Pricing‐To‐Market Analysis: The Case of EU Wheat Exports
研究了2000-2013年间欧盟对11个目的地的小麦出口定价行为，发现出口单价与汇率存在长期关系，但除白俄罗斯和冰岛外，市场间定价差异不大。
Abstract The EU is a major player in the global wheat market. This paper examines the pricing behaviour of EU wheat exporters using a pricing‐to‐market ( PTM ) analysis. Wheat is an exemplary product for testing PTM theories as it is widely and frequently traded, and largely unbranded. We estimate the relationship between export unit values and exchange rates using quarterly panel data for 11 EU export destinations for 2000–2013. Results show that there is a meaningful long‐run relationship between export unit values and exchange rates, but there is little evidence of differential mark‐ups between EU export markets. Belarus and Iceland are exceptions where exporters from the EU appear to exercise local currency price stabilisation.