Invoicing currency, exchange rate pass‐through, and value‐added trade: The case of Turkey
利用土耳其产品与行业数据，研究发票货币和全球生产一体化如何影响汇率变动对进出口价格的传递效应，发现本币计价商品传递率更高，且全球价值链整合与媒介货币使用可平抑国内价格波动。
Abstract We explore the role of invoicing currency and global production integration in the effect of exchange rate pass‐through on import and export prices. We use 3‐digit product‐level data classified by end use and 2‐digit sector‐level data displaying varying integration with global value chains from an emerging country, Turkey. Overall, pass‐through rate significantly affects both export and import prices. Contrary to the literature, pass‐through is significantly higher for local currency‐priced goods. The relative rate of pass‐through to the U.S. dollar and euro‐priced goods is determined by the type of products and value‐added trade. Stronger integration with global value chains and the use of a vehicle currency tend to smooth out the response of domestic prices to changes in exchange rates.