[雙語(yǔ)翻譯]國(guó)際貿(mào)易外文翻譯--東亞產(chǎn)業(yè)競(jìng)爭(zhēng)力、生產(chǎn)率與有效匯率研究（原文）

1、Industry-Level Competitiveness, Productivity and Effective Exchange Rates in East Asia*Keiko Ito and Junko ShimizuReceived 16 October 2013; accepted 26 February 2015In this paper, we investigate export competitiveness ba

2、sed on unit labor costs (ULC) and nominal effective exchange rates for Japan, China and Korea for 12 manufacturing industries at the two-digit International Standard Industrial Classi- fication level for the period 2001–

3、2009. Japan’s ULC are relatively stable or declining in most industries, while Korea’s ULC show an upward trend in many industries, with the electrical and optical equipment industry being a major excep- tion. China’s UL

4、C are declining in most industries. Evaluating ULC on a foreign currencies basis, Japan’s ULC increased rapidly during the period of yen appre- ciation, suggesting that Japan’s cost reduction efforts were more than offse

5、t by the appreciation of the yen. The results of our empirical analysis suggest that both increases in ULC and appreciation of the home currency reduce exports by raising the home country’s relative prices. The negative

6、impact of ULC is largest for China, while it is negligible for Japan. However, the negative impact of nominal effective exchange rates is largest for Japan. Moreover, the negative impact of ULC tends to be larger for mac

7、hinery-related industries, suggesting that cost competi- tiveness is particularly important in these industries.Keywords: competitiveness, industry-specific effective exchange rates, productiv- ity, unit labor costs, uni

8、t multifactor costs.JEL classification: codes: F14, F23, F31.doi: 10.1111/asej.12054I. IntroductionChina’s emergence as a top manufacturing exporter has been attracting consid- erable attention around the world, and the

9、trade patterns of China and other East Asian countries have been examined intensively in the field of international economics. Numerous empirical studies show that East Asian countries are engaged in the international di

10、vision of labor, with capital-intensive and labor- intensive products and processes located in different countries. These patterns of division of labor, referred to as ‘production fragmentation’ in the literature, have*

11、Ito: (corresponding author): School of Economics, Senshu University, 2-1-1 Higashi-mita, Tama-ku, Kawasaki, Kanagawa 214-8580, Japan, keiko-i@isc.senshu-u.ac.jp. Shimizu: Faculty of Economics, Gakushuin University, 1-5-1

12、, Meijiro, Toshima-ku, Tokyo 171-8588, Japan, junko .shimizu@gakushuin.ac.jp. We thank Kiyotaka Sato, Robert Stehrer, Johannes Pöschl, and other participants of the CESSA–wiiw Joint International Workshop for their

13、helpful comments. We gratefully acknowledge financial support from the Japan Society for the Promotion of Science in the form of Grants-in-Aid for Scientific Research (No. 24330101 and No. 23243050).bs_bs_bannerAsian Eco

14、nomic Journal 2015, Vol. 29 No. 2, 181–214 181© 2015 The Authors Asian Economic Journal © 2015 East Asian Economic Association and Wiley Publishing Pty LtdOf course, there are a variety of factors underlying th

15、ese changes in global export shares. In the literature, relative prices in world markets are considered to be an important factor determining competitiveness, although non-price factors may also matter in some cases. Pri

16、ce competitiveness reflects production costs, the nominal exchange rate and markups. Therefore, many preceding studies use the real exchange rate (i.e. the nominal exchange rate adjusted by the prices of domestic product

17、s relative to prices of products overseas) as a measure of relative prices in world markets to examine the determinants of international competitiveness, assuming that goods prices reflect production costs and markups. H

18、owever, measuring real exchange rates is not straightforward. Mainly due to data constraints, real exchange rates are calculated at the macro level, using in many cases the consumer price index (CPI) to gauge the relativ

19、e prices of domestic and foreign products. This is obviously problem- atic, because the CPI includes the prices of many non-tradable goods and ser- vices.1 Although the real exchange rate can be calculated using other pr

20、ice measures such as the producer price index (PPI) excluding non-tradable goods and services, the export or import price index or unit labor costs (ULC), such price indices are not readily available for most developing

21、countries. It is even more difficult to reliably measure real exchange rates at a more disaggregated level (i.e. the industry-level) due to the lack of data for such price measures. Thus, although there are a growing num

22、ber of studies that examine the relationship between export performance and price competitiveness using a variety of real exchange rate measures, most studies have focused on the exports of developed countries only (e.g.

23、 Chinn (2006) for the USA and Bayoumi et al. (2011) for the euro area). Moreover, even for developed countries, analyses at the disaggregated industry level are still scarce. A few studies using relatively disaggregated

24、data indicate that the impact of real exchange rates differs depending on the sector (Lewney et al. 2012) or the type of products (e.g. consumption goods or other types of goods) considered (Thorbecke and Kato 2012a,b).

25、As mentioned above, CPI-based real exchange rates are problematic, while PPI-based or export price index-based real exchange rates also have their short- comings. Specifically, prices include markups, so that, as we will

26、 explain later in this paper, we cannot distinguish between changes in markups and changes in production costs.1 Bayoumi et al. (2011) show that CPI-based relative effective exchange rate measures are not good indicators

27、 of price competitiveness. Moreover, the CPI includes imported final consumption products, which is not appropriate for assessing the price competitiveness of exported goods. However, it could be argued that the CPI migh

28、t be useful because it includes non-tradable goods and services which are embodied in exported goods. However, in the case of Japan, the weight of non-tradable services in the calculation of the CPI is approximately 60 p

29、ercent, while the share of services inputs (intermediate inputs from all the tertiary sectors, including construction and utilities) in manufacturing sector production is approximately 30 percent (according to the explan

30、ation on the CPI and the input–output tables published by the Statistics Bureau of Japan). These figures suggest that the CPI to a large extent reflects the prices of non-tradable services and that using the CPI as a mea