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首页> 外文期刊>Journal of Business Research >Is 'Three' a lucky number? Exchange-rate exposure in a 'Rule of Three' model
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Is 'Three' a lucky number? Exchange-rate exposure in a 'Rule of Three' model

机译：是'三'幸运号码？ “三”模型的汇率曝光

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摘要

We examine exchange-rate exposure in an international model of differentiated goods using the frequently encountered in international markets "Rule of Three" (RoT) market structure that allows both within and between countries competition. In a static setting the addition of a domestic competitor increases the exposure of both internationally competing firms relative to duopoly unless the exchange-rate pass-through of one of its rivals is elastic. Using a dynamic model, we study the intertemporal effects on the firms' long-run exposure. The exposure gap between the RoT market and the international duopoly increases in the long run for the firm facing domestic competition. The long-run exposure of that firm can be higher or lower than its short-run exposure, while the foreign monopolist has a smaller long-run exposure.
机译：我们在国际市场中经常遇到的“三”（腐败）市场结构中的经常遇到的差异化商品模式中审查汇率暴露，允许各国竞争中的差异化。在静态设置中，除非其中一个竞争对手的汇率转移是弹性的，否则在国内竞争对手的增加增加了国际竞争公司相对于Duoly的曝光。使用动态模型，我们研究了对公司的长期曝光的跨期效应。腐败市场与国际二极之间的曝光差距在面向国内竞争的公司长期增加。该公司的长期暴露可以高于或低于其短期曝光，而外国垄断者具有较小的长期曝光。

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