文献类型：期刊文献

中文题名：汇率传递异质性对中美贸易失衡的解释

英文题名：The Explanation of Exchange Rate Pass-through Heterogeneity between China and the US

作者：廖泽芳[1];李婷[2]

机构：[1]上海海洋大学经济管理学院;[2]广东海洋大学经济学院

年份：2017

卷号：0

期号：7

起止页码：88

中文期刊名：世界经济研究

外文期刊名：World Economy Studies

收录：CSTPCD、、北大核心2014、CSSCI2017_2018、北大核心、CSSCI

基金：教育部人文社会科学研究规划基金项目"美国非常规货币政策对中国经济的溢出效应:基于大宗商品价格波动的视角"(批准号:14YJ790027);广东省自然科学基金项目"附加值贸易网络关系视角的中国对外贸易模式及转型升级研究(批准号:2016A030313744)";广东省软科学研究计划项目"广东建设海上丝绸之路经济带科技合作圈的模式与路径研究(批准号:2016A070705063)"

语种：中文

中文关键词：货币政策;汇率传递;贸易失衡调整

中文摘要：文章利用VAR模型考察2000~2015年期间中美货币政策对双边贸易的非对称传导事实,从理论上分析中美贸易失衡调整的汇率传递因素,并根据贸易价格汇率传递模型,估计了中美两国出口和进口价格方程,实证检验了中美两国进出口汇率传递的异质性:美国从中国进口的汇率弹性较低,对中国出口的汇率弹性较高,而中国从美国进口的汇率弹性较高,对美国出口的汇率弹性较低,贸易定价模式不同以及汇率制度、通胀率、企业经营效率及商品品质等方面的差异是中美汇率传递异质的主要影响因素。因此,美国扩张性货币政策对中美贸易余额调整的作用非常有限,中美贸易差额不在于人民币汇率的高低,而在于中美国际分工地位和经济结构差异。同时,中国应稳步推进人民币汇率形成机制改革,改善企业经营环境,提高出口商品质量,争取对外贸易定价权。

外文摘要：This paper uses the VAR model to study the fact that the asymmetric transmission of China-US monetary policy to bilateral trade during 2000 ~ 2015,and theoretically analyzes the exchange rate pass-through factors of China-US trade imbalance adjust-ment. Based on the theoretical model of exchange rate pass-through on trade price,we estimate the export and import price equations of China and the United States,and further tests the heterogeneity of the exchange rate pass-through between import and export. The elasticity of the US imports from China is relatively low,and the elasticity of the US exports to China is higher. Different trade pricing models,as well as difference in exchange rate regime,inflation rate,business efficiency,commodity quality and other aspects are the main factors influencing China-US exchange rate pass-through heterogeneity. Therefore,the expansionary monetary policy of the United States on the role of reducing China-US trade balance is very limited,China-US trade balance is not due to the underestimation of RMB exchange rate,but rather the status of China-US international division of labor and the differences of economic structure. At the same time,China should steadily push forward the RMB exchange rate formation mechanism reform,improve business environment,enhance the quality of export commodities,and strive for foreign trade pricing power.