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IMF Staff Papers Logo last updated: December 2001
Volume 48, Number 2
 
Exchange Rate Movements and Tradable Goods Prices in East Asia: An Analysis Based on Japanese Customs Data, 1988–1999
By Shinji Takagi and Yushi Yoshida

Full Text of this Article (PDF 111 K)

Abstract:This paper uses a dynamic panel data model to estimate the pass-through coefficients of 20 nine-digit industrial commodities that are traded between Japan and its East Asian and industrial country trading partners. By using the monthly series of unit export and import values obtained from the Japanese customs data for the period 1988–99, it shows that price pass-through is much larger for Japanese exports than for Japanese imports, suggesting that the yen prices of Japanese imports do not fall (rise) very much when the yen appreciates (depreciates), whereas the prices of Japanese exports rise (fall) considerably in the buyer’s currency. With the notable exception of some imports from Malaysia, the degree of price pass-through was not qualitatively affected by the Asian currency crisis of 1997. [JEL F14, F32]

2001 International Monetary Fund