| The exchange rate as an economic lever for the economy plays an extremely important role.Although the RMB exchange rate during several international financial crisis occasionally faced devaluation expectations,but in most times,and especially since 2003,the expectations of the RMB exchange rate is to be continued to appreciate.At the same time,from 2005 to 2008,the period of RMB against the U.S.dollar appreciating,also happens to be a period of rapid expansion of China's trade surplus.And from the dynamic mechanism of appreciation of the RMB against the US dollar,due to China's comparable rates are still higher than US,the RMB nominal exchange rate is still below the equilibrium exchange rate,China's trade surplus with the United States has continued,as well as China's labor productivity g rowth is still continuing higher than the US,the RMB against the US dollar will remain faced with the inherent power of appreciation.Then,whether the RMB appreciation will change China's export product prices and export volume? To what extent can adjust ? In view of the above problems,this paper will study the impact of RMB exchange rate on the price and quantity of China's export products based on RMB exchange rate Pass-through.First,we begin the study with the continuous appreciation of the RMB excha nge,while the rate has continued to increase with th e trade surplus on the contrary,andthis paper treats it as the main background transfer phenomena and the logical starting point.Then we attempts to explore the RMB exchange rate pass-through effect from the new interpretation.We have reviewed and combed relevant theoretical and empirical research of exchange rate p ass-systematic.Next,respectively,we constructed theoretical model and conducted empirical research from business productivity,capital constraints and product quality which based on the data of China's industrial enterprises,China Customs import and export data from a large sample of data matching.First,from production efficiency perspective,we construct the theoretical model of heterogeneous enterprise earning from Bermanetal(2012),and we conduct an impact of RMB Real Exchange Rate Changes on the exporting prices and exporting volume on the basis of empirical studies.Then we carried out an expanded discussion to focuses on the role intermediate TFP on the basis of this.Again,we analyzed the data of enterprise,industry and had a robust discussion,thenwe draw a conclusion and have a summary for this section.Secondly,from the capital constraint perspective,we introduce exchange rat e factors and financial factors at the basic framework of heterogeneous enterprise theoretical model to analyze the effects of exchange rate changes on export prices and quantities;Then,we made the number of the regional commercial banks as a proxy varia ble of financial development through the founding of New China's more than 20 million Financial institutions organize.Then,we conduct empirical analysis that is the intermediate effect of RMB real effective exchange rate changes on export prices and quan tities in the impact of financial development.Again,we examine the impact differences about the nature of commercial banks,corporate ownership type,trade type.Third,from the product quality perspective,the feature of this study is we joint test the ability of how export product quality and quality of imported products affect enterprises to feedback the impact on changes in exchange rates.In the model developed in this paper,the exporters not only exporting quality products,but also acting as the monopoly of high-quality intermediate products importers in the competitive market.According to the model derivation,importing high-quality products will reduce the exchange rate pass-through effects of the exporter,the high erthe quality of product,the weaker effect it is.Then this paperanalyzed further on two levels of imported products quality and quality of export products based on matching data from the impact of exchange rate changes on price changes in the price of imported products,and the pric e of imported intermediate inputs to pass on the exchange rate.Research findings:1.RMB exchange rate changes on the impact of the export product price and the number of export is not completely passed.With the increase in the real effective exchange rate of RMB,which is expressed by the direct quotation,namely the value of the national currency depreciation,the price elasticity of the product is positive,and it is significant at the 1% level.That is,the real exchange rate increases(RMB depreciation)while the enterprise product price increases.The real exchange rate reduces(domestic currency appreciation)while enterprise product prices decrease.That is,the RMB real effective exchange rate depreciation will lead to increasing enterprise export prices and export volume,and with the increase in productivity,producer price elasticity increased,enterprise export demand elasticity decreased.2.The development of external financial markets can effectively ease the financial constraints of enterprises,and thus help to enhance the enterprise's pricing power in the national market,increase the number of exports.When the exchange rate changes,the influence that the level of external financial development improved have on export due to bank type,business ownership,trade type.Specifically,with the increase in non-state-owned commercial banks,export prices(quantity)exchange rate flexibility will increase;local level development of the banks can better alleviate the private capital firms and corporate capital business capital constraints in order to raise export prices(quantity).3.The impact of the intermediate input of enterprises import on export price elasticity of the exchange varies from the position of quality ladder of the international trade quality.The higher the import's proportion of intermediate input of the export enterprises,the stronger the ability to offset exchange rate fluctuation,and the effect of high quality export products will be weakened.Finally,we put forward some policy suggestions on deepening the reform of the exchange rate system in our country,improving the production efficiency,accelerating the reform of the financial system and implementing the positive import policies,improving the quality of export products and so on. |
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