笔者整理了人民币汇率变动与出口规模相关研究,发现现有研究结论与国际经济学中普遍存在的"汇率弱相关"特征吻合。第一,从统计显著度来看,时间序列的加总估计结果不确定,但面板数据估计大多发现本币升值导致出口显著减少,并且数据越微观结果越稳健。第二,从经济重要性来看,在那些发现本币升值对出口有显著负面影响的研究中,出口汇率弹性普遍不大。时间序列的估计结果在统计上不确定的可能原因包括:数据质量不高、实际汇率和实际出口额的度量偏误、汇率内生性、加工贸易和一般贸易的差异性以及加总偏误等。出口汇率弹性普遍不大的原因包括汇率不完全传递、出口国供给缺乏弹性和进口国需求缺乏弹性等。
This paper finds that the relation between RMB exchange rate and export in the existing studies corresponds to the characteristic of exchange rate disconnect. First,most of the estimations using time series data obtain an ambiguous conclusion,while those using panel data suggest RMB appreciation has a negative effect on export. Second,the elasticity of exports to real exchange rate changes is found to be low in those studies which find a significant negative effect. The reasons why time series estimation is ambiguous include the quality of data,the measurement error of real exchange rate,the endogeneity of exchange rate,the difference of processing trade and general trade and aggregation bias. The factors leading to a low elasticity include incomplete exchange rate pass-through,inelasticity of export supply and import demand.