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Exchange Rate Pass-through and Currency Invoicing: Implications for Monetary Integration in East Asia

机译：汇率传递和货币计价：对东亚货币一体化的影响

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We are still a bit far away from being able to generalise the extent of pass-through in East Asia. However, as recent estimates in this paper and some previous estimates suggest, pass-through is far less prevalent, and indeed may be virtually non-existent in some countries in East Asia. At the same time, unlike some previous work in this area, we suspect this lack of pass-through has far less to do with an ability to segment markets and price discriminate than with the fact that these are, in many cases, small countries exporting in a relatively integrated world market, and whose exports are invoiced primarily in the US dollar. As we have detailed above, this apparent lack of pass-through has important implications for the transmission of shocks throughout the region, as well as with countries outside East Asia. These implications can help lead to both more accurate assumptions regarding open-macro modelling of East Asia in the future and help guide policymakers in assessing the future and fate of regional monetary integration for East Asia.
机译：我们仍然无法概括东亚地区的传递程度。但是，正如本文最近的估计和之前的一些估计所表明的那样，直通并不普遍，实际上在东亚的某些国家可能根本不存在直通。同时，与该领域以前的一些工作不同，我们怀疑这种缺乏传递的能力与市场细分和价格歧视的能力远不及在许多情况下这些国家是小国出口的事实有关。在相对一体化的世界市场中，其出口商品主要以美元计价。如上文所述，这种明显的缺乏传递对整个地区以及东亚以外国家的冲击传播具有重要意义。这些含义可以帮助我们得出关于东亚未来宏观宏观模型的更准确假设，并有助于指导决策者评估东亚区域货币一体化的未来和命运。

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