Quality Trade And Exchange Rate Pass Through
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Quality Trade And Exchange Rate Pass Through
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Author : Natalie Chen
language : en
Publisher: International Monetary Fund
Release Date : 2014-03-12
Quality Trade And Exchange Rate Pass Through written by Natalie Chen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-12 with Business & Economics categories.
This paper investigates theoretically and empirically the heterogeneous response of exporters to real exchange rate fluctuations due to product quality. Our model shows that the elasticity of demand perceived by exporters decreases with a real depreciation and with quality, leading to more pricing-to-market and to a smaller response of export volumes to a real depreciation for higher quality goods. We test the proposed theory using a highly disaggregated Argentinean firm-level wine export dataset between 2002 and 2009 combined with experts wine rankings as a measure of quality. The model predictions find strong support in the data and the results are robust to different measures of quality, samples, specifications, and to the potential endogeneity of quality.
The Exchange Rate Pass Through To Import And Export Prices
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Author : Ehsan U. Choudhri
language : en
Publisher: International Monetary Fund
Release Date : 2012-09-01
The Exchange Rate Pass Through To Import And Export Prices written by Ehsan U. Choudhri and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-01 with Business & Economics categories.
Using both regression- and VAR-based estimates, the paper finds that the exchange rate pass-through to import prices for a large number of countries is incomplete and larger than the pass-through to export prices. Previous studies have reported similar results, which give rise to the puzzle that while local currency pricing is needed to account for incomplete import price pass-through, it would not imply a lower export price pass-through. Recent explanations of this puzzle have emphasized markup adjustment in response to exchange rate changes. This paper suggests an alternative explanation based on the presence of both producer and local currency pricing. Using a dynamic general equilibrium model, the paper shows that a mix of producer and local currency pricing can explain the pass-through evidence even with a constant markup. The model can also explain the observed exchange rate and inflation variability as well as the fact that the regression and VAR estimates tend to be similar.
Exchange Rates And Trade
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Author : Mr.Daniel Leigh
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-15
Exchange Rates And Trade written by Mr.Daniel Leigh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-15 with Business & Economics categories.
We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over time. Economic slack and financial conditions affect the relationship, but there is limited evidence that participation in global value chains has significantly changed the exchange rate–trade relationship over time.
An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-06
An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-06 with Business & Economics categories.
Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.
Exchange Rate Volatility Pricing To Market And Trade Smoothing
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Author : Mr.Peter B. Clark
language : en
Publisher: International Monetary Fund
Release Date : 1997-10-01
Exchange Rate Volatility Pricing To Market And Trade Smoothing written by Mr.Peter B. Clark and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-10-01 with Business & Economics categories.
This paper investigates the consequences of exchange rate volatility on the variability of export prices and quantities in the presence of market segmentation and pricing to market. Firms stabilize destination prices through systematic price discrimination, limiting the degree of exchange rate pass-through. Consequently, the variability of exchange rates is not fully translated into prices and quantities at the point of destination. Empirical estimates using aggregate price data for the G-7 industrial countries show incomplete pass-through in variances, with considerable variation among these countries. U.S. industry specific data also indicate incomplete pass-through in most cases, with considerable variation across industries.
Exchange Rate Pass Through And Product Heterogeneity
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Author :
language : en
Publisher:
Release Date : 2014
Exchange Rate Pass Through And Product Heterogeneity written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Quality Trade And Exchange Rate Pass Through
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Author : Natalie Chen
language : en
Publisher: International Monetary Fund
Release Date : 2014-03-12
Quality Trade And Exchange Rate Pass Through written by Natalie Chen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-12 with Business & Economics categories.
This paper investigates theoretically and empirically the heterogeneous response of exporters to real exchange rate fluctuations due to product quality. Our model shows that the elasticity of demand perceived by exporters decreases with a real depreciation and with quality, leading to more pricing-to-market and to a smaller response of export volumes to a real depreciation for higher quality goods. We test the proposed theory using a highly disaggregated Argentinean firm-level wine export dataset between 2002 and 2009 combined with experts wine rankings as a measure of quality. The model predictions find strong support in the data and the results are robust to different measures of quality, samples, specifications, and to the potential endogeneity of quality.
Trade Integration Competition And The Decline In Exchange Rate Pass Through
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Author : Christopher J. Gust
language : en
Publisher:
Release Date : 2006
Trade Integration Competition And The Decline In Exchange Rate Pass Through written by Christopher J. Gust and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Imports categories.
Exchange Rate Credit Constraints And China S International Trade
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Author : Miaojie Yu
language : en
Publisher: Springer Nature
Release Date : 2021-01-05
Exchange Rate Credit Constraints And China S International Trade written by Miaojie Yu and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-05 with Business & Economics categories.
This book, by one of China's leading economists, explores the past and present of the RMB—the people's currency—as it is poised to compete with the dollar as the international reserve currency. Exchange rate movement and its pass-through to changes in domestic prices have been topics of wide concern among economists. However, relatively few studies have empirically investigated the relationship between exchange rate movements and China's international trade.This book fills this gap, using the general equilibrium theory of the western economic science norm systems, integrating the leading heterogeneous firm theory of international trade, attempting to set up a theoretical structural model for further prediction, and applying the data from sample cases to examine the structural model. This book will be of interest to economists, financiers, and China watchers.
Quality Pricing To Market
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Author : Raphael Auer
language : en
Publisher:
Release Date : 2014
Quality Pricing To Market written by Raphael Auer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with International trade categories.
We examine firm's pricing-to-market decisions in vertically differentiated industries featuring a large number of firms that compete monopolistically in the quality space. Firms sell goods of heterogeneous quality to consumers with non-homothetic preferences that differ in their income and thus their marginal willingness to pay for quality increments. We derive closed-form solutions for the pricing game under costly international trade, thus establishing existence and uniqueness. We then examine how the interaction of good quality and market demand for quality affects firms' pricing-to-market decisions. The relative price of high quality goods compared to that of low quality goods is an increasing function of the income in the destination market. When relative costs change, the rate of exchange rate pass-through is decreasing in quality in high income countries, yet increasing in quality in low-income countries. We then document that these predictions receive empirical support in a dataset of prices and quality in the European car industry.