| 风险补偿视角下的汇率传递及其国别差异——基于深圳和黄埔港出口数据的实证 |
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| 引用本文： | 胡冬梅,潘世明.风险补偿视角下的汇率传递及其国别差异——基于深圳和黄埔港出口数据的实证[J].当代经济科学,2011(6). |
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| 作者姓名： | 胡冬梅 潘世明 |
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| 作者单位： | 1. 深圳大学经济学院,广东深圳,518060
2. 西安交通大学管理学院,陕西西安,710049 |
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| 摘 要： | 本文基于2000年1月至2008年12月深圳和黄埔港口大类8位数HS编码出口商品月度单价，构建面板模型，研究经两港出口至美、德、英和日本商品的汇率传递效应及汇率预期对厂商定价的影响。实证显示，即期汇率传递率较高，厂商定价对人民币即期升（贬）值较敏感，且国别差异显著；出口商根据本币预期升（贬）值幅度相应调高（低）报价，以规避汇率风险。因此，汇率波动向出口商品本币价格的传导实际上存在两个渠道，当市场普遍预期未来汇率会发生较大的变化，即使即期名义汇率保持稳定，预期的改变可能已经悄然传导到价格上，并实际地影响到贸易量。
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| 关 键 词： | 汇率传递 国别差异 汇率预期 风险补偿 出口商品定价 |
Exchange Rate Pass-through,Country Effect and Risk Compensation:A Cross Country Test Based on the Data from Two Ports of China |
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| HU Dong-mei,PAN Shi-ming.Exchange Rate Pass-through,Country Effect and Risk Compensation:A Cross Country Test Based on the Data from Two Ports of China[J].Modern Economic Science,2011(6). |
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| Authors: | HU Dong-mei PAN Shi-ming |
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| Institution: | HU Dong-mei,PAN Shi-ming(1.School of Economics,Shenzhen University,Shenzhen 518060,China,2.School of Management,Xi'an Jiaotong University,Xi'an 710049,China) |
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| Abstract: | Based upon highly disaggregated HS 8-digit monthly unit price collected from Shenzhen and Huangpu,this paper examines the exchange rate pass-through to the RMB price of 15 HS 2-digit commodities exporting to U.S.A.,Germany,U.K.and Japan,using a panel data model,where we assume Chinese exporters take the exchange rate expectation into consideration and require a higher price in foreign currencies when there is an expected appreciation of RMB(or lower the price in the case of depreciation) to reflect the uniq... |
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| Keywords: | Exchange Rate Pass-through Country Effect Exchange Rate Expectation Risk Compensation Export Pricing |
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