动态可贸易部门、生产率异质性与人民币升值—基于企业数量内生的Balassa-Samuelson模型
阅读全文
下载全文 |
| Title | Dynamic Tradable Sectors, Productivity heterogeneity and RMB appreciation—Evidence from revised Balassa-Samuelson Model
|
| 作者 | 张晓莉 |
| Author | Zhang Xiaoli |
| 作者单位 | 上海对外贸易学院国际经贸学院 |
| Organization | Shanghai Institute of Foreign Trade |
| 作者Email | zxl-mailbox@163.com |
| 中文关键词 | 全要素生产率 贸易条件 实际汇率 Balassa-Samuelson效应 |
| Key Words | TFP; Terms of Trade; Real Exchange Rate; Balassa-Samuelson effect |
| 内容提要 | 本文基于扩展的Balassa-Samuelson模型采用动态数值模拟分析企业数量内生条件下的异质性生产率对实际汇率的影响，结果表明：在国内外商品不同的替代弹性区间，生产率对人民币实际汇率的影响符合“巴-萨”的理论预期，贸易部门企业生产率的相对提高促使了人民币相对升值，其中贸易条件起到了重要的传导作用。基于选择进入的可贸易企业对实际汇率产生实际影响的考虑，本文进一步采用微观企业数据库估计企业全要素生产率，并引入“动态可贸易部门”概念较好地结合了企业数量内生对实际汇率产生的影响，并从企业、行业等层面分析了人民币汇率升值压力的具体来源。 |
| Abstract | this paper examines the impact of productivity heterogeneity on RMB real exchange rate based on Balassa-Samuelson model with revision of endogenous number of firms. Using numerical simulation, we find the impact of productivity on RMB exchange rate is in line with classical Balassa-Samuelson model under different elasticity of substitution between products made in home and foreign. The relative increasing of productivity in tradable sectors cause RMB appreciation, but the term of trade plays a import role in the transition process. Considering the endogenous number of firms, we use firm-level data to estimate TFP and apply “dynamic tradable sectors” to classify those firms, details appreciation of RMB has been classified by applying panel fixed effects estimation. |
| 文章编号 | WP392 |
| 登载时间 | 2012-11-09 |
|