The Response of Exchange Rate Pass-Through to Market Concentration in a Small Economy: The Evidence from Korea
发现韩国作为小国，其国内行业市场集中度会系统性地影响汇率对进口价格的传递程度，且传递不完全，表明不完全竞争在小国经济中也影响汇率传递。
This paper finds that domestic market concentration in Korea, a small country, systematically affects pass-through of individual industries. The estimates suggest that exchange rates are only partially passed on to import prices in Korea. The evidence implies that imperfect competition is relevant for the exchange rate pass-through, even in a small economy. This finding has important implications for issues such as inflationary effects of depreciation and the effect of trade liberalization. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology