Introduction to a Special Section on ‘Exchange Rate Pass-through in Developing and Emerging Markets’
这篇导言介绍了特刊中关于发展中国家和新兴市场汇率传递的研究，强调其货币政策相关性，并指出常见模型设定错误导致估计不可靠，以南非的宏观和微观实证研究为例。
The interest in exchange rate pass-through (ERPT) in emerging market and developing economies has burgeoned in the last two decades. Small, open and trade-dependent economies embody special features that can make it difficult to obtain reliable estimates of ERPT. This Special Section includes a survey of recent research in developing and emerging market countries on ERPT, focusing on the monetary policy relevance of ERPT.The frequent misspecifications that produce unreliable ERPT estimates are highlighted. Many empirical issues raised in the survey are illustrated by the macro- and the micro-economic empirical studies on South Africa (SA) included in this Special Section, and an earlier published JDS paper on ERPT in SA.