OPTİMAL İHRACAT PARA BİRİMİ SEÇİMİ: TEORİK BİR YAKLAŞIM

Uluslararası ticarette kullanılan faturalama para birimi para politikasının aktarım mekanizması açısından oldukça önemli bir konudur. Devereux, Engel ve Storgaard’ın (2004) teorik çerçevesini takip eden bu çalışma, Chung’da (2016) olduğu gibi ithal ara mallarının faturalandırma para birimi kararındaki rolünü analiz etmektedir. Bununla birlikte, ikinci üretim faktörü olarak sermayenin, emeğin tek üretim faktörün olduğu modele eklenmesiyle, teorik model daha kapsayıcı bir üretim fonksiyonuyla geliştirilmektedir. Böylece, faturalama para birimi literatüründe ithal girdileri de içeren iki üretim faktörlü yeni bir teorik model ortaya konmuştur. Modelimizde, üretimin sadece emeği değil aynı zamanda sermayeyi de içerdiği durumlarda daha gerçekçi maliyet endeksini içeren kovaryans terimleri, fiyatlandırma stratejilerine ilişkin karar vermede kritik bir rol oynamaktadır.

Anahtar Kelimeler:

faturalandırma para birimi, ara malları, üretici döviz fiyatlandırması PCP, yerel döviz fiyatlandırması LCP, araç döviz fiyatlandırması VCP

THE OPTIMAL CHOICE OF EXPORT CURRENCY: A THEORETICAL APPROACH

The invoicing currency choice in international trade is a vital issue for the spread of business cycles and monetary policy. Following Devereux, Engel and Storgaard’s (2004) theoretical framework, this paper allows the role of imported intermediate goods in the decision of invoicing currency as in Chung (2016). However, we extend the model by a more general production function, adding capital as the second factor of production. We, thus, develop a novel model with two factors of production in the invoicing currency literature that also features imported inputs. In our model, the covariance terms involving the more realistic cost index when production involves not just labour but also capital play a critical role in decision making on pricing strategies.

Keywords:

currency invoicing, intermediate goods, vehicle currency pricing, local currency pricing, producer currency pricing,

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