金融危机背景下中国澳大利亚汇率波动的贸易传递效应

本文利用中国和澳大利亚两国贸易的月度数据,分析了在美国金融危机冲击下澳元和人民币汇率变化对中国和澳大利亚出口厂商定价行为的影响。研究发现,厂商的价格歧视及歧视程度随产品的不同各异。由于中国某些产品和澳洲当地产品具有较强的可替代性,"出口价格粘性"现象在中国向澳大利亚出口定价中有所体现;另一方面,由于澳大利亚的资源禀赋优势,某些产品拥有国际定价权,"出口价格粘性"现象在澳大利亚对中国的出口产品中没有得以体现。

The Pass-through Effects of China-Australia Exchange Rate on Bilateral Trade under Current Financial Crisis

This study conducts an empirical research examining Sino-Australian exchange rate fluctuation and the impacts on pricing strategy of exporting firms in two countries.In the paper,"pass-through effect" model is applied to analyze pricing adjustment of exporting firms effected by the exchange rate volatility.The major results are as follows: first,we observe that local price stickiness is asymmetric in exporter′s pricing responses of two countries.Exports commodity from China to Australia has shown a high level of local price stickiness,which indicates more inflexibility for the pricing of exporters in China.We however observed nonequivalence with regard to exports from Australia to China.The possible reason for such outcome may lie in the fact that the commodities in two countries have different substitutability with the corresponding destination countries.