[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（節(jié)選）

1、中文 中文 3600 字， 字，2100 英文單詞， 英文單詞，11500 英文字符 英文字符文獻(xiàn)出處： 文獻(xiàn)出處：Ito K, Shimizu J. Industry‐Level Competitiveness, Productivity and Effective Exchange Rates in East Asia[J]. Asian Economic Journal, 2015, 29(2):181–214. 一、 原文I

2、ndustry-Level Competitiveness, Productivity and Effective Exchange Rates in East AsiaKeiko Ito and Junko ShimizuIn this paper, we investigate export competitiveness based on unit labor costs (ULC) and nominal effective

3、 exchange rates for Japan, China and Korea for 12 manufacturing industries at the two-digit International Standard Industrial Classi- fication level for the period 2001–2009. Japan’s ULC are relatively stable or decli

4、ning in most industries, while Korea’s ULC show an upward trend in many industries, with the electrical and optical equipment industry being a major exception. China’s ULC are declining in most industries. Evaluating U

5、LC on a foreign currencies basis, Japan’s ULC increased rapidly during the period of yen appreciation, suggesting that Japan’s cost reduction efforts were more than offset by the appreciation of the yen. The results o

6、f 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 impact of ULC is largest for China, while it

7、 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 machinery-related industries, suggesting tha

8、t cost competitiveness is particularly important in these industries. Keywords: competitiveness, industry-specific effective exchange rates, productivity, unit labor costs, unit multifactor costs. 1. IntroductionCh

9、ina’s emergence as a top manufacturing exporter has been attracting considerable attention around the world, and the trade patterns of China and other East Asian countries have been examined intensively in the field o

10、f international economics. Numerous empirical studies show that East Asian countries are engaged in the international division of labor, with capital-intensive and labor- intensive products and processes located in di

11、fferent countries. These patterns of division of labor, referred to as ‘production fragmentation’ in the literature, have changed the relative international competitiveness of East Asian countries. At the same time, a

12、 number of Asian countries, particularly Korea and Taiwan, have successfully developed their technological capabilities and gained substantial global market shares in certain industries, such as the electrical machine

13、ry industry. Last but not least, another important factor likely to have shaped trade patterns in East Asia is the nominal exchange rate adjusted by the prices of domestic products relative to prices of products overse

14、as) 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. However, measuring real ex

15、change 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 relative prices of domestic

16、 and foreign products. This is obviously problematic, because the CPI includes the prices of many non-tradable goods and services. Although the real exchange rate can be calculated using other price measures such as t

17、he 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 countries. It is ev

18、en 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 number of studies t

19、hat 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. Chinn (2006)

20、 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 data indic

21、ate 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).As ment

22、ioned 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 exp

23、lain later in this paper, we cannot distinguish between changes in markups and changes in production costs.Against this background, the aim of the present paper is to examine industry- level export competitiveness bas

24、ed on ULC and nominal effective exchange rates (NEER) for Japan China, and Korea. As explained in detail later, we assume that prices can be expressed as production costs plus constant markups. Changes in home prices