东亚经济体的汇率稳定与出口结构因素

本文从理论视角描述了汇率对出口价格传递机制:在进口的投入品比例高时,或出口产品与外国产品相似、竞争激烈时,出口变化对汇率的变动不敏感。而东亚地区出口结构符合这一特性。对于不可避免地增加汇率弹性的中国,也只有使出口结构高级化,才是人民币升值坚实的基础。

Stability of Exchange Rate and Export Structure in East Asia

This paper introduced a model of export price pass-through of exchange rate, which showed that the more imported input the export goods consist of, or the more substitutions the export goods face to, the more insensitive export is to exchange rate variability. The export structures in Asian Countries are in this case. Consequently we can get the conclusion that improving export structure is the fundamentals of appreciation of RMB.