政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/36696

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/36696

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文笔数/总笔数 : 112704/143671 (78%)
造访人次 : 49782607 在线人数 : 582

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

搜寻范围

查询小技巧：

您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果

若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据

进阶搜寻

主页 ‧ 登入 ‧ 上传 ‧ 说明 ‧ 关于政大典藏 ‧ 管理

到手机版

政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/36696

请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/36696

题名:	Strategic Trade Policy and Exchange Rate Subsidies: A Study of American Auto Markets
作者:	林季陽 Lin,Chi-Yang
贡献者:	張元晨溫偉任 Chang,Yuanchen Wen,Wei-Jen 林季陽 Lin,Chi-Yang
关键词:	外匯干預汽車業匯率預期 peso problem
日期:	2005
上传时间:	2009-09-18 19:18:47 (UTC+8)
摘要:	Can intervention by the Bank of Japan on the yen/dollar rates be used as a strategic policy to promote Japanese exports to the U.S. markets？ We develop theoretical models based on strategic trade policy literature to explain possible impacts on U.S. automobiles. During the last decade, the changes of yen/dollar rates have coincided with dramatic market-share gains by Japanese automakers in the U.S. market. In the meantime, intervention by the Bank of Japan on the yen/dollar market has reached a record high. Our models assume interventions have two channels to influence U.S./Japan trade. First, we hypothesize that official currency manipulation by the Bank of Japan was implemented as a means to subsidize Japanese. The second channel resulted from the relationship between the expectation of an unavoidable foreign exchange rate appreciation and automobile purchase behavior of U.S. consumers. We assembles the famous “peso problem” in international finance. By preventing the prompt appreciation of JPY using intervention strategy, we argue that intervention by the Bank of Japan create a notion of unavoidable appreciation of JPY rate. This prompts U.S. consumers to purchase cars earlier. We explore the effects of intervention of Bank of Japan on the changes of sale volume and market shares of U.S. and Japan automakers and the results show that the sale volume and market share of American automakers decrease while these of Japanese automakers increase. Empirical results also indicate that U.S. consumers tend to purchase more Japanese automobiles when the Yen’s appreciation is withheld temporary level they have expected. After comparisons, we conclude that interventions by the Bank of Japan affect American automakers through cost disadvantage and Japanese automakers through another channel. Results also imply that the effects of intervention on Japan/U.S. trade lie more through the channel of cost subsidy.
參考文獻:	[1] Abel, Andrew B. 2002. An Exploration of the Effects of Pessimism and Doubt on Asset Returns. Journal of Economic Dynamics & Control 26.7-8：1075-1092 [2] Barber, Brad M., Reid W. Click and Masako N. Darrough. 1999. The impact of shocks to exchange rates and oil prices on U.S. sales of American and Japanese automakers. Japan and World Economy 11：57-93. [3] Brainard, S. Lael and David Martimort. 1997. Strategic trade policy with incompletely informed policymakers. Journal of International Economics 42：33-65. [4] Bergin, Paul R. 2003. Devaluations and Consumption Smoothing. Review of International Economics 11(5)：875–884. [5] Bernhofen, Danial M. and Peng Xu. 2000. Exchange rates and market power：evidence from the petrochemical industry. Journal of International Economics 52：283-297. [6] Berry, Steven, James Levinsohn, and Ariel Pakes. 1999, Voluntary Export Restraints on Automobiles：Evaluating a Trade Policy. The American Economic Review 89 No.3：400-430. [7] Corsetti, Giancarlo., Paolo Pesenti, Nouriel Roubini and Cedric Tille. 2000. Competitive devaluations: toward a welfare-based approach. Journal of International Economics 51：217-241 [8] Eaton, J. and G.M Grossman. 1986. Optimal trade and industrial policy under oligopoly. Journal of Economics 51: 383. [9] Enomoto, Carl. E and Kenichiro Chinen. 2001. Public perceptions of U.S.-Japan trade relations in the 1990s. Multinational Business Review 9： 1257-1292. [10] Fang, K.C., Hitomi Iizaka, Paul Lau and Chelsea Lin. 2002. The Political Economy of the Japanese Yen and the U.S.-Japan Trade Conflict. Journal of Finance 55: 2017-2070. [11] Fratzscher, Marcel. 2004. COMMUNICATION AND EXCHANGE RATE POLICY. European Central Bank working paper No.363. [12] Feenstra, Robert C. 2004. Advanced International Trade –THEORY AND EVIDENCE. Princeton University Press. [13] Feenstra Robert C., Joseph E. Gagnon and Michael M. Knetter. 