【摘要】 本文研究的是日本进入浮动汇率以来日元汇率对进口价格的转嫁率及其特征。实证分析结果表明,1971年至2003年,日元汇率的短期和长期进口价格转嫁率分别为0.60和0.75。进入浮动汇率以来,日元汇率对进口价格的转嫁率呈现逐步下降的趋势。从细分行业来看,化学制品、能源的短期汇率转嫁率下降速度较快。日元汇率对进口价格的转嫁率逐步走低的原因主要有日本海外直接投资的增加导致的企业内贸易不断扩大和90年代以来全球低通货膨胀的宏观经济环境。更多还原

【Abstract】 This paper studies the pass - through effect of Yen - Dollar exchange rate on Japan’s import pricing since Japan adopted floating exchange rate system. The empirical results of the pass - through model show that during the period of 1971 - 2003, the short term and long term exchange rate pass - through rates Yen on Japan’s import pricing are 0.6033 and 0.75 respectively. Since the adoption of floating exchange rate system, Yen’ s pass - through rate has showed steady downward trend. As for the pass - through effect of various industries, the short term pass - through rates of chemical products and energy resources have declined rather rapidly, followed by metal and fabric products. The downward trend of pass - through rate of Yen are mainly because ever enlarging trade within Japanese enterprises as a result of increasing FDI and the global low- inflation macroeconomic environment since the 1990s.更多还原