OPTİMAL İHRACAT PARA BİRİMİ SEÇİMİ: TEORİK BİR YAKLAŞIM

Yıl 2022, , 492 - 506, 30.06.2022

Seyhan Aygul Nasır

https://doi.org/10.17130/ijmeb.1027984

Öz

Uluslararası ticarette kullanılan faturalama para birimi para politikasının aktarım mekanizması açısından oldukça önemli bir konudur. Devereux, Engel ve Storgaard’ın (2004) teorik çerçevesini takip eden bu çalışma, Chung’da (2016) olduğu gibi ithal ara mallarının faturalandırma para birimi kararındaki rolünü analiz etmektedir. Bununla birlikte, ikinci üretim faktörü olarak sermayenin, emeğin tek üretim faktörün olduğu modele eklenmesiyle, teorik model daha kapsayıcı bir üretim fonksiyonuyla geliştirilmektedir. Böylece, faturalama para birimi literatüründe ithal girdileri de içeren iki üretim faktörlü yeni bir teorik model ortaya konmuştur. Modelimizde, üretimin sadece emeği değil aynı zamanda sermayeyi de içerdiği durumlarda daha gerçekçi maliyet endeksini içeren kovaryans terimleri, fiyatlandırma stratejilerine ilişkin karar vermede kritik bir rol oynamaktadır.

Anahtar Kelimeler

faturalandırma para birimi, ara malları, üretici döviz fiyatlandırması PCP, yerel döviz fiyatlandırması LCP, araç döviz fiyatlandırması VCP

THE OPTIMAL CHOICE OF EXPORT CURRENCY: A THEORETICAL APPROACH

Öz

The invoicing currency choice in international trade is a vital issue for the spread of business cycles and monetary policy. Following Devereux, Engel and Storgaard’s (2004) theoretical framework, this paper allows the role of imported intermediate goods in the decision of invoicing currency as in Chung (2016). However, we extend the model by a more general production function, adding capital as the second factor of production. We, thus, develop a novel model with two factors of production in the invoicing currency literature that also features imported inputs. In our model, the covariance terms involving the more realistic cost index when production involves not just labour but also capital play a critical role in decision making on pricing strategies.

Anahtar Kelimeler

currency invoicing, intermediate goods, vehicle currency pricing, local currency pricing, producer currency pricing

Kaynakça

• Akgunduz, Y.E. and Fendoglu, S., 2019. Exports, Imported Inputs, and Domestic Supply Networks. Research and Monetary Policy Department, Central Bank of the Republic of Turkey. Working Papers No:1908
• Amiti, M. and Konings, J., 2007. Trade liberalization, intermediate inputs, and productivity: Evidence from Indonesia. American Economic Review, 97(5), pp.1611-1638.
• Bacchetta, P. and van Wincoop, E., 2005. A theory of the currency denomination of international trade. Journal of International Economics, 67, 295-319.
• Bas, M. and Strauss-Kahn, V., 2014. Does importing more inputs raise exports? Firm-level evidence from France. Review of World Economics, 150(2), pp.241-275.
• Betts, C. and Devereux, M.B., 1996. The exchange rate in a model of pricing-to-market. European Economic Review, 40(3-5), pp.1007-1021. Betts, C. and Devereux, M.B., 2000. Exchange rate dynamics in a model of pricing-to-market. Journal of International Economics, 50(1), pp.215-244.
• Castellani, D., Serti, F. and Tomasi, C., 2010. Firms in international trade: Importers’ and exporters’ heterogeneity in Italian manufacturing industry. World Economy, 33(3), pp.424-457.
• Castellani, D. and Fassio, C., 2016. Import, Export and Multinationality. Evidence from Swedish Firms. Rivista di Politica Economica, 7, pp.129-151.
• Chung, W., 2016. Imported inputs and invoicing currency choice: Theory and evidence from UK transaction data. Journal of International Economics, 99, pp.237-250.
• Corsetti, G. & Pesenti, P. 2004. Endogenous pass-through and optimal monetary policy: A model of self-validating exchange rate regimes. European University Institute, manuscript.
• Devereux, M.B. and Shi, S., 2013. Vehicle currency. International Economic Review, 54(1), pp.97-133.
• Devereux, M. B., Engel, C. & Storgaard, P. E. 2004. Endogenous exchange rate pass-through when nominal prices are set in advance. Journal of International Economics, 63, 263-291.
• Devereux, M.B., Tomlin, B. and Dong, W., 2015. Exchange rate pass-through, currency of invoicing and market share (No. w21413). National Bureau of Economic Research.
• Donnenfeld, S. and Zilcha, I., 1991. Pricing of exports and exchange rate uncertainty. International Economic Review, pp.1009-1022.
• Dotsey, M. and Duarte, M., 2017. How important is the currency denomination of exports in open-economy models?. Review of Economic Dynamics, 23, pp.1-18.
• Engel, C., 2006. Equivalence results for optimal pass-through, optimal indexing to exchange rates, and optimal choice of currency for export pricing. Journal of the European Economic Association, 4(6), pp.1249-1260.
• Ethier, W., 1979. Internationally decreasing costs and world trade. Journal of International Economics, 9(1), pp.1-24.
• Ethier, W.J., 1982. National and international returns to scale in the modern theory of international trade. The American Economic Review, 72(3), pp.389-405.
• Feenstra, R. C., Markusen, J. R., & Zeile, W. (1992). Accounting for Growth with New Inputs: Theory and Evidence. The American Economic Review, 82(2), 415.
• Flodén, M. and Wilander, F., 2006. State dependent pricing, invoicing currency, and exchange rate pass-through. Journal of International Economics, 70(1), pp.178-196.
• Friberg, R., 1998. In which currency should exporters set their prices?. Journal of International Economics, 45(1), pp.59-76.
• Friberg, R. and Wilander, F., 2008. The currency denomination of exports—a questionnaire study. Journal of international economics, 75(1), pp.54-69
• Goldberg, L. S. and C. Tille (2008). Vehicle Currency Use in International Trade. Journal of International Economics 76(2): 177-192.
• Goldberg, L.S. and Tille, C., 2016. Micro, macro, and strategic forces in international trade invoicing: Synthesis and novel patterns. Journal of International Economics, 102, pp.173-187
• Goldberg, P. K., Khandelwal, A. K., Pavcnik, N. and Topalova, P. 2010. Imported Intermediate Inputs and Domestic Product Growth: Evidence from India. The Quarterly journal of economics, 125, 1727-1767.
• Gopinath, G., and Neiman B., 2014. "Trade Adjustment and Productivity in Large Crises." The American Economic Review 104.3 793-831.
• Gopinath, G., Itskhoki, O. and Rigobon, R., 2010. Currency choice and exchange rate pass-through. American Economic Review, 100(1), pp.304-36.
• Gopinath, G., 2015. The international price system. National Bureau of Economic Research Working Paper No:w21646
• Grossman, G.M. and Helpman, E., 1991. Innovation and growth in the global economy. MIT press.
• Halpern, L., Koren, M. and Szeidl, A., 2015. Imported inputs and productivity. American Economic Review, 105(12), pp.3660-3703.
• Hummels, D., Ishii, J. and Yi, K.M., 2001. The nature and growth of vertical specialization in world trade. Journal of International Economics, 54(1), pp.75-96.
• Kasahara, H. , Rodrigue, J. 2008. Does the use of imported intermediates increase productivity? Plant-level evidence. Journal of Development Economics, 87, 106-118.
• Kasahara, H., Lapham, B. 2013. Productivity and the decision to import and export: Theory and evidence. Journal of International Economics, 89, 297-316.
• Lyonnet, V., Martin, J., Méjean, I., 2019. Invoicing currency and financial hedging. CEPR Discussion Paper 11700-2
• Lu, D., Ulu, M. F. 2014. Firm Size, and Import Content of Production. Working paper, CBRT
• Markusen, J.R., 1989. Trade in producer services and in other specialized intermediate inputs. The American Economic Review, pp.85-95.
• Melitz, M. J. (2003). The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity. Econometrica, 71(6), 1695-1725.
• Obstfeld, M., Rogoff, K., 1995. Exchange rate dynamics redux. Journal of Political Economy 103, 624–660
• Obstfeld, M., Rogoff, K.S. and Wren-Lewis, S., 1996. Foundations of international macroeconomics (Vol. 30). Cambridge, MA: MIT Press.
• Obstfeld, M., Rogoff, K., 2000. New directions for stochastic open economy models. Journal of International Economics 50, 117–153.
• Romer, P.M., 1987. Growth based on increasing returns due to specialization. The American Economic Review, 77(2), pp.56-62.
• Romer, P.M., 1990. Endogenous technological change. Journal of Political Economy, 98(5, Part 2), pp.S71-S102.