relative range of exchange rates and relative production cost of MNCs, satisfy some specific condition.