IDEAS home Printed from https://ideas.repec.org/a/prs/rvofce/ofce_0751-6614_1989_num_27_1_1176.html
   My bibliography  Save this article

Taux de change et prix des importations : le cas des automobiles en Europe

Author

Listed:
  • Jacques Le Cacheux
  • Lucrezia Reichlin

Abstract

[eng] This article analyses price setting behaviour in the European automobile market, and its relation to the exchange rate. Sale price data for individual cars sold in five countries (Belgium, France, Germany, Italy and the United Kingdom) are examined.. The purpose of the analysis is to establish the degree of segmentation of thèse markets, and the degree of « pass-through » of exchange-rate variations into import priées. Our conclusions are that there is neither a unique price for the same model across countries nor full « pass-through ». Further, for the case of flexible exchange rates (UK), we establish that the degree of « pricing to market » varies in proportion with changes in the exchange rate. These results imply that, at least in the short run, exchange rate changes have no effect on price competitiveness, but are instead absorbed by mark-ups. [fre] Cet article analyse les comportements de prix sur les marchés des automobiles dans plusieurs pays membres des Communautés européennes, en relation avec les évolutions des taux de change. Nous utilisons des données détaillées de prix de vente de différents modèles proposés par les constructeurs établis en Europe sur les marchés de cinq pays : Belgique, France, Italie, RFA et Royaume-Uni. Notre propos est d'apprécier le degré de segmentation de ces marchés et d'établir dans quelle mesure les variations des taux de change sont transmises dans les prix de vente.. Nous concluons qu'il n'y a ni unicité de prix, ni transmission des évolutions de change dans les prix. En outre, dans le cas des changes flexibles (Royaume-Uni), le degré de discrimination par les prix varie proportionnellement aux fluctuations de change. Ceci implique qu'au moins à court terme, les modifications de parités nominales sont sans effet sur la compétitivité-prix et sont, au contraire, absorbées par la variation des marges.

