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(1)Is Exchange Rate Pass-Through Declining?: Evidence from Japanese Exports to the United States and Asia1). Nguyen Cam Nhung. Abstract Unlike the previous studies, this paper reexamines the degree of exchange rate pass-through (henceforth ERPT) in Japanese exports to the United States and Asian countries by using the destination breakdown data of 300 export commodities at the HS 9-digit level. By conducting the fixed effect panel estimation, we have found that ERPT has increased in Japanese exports to all destinations, even to the United States, at the HS 4-digit commodity level, which contrasts markedly with the Taylorʼs (2000) conjecture that ERPT declined in the low inflation environment. Key words: exchange rate pass-through; pricing-to-market; Japanese exports; East Asia. JEL Classification: F3, F4 1．INTRODUCTION Exchange rate pass-through (henceforth ERPT) has gained renewed attention in recent years in both theoretical and empirical literature. Taylor (2000) conjectured that the extent of ERPT declined in the low inflation environment. Recent studies, such as Campa and Goldberg (2005) and Otani, Shiratsuka and Shirota (2005), have examined the degree of ERPT in import prices using either the data on a number of source countries or the industry/commodity breakdown data. In contrast to the previous studies, this paper employs the data on Japanese exports by commodity and by destination country to make more rigorous empirical investigation about whether the degree of ERPT has declined in the case of Japanese exports. The highly disaggregated commodity data by destination is often used in the literature such as Knetter (1989), Takagi and Yoshida (2001), Sato (2003), Parsons and Sato (2008) and Yoshida (2009). However, except for Yoshida (2009), the above studies tend to choose only a small number of commodities at the HS 9-digit level as a “representative” of respective industries.2) The empirical results obtained by the above empirical approach are hard to be generalized in discussing the ERPT in a broader perspective. To overcome the weakness of the previous studies, this paper employs a panel estimation as developed by Yoshida. . 1) I would like to thank Kiyotaka Sato, Craig Parsons and Eiichi Tomiura for their helpful comments. An earlier version of this paper was presented at the 12th International Convention of the East Asian Economic Association in Seoul, Korea, 2-3 October 2010. 2) For example, Takagi and Yoshida (2001) analyzed only 11 commodities for estimating pass-through coefficients for Japanese exports to East Asia. Sato (2003) collected 13 commodities, Parsons and Sato (2008) selected 27 commodities..

(2) 102 （398）. Yokohama Journal of Social Sciences, Vol. 18, No. 4・5. (2009) by pooling all 300 export commodities at the HS 9-digit level into fifty-four HS 4-digit classifications. We obtain pass-through coefficients at the HS 4-digit level, which better reflects the similarity of ERPT in Japanese exports at a broader commodity category. While Japanese exporting firms have built a regional production network in East Asia and the share of intra-firm trade has been growing in the region (Ito, et al., 2010), the high ERPT is generally observed in Japanese exports to East Asia. In order to reexamine the degree of exchange rate pass-through in Japanese exports to the United States and Asian countries, nine destination countries are chosen including the United States, China, Korea, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Since several East Asian countries were hit by the currency crisis in 1997-1998 and the global economy has experienced a significant fall in trade transactions and economic growth on a global scale in recent years, we exclude the crisis period from our analysis. Thus, the whole sample (from January 1988 to December 2008) is divided into two sub-samples for empirically analyzing the degree of pass-through for the pre-crisis period (January 1988 to December 1996) and the post-crisis period (from January 2000 to December 2008). Comparing findings between two sub-samples, we can explore whether the Japanese exportersʼ pass-through behavior in regional trade has changed in response to the dynamic development and integration in East Asian countries. Our findings of the rising ERPT have important implications for the price setting behavior of exporting firms in the growing production network. The paper is organized as follows. Section 2 presents the empirical model. Section 3 describes the data. Section 4 discusses the estimated results. Finally, Section 5 concludes. 2．THE EMPIRICAL MODEL We employ the standard regression equation used in the literature such as Knetter (1989) and Yoshida (2009) to estimate the extent of exchange rate pass-through by using a panel data. ∆ln pit = αi + β∆lnSji + γ∆lnPPIit + δ∆lnIPIjt+ εit, where. (1) . ∆ denotes the first-difference operator; i = 1, ...., N, j = 1, ...., M and t = 1, ...., T, respectively, indicate. the commodity of exports, importing countries and time; p is the export price; α is a commodity fixed effect; S is the bilateral nominal exchange rate of the exporterʼs currency vis-à-vis the importersʼ currency; PPI is the producer price index of exporting country (a proxy for the exporterʼs marginal cost); IPI is the industrial production index of importing country (a proxy for the destination market demand conditions); and ε is an error term. Before using equation (1) to estimate the degree of exchange rate pass-through, we checked the stationary of dependent and independent variables, and found that most of variables are non-stationary in level but stationary in first differences.3) Thus, we finally use the first-differenced form of the ERPT equation, that is, equation (1), which has been widely employed in previous studies for analyzing the pass-through, for instance, Yoshida (2009) and Parsons and Sato (2008). However, our pass-through coefficients are different from theirs. While they estimate the pass-through coefficient for a single commodity at the HS 9-digit level, we evaluate the common slope pass-through coefficients gained from pooling all commodities at the HS 9-digit level for each of HS 4-digit classifications which gives us more accurate information on the exportersʼ behavior at an industry level. β is a pass-through coefficient at the HS 4-digit level, and can be interpreted as follows. If the null hypothesis of β = 0 cannot be rejected, this may imply that full pass-. . 3) We performed the augmented Dickey-Fuller (ADF) test for stationarity of variables. EViews 7 is used for the ADF test..