1996. Market share and exchange rate pass-through in world automobile trade. Journal of International Economics 40：187-207. [14] Frenkel, Michael., Christian Pierdziochb and Georg Stadtmann. 2005. The effects of Japanese foreign exchange market interventions on the yen/U.S. dollar exchange rate volatility. International Review of Economics and Finance 14：27–39. [15] Giovanni, Olivei P. 2002. Exchange rates and the prices of manufacturing products imported into the United States. New England Economic Review 2002: 27-47. [16] Goldberg, Pinelopi Koujianou. 1995. Product Differentiation and Oligopoly in International Markets: The Case of the U.S. Automobile Industry. Journal of Econometrica 63 No.4：891-951. [17] Goldberg, Michael D. and Roman Frydman. 2001. Macroeconomic fundamentals and the DM/$ exchange rate: Temporal instability and the monetary model. International Journal of Finance & Economics 6. 4：421-435. [18] Huang, Jui-Chi and Tantatape Brahmasrene. 2003. The effect of exchange rate expectations on market share commendation. Managerial Finance 29.1：101-127. [19] Johnson, Bryan T. and O’Quinn, Robert P. 1995. The U.S.-Japan Trade Agreement: A Failure for Clinton, A Victory for America., Cornell University, and University of Illinois working paper. [20] Kaminsky, Graciela. 1993. Is There a Peso Problem Evidence from the Dollar Pound Exchange Rate, 1976-1987. The American Economic Review 83.3：450-472. [21] Kaminsky, Graciela. and Karen K. Lewis. 1996. Does foreign exchange intervention signal future monetary policy? Journal of Monetary Economics 37：285-312. [22] Kim Soyoung. 2003. Monetary policy, foreign exchange intervention, and the exchange rate in a unifying framework. Journal of International Economics 60：355–386. [23] Krishna, Kala., Kathleen Hogan, and Phillip Swagel. 1993. The Nonoptimality of Optimal Trade Policies：The U.S. Automobile Industry Revisited, 1979-1985. Journal of Financial and Quantitative Analysis 28: 273-284. [24] Levinsohn, James. 1995. Carwars：Trying to Make Sense of U.S.-Japan Trade Fictions in the Automobile and Automobile Parts Markets Journal of Business Finance and Accounting 22: 659-670. [25] Lincoln, E.J. 1999. Troubled Times: U.S.-Japan Trade Relations in the 1990s. Washington, DC: Brookings Institution Press. [26] McKinnon, Ronald I. 1998. International Money: Dollars, Euros, or Yen?. Unpublished paper. Stanford University. [27] McKinnon, Ronald. I. 1999. Strong Yen fears. The International Economy 13. 2：38-42 [28] Miah, Fazlul., M Kabir Hassan. and S M Ikhtiar Alam. 2004. Testing the Rationality of Exchange Rate Expectations：Evidence from Survey Data. American Business Review 22. 1：11-20 [29] Osterberg, William P. 2000. New results on the rationality of survey measures of exchange-rate expectations. Economic Review - Federal Reserve Bank of Cleveland 36.1：14-21 [30] Pekkanen, Saadia M. 1999. Aggressive Legalism: The Rules of the WTO and Japan’s Emerging Trade Strategy. New England Political Science Association 5-6: 707-737. [31] Raff, Horst., Young-Han Kim. and Womack, Kent L. 1996. Optimal export policy in the presence of informational barriers to entry and imperfect competition. Journal of International Economics 49：99-123. [32] Schawartz, Anna J. 2000. The Rise and Fall of Foreign Exchange Market: Intervention as a Policy Tool. Journal of Financial Services Research 18.2/3：319-339. [33] Sill, Keith. 2000. Understanding Asset Values stock price, exchange rate and Peso problem. Business Review 3：3-14. [34] Swenson, Deborah. L. 2001. Explaining Domestic Content：Evidence from Japanese and U.S Automobile Production in the United States. Journal of Finance 56：531-563. [35] Tapia, Matías. and Andrea Tokman. 2004. Effects of Foreign Exchange Intervention under Public Information：The Chilean Case. Central Bank of Chile Working Papers No. 255. [36] Tille, Cedric. 2001. The role of consumption substitutability in the international transmission of monetary shocks. Journal of International Economics 53：421–444. [37] Veronesi, Pietro. 2004. The Peso Problem Hypothesis and Stock Market Returns. Journal of Economic, Dynamics and Control 28.4：707-725
描述:	碩士國立政治大學財務管理研究所 92357029 94
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0923570291
数据类型:	thesis
显示于类别:	[財務管理學系] 學位論文

文件中的档案:

档案	大小	格式	浏览次数
index.html	0Kb	HTML2	248	检视/开启

在政大典藏中所有的数据项都受到原著作权保护.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

DSpace Software Copyright © 2002-2004 MIT & Hewlett-Packard / Enhanced by NTU Library IR team Copyright © - 回馈