Suggested Citation

  • Jacques Le Cacheux & Lucrezia Reichlin, 1989. "Taux de change et prix des importations : le cas des automobiles en Europe," Revue de l'OFCE, Programme National Persée, vol. 27(1), pages 133-155.
    • Handle: RePEc:prs:rvofce:ofce_0751-6614_1989_num_27_1_1176
    DOI: 10.3406/ofce.1989.1176
    Note: DOI:10.3406/ofce.1989.1176
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ofce.1989.1176
    Download Restriction: no
    File URL: https://www.persee.fr/doc/ofce_0751-6614_1989_num_27_1_1176
    Download Restriction: no
    File URL: https://libkey.io/10.3406/ofce.1989.1176?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Froot, Kenneth A & Klemperer, Paul D, 1989. "Exchange Rate Pass-Through When Market Share Matters," American Economic Review, American Economic Association, vol. 79(4), pages 637-654, September.
    2. repec:hal:spmain:info:hdl:2441/6256 is not listed on IDEAS
    3. Fitoussi, Jean-Paul & Le Cacheux, Jacques, 1988. "On Macroeconomic Implications of Price Setting in the Open Economy," American Economic Review, American Economic Association, vol. 78(2), pages 335-340, May.
    4. repec:hal:wpspec:info:hdl:2441/6256 is not listed on IDEAS
    5. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
    6. Jacques Le Cacheux & François Lecointe, 1989. "Les taux de change effectifs des grandes devises," Revue de l'OFCE, Programme National Persée, vol. 26(1), pages 189-196.
    7. Paul R. Krugman & Richard E. Baldwin, 1987. "The Persistence of the U.S. Trade Deficit," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(1), pages 1-56.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yves Bourdet, 1991. "Pricing policy and quality upgrading in the Swedish car market: Do import surveillance and exchange rate instability matter?," Open Economies Review, Springer, vol. 2(3), pages 255-274, October.
    2. repec:spo:wpmain:info:hdl:2441/5953 is not listed on IDEAS
    3. Jean-Paul Fitoussi & Jacques Le Cacheux, 1989. "Une théorie des années quatre-vingt," Revue de l'OFCE, Programme National Persée, vol. 29(1), pages 117-160.
    4. Guillaume Gaulier & Séverine Haller, 2003. "Les prix automobile dans l'Union Européenne : y a-t-il eu convergence depuis 1993 ?," Economie & Prévision, La Documentation Française, vol. 157(1), pages 83-96.
    5. repec:hal:spmain:info:hdl:2441/5953 is not listed on IDEAS
    6. Philippe Ducos & François Lecointe, 1990. "Effets d'hystérésis sur le commerce extérieur américain," Économie et Prévision, Programme National Persée, vol. 94(3), pages 79-93.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jean-Paul Fitoussi & Jacques Le Cacheux, 1989. "Une théorie des années quatre-vingt," Revue de l'OFCE, Programme National Persée, vol. 29(1), pages 117-160.
    2. Ayoub Yousefi, 2000. "Merchandise Trade Balances of Less Developed Countries and Exchange Rate of the U.S. Dollar: Cases of Iran, Venezuela & Saudi Arabia," Working Papers 00002, University of Waterloo, Department of Economics, revised Feb 2000.
    3. Philippe Ducos & François Lecointe, 1990. "Le déficit extérieur américain peut-il se résorber ?," Économie et Statistique, Programme National Persée, vol. 232(1), pages 81-92.
    4. Lucio Sarno & Mark P. Taylor, 2002. "Purchasing Power Parity and the Real Exchange Rate," IMF Staff Papers, Palgrave Macmillan, vol. 49(1), pages 1-5.
    5. Carone, Giuseppe, 1996. "Modeling the U.S. demand for imports through cointegration and error correction," Journal of Policy Modeling, Elsevier, vol. 18(1), pages 1-48, February.
    6. Gottfries, Nils, 1999. "Markets Shares, Financial Constraints, and Pricing Behavior in the Export Market," Working Paper Series 1999:15, Uppsala University, Department of Economics.
    7. Phillip Swagel, 1995. "Import prices and the competing goods effect," International Finance Discussion Papers 508, Board of Governors of the Federal Reserve System (U.S.).
    8. Yang, Jiawen, 1998. "Pricing-to-market in U.S. imports and exports: A time series and cross-sessional study," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(4), pages 843-861.
    9. Hernán Rincón & Édgar Caicedo & Norberto Rodríguez, 2007. "Exchange rate pass-through effects: a disaggregate analysis of Colombian imports of manufactured goods," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 25(54), pages 90-121, June.
    10. Manuchehr Irandoust, 1999. "The Response of Trade Prices to Exchange Rate Changes," Open Economies Review, Springer, vol. 10(4), pages 355-363, October.
    11. Abdulnasser Hatemi-J & Manuchehr Irandoust, 2004. "Is Pricing to Market Behavior a Long-Run Phenomenon? A Non-Stationary Panel Analysis," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 31(1), pages 55-67, March.
    12. Sérgio Kannebley Júnior & João Paulo Martins Baroni & Diogo de Prince, 2015. "Macro-Hysteresis Test for Brazilian Exports of Manufactured Products: A threshold Panel Approach," Metroeconomica, Wiley Blackwell, vol. 66(4), pages 606-637, November.
    13. Jacint Balaguer & Vicente Orts & Ezequiel Uriel, 1997. "Segmentación de mercados y discriminación internacional de precios. Evidencia empírica para las exportaciones industriales españolas a los principales países de la OCDE," Investigaciones Economicas, Fundación SEPI, vol. 21(3), pages 543-562, September.
    14. Andrés González & Hernán Rincón & Norberto Rodríguez, 2008. "La transmisión de los choques a la tasa de cambio sobre la inflación de los bienes importados en presencia de asimetrías," Borradores de Economia 532, Banco de la Republica de Colombia.
    15. Richard Baldwin & Richard K. Lyons, 1988. "The Mutual Amplification Effect of Exchange Rate Volatility and Unresponsive Trade Prices," NBER Working Papers 2677, National Bureau of Economic Research, Inc.
    16. Arize, A. C., 1996. "Real exchange-rate volatility and trade flows: The experience of eight European economies," International Review of Economics & Finance, Elsevier, vol. 5(2), pages 187-205.
    17. Jacqueline Dwyer & Christopher Kent & Andrew Pease, 1993. "Exchange Rate Pass-through: The Different Responses of Importers and Exporters," RBA Research Discussion Papers rdp9304, Reserve Bank of Australia.
    18. Andrés González & Hernán Rincóm & Norberto Rodríguez, 2008. "La transmisión de los choques a la tasa de cambio sobre la inflación," Borradores de Economia 5089, Banco de la Republica.
    19. repec:hal:spmain:info:hdl:2441/5953 is not listed on IDEAS
    20. repec:spo:wpmain:info:hdl:2441/5953 is not listed on IDEAS
    21. Matuka, Adelajda, 2019. "Exchange Rate Pass-Through to Prices: VAR Evidence for Albania," MPRA Paper 92005, University Library of Munich, Germany.
    22. Debasish Roy, 2024. "An Exploration in Sustainability and Lifespan of Enterprise: A Cross–Country Empirical Study (2011–2020)," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 5307-5328, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:rvofce:ofce_0751-6614_1989_num_27_1_1176. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ofce .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.