(3) （399） 103. Is Exchange Rate Pass-Through Declining?（Nguyen Cam Nhung） nd. Table 1 The Ratio of Currency Invoicing (the 2 half of 2008) Japanese exports to . (Unit: %). World. Currency. US EU Asia. US dollar. Yen. Euro. GBP. AUD. Others. Share. 49.8. 39.5. 6.7. 1.3. 0.7. 2.0. Currency. US dollar. Yen. Euro. GBP. CAD. Others. Share. 86.8. 13.0. 0.1. 0.0. 0.0. 0.1. Currency. Euro. Yen. US dollar. GBP. SEK. Other. Share. 51.1. 28.0. 16.1. 4.5. 0.2. 0.1. Currency. US dollar. Yen. THB. TWD. KRW. Other. Share. 50.7. 47.5. 0.5. 0.4. 0.2. 0.7. Source: http://www.customs.go.jp, Ministry of Finance, Japan.. Table 2 The Priors for Tests for Estimating Pass-through Coefficients S. ¥/EA. S. ¥/USD. β=1. No P-T (PTM in EA). No P-T (PTM in USD). 0˂β˂1. Incomplete P-T. Incomplete P-T. β=0. Full P-T. Full P-T. Note: The first column shows the hypothesis of the common slope coefficient β in equations (1).. through is conducted in an aggregated industry at the HS 4-digit classification of all commodities at the HS 9-digit level. If β is significant and positive, the degree of pass-through is incomplete, and exporters conduct PTM behavior to a certain extent. β =1 may suggest “no pass-through” or complete PTM, where Japanese exporters tend to stabilize the export price in the importerʼs currency. As we know that around 50% of Japanese exports to the Asia were invoiced in US dollars (see Table 1). We suppose that both Japanese exporters and Asian importers have no choice but to take on the exchange rate risks against the US dollar. In order to check this assumption, we need to estimate the equation (1) above by using the bilateral nominal exchange rate of the Japanese yen vis-à-vis the US dollar, even though export destination is Asian countries. The above equation is used to analyze whether the US dollar (a third currency) is used as an invoicing currency in Japanese exports to East Asia. The estimates of β in equation (1) can be interpreted in Table 2. 3．DATA We use the highly disaggregated data of export prices at the HS 9-digit level, which is collected from the website of the Ministry of Finance, Trade Statistics of Japan. All data are monthly ranging from January 1988 to December 2008. The unit values for each commodity are calculated as the total yen value of the export divided by the total export volume. The producer price index for each commodity is obtained from the website of the Bank of Japan (2005 base). The industrial production index for each destination is drawn from the International Monetary Fund (IMF), International Financial Statistics, CD-ROM and the CEIC Database (2005=100 for the US, Korea and Malaysia; 2000=100.

(4) 104 （400）. Yokohama Journal of Social Sciences, Vol. 18, No. 4・5. FIGURE 1: TOP EXