进口许可证、中间商和价格传递：来自中国钢铁市场的证据

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2024-10-16 DOI:10.1016/j.jimonfin.2024.103209

Puyang Sun , Kewei Ma , Li Su

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引用次数: 0

摘要

本研究探讨了取消铁矿石进口排他性许可对中国钢铁市场价格传递的影响。我们模拟了中间贸易商在缓解市场不确定性方面的作用，这种作用对价格传导有着至关重要的影响。此外，我们利用中国城市的月度铁矿石进口价格和钢材市场价格，采用差分法框架实证分析了进口许可证改革对价格传递的影响。我们的研究表明，改革平均降低了 15 个百分点的价格转嫁率，而在受影响的城市中则进一步降低了约 3 个百分点。我们的研究结果表明，价格转嫁取决于市场的不确定性，而改革虽然消除了双重边际化，却使下游钢铁生产商不得不直接面对市场的不确定性，从而导致价格转嫁的降低。

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Import licenses, intermediaries, and price pass-through: Evidence from the Chinese steel market

This study examines the impact of abolishing the exclusive license of importing iron ore on price pass-through in the Chinese steel market. We model the intermediate traders' role in alleviating market uncertainties, which have a critical impact on price pass-through. In addition, we leverage the monthly iron ore import prices and steel market prices in Chinese cities, and employ a difference-in-difference framework to empirically analyze the impact of the import license reform on price pass-through. We show that the reform on average reduces the price pass-through by 15 percentage points, which is around 3 points further in treated cities. Our findings imply the price pass-through hinges on market uncertainties, and the reform, although eliminating double marginalization, makes downstream steel producers have to face market uncertainties directly, and results in a lower price pass-through.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.