Exchange rate pass-through to export prices in China: does product quality matter?

被引：4

作者：

Chen, Ting ^{[1
]}

Luo, Wenjie ^{[2
]}

Xiang, Xunyong ^{[3
,4
]}

机构：

[1] Guangdong Univ Finance & Econ, Sch Finance, Guangzhou, Peoples R China

[2] Hong Kong Univ Sci & Technol Guangzhou, Urban Governance & Design Thrust, Guangzhou, Peoples R China

[3] Jinan Univ, Inst Ind Econ, Guangzhou, Peoples R China

[4] Jinan Univ, Inst Ind Econ, 601 Huangpu Ave West, Guangzhou, Peoples R China

来源：

APPLIED ECONOMICS | 2024年 / 56卷 / 56期

基金：

中国国家自然科学基金;

关键词：

Exchange rate pass-through; pricing-to-market; product quality; incomplete pass-through; multi-product firms; D21; F12; F14; F31; L60; PRICING-TO-MARKET; TRADE LIBERALIZATION; RATE MOVEMENTS; COMPETITION; MODEL; DIFFERENTIATION; ENVIRONMENT; ADJUSTMENT; INFLATION; MARGINS;

D O I：

10.1080/00036846.2023.2283778

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using a unique data set of Chinese firm-product-destination level export on the period 2000-2013, this paper investigates the effect of real exchange rate changes on multi-product firms' price setting decisions on export product with heterogeneous levels of quality. We find less exchange rate pass-through (ERPT) for higher-quality products. Meanwhile, the ERPT is higher when the Renminbi (RMB) appreciates than when it depreciates, and product quality has a greater effect on the ERPT during RMB depreciation. Furthermore, higher distribution costs lead to more pricing-to-market (PTM) and less pass-through. This heterogeneity in ERPT is also robust in different samples and econometric specifications. Combined with the existing studies on the effects of firm heterogeneity on the ERPT, our study helps piece together a more complete picture of the heterogeneity across firms in their reaction to export prices when the exchange rate changes.

引用

页码：7454 / 7468

页数：15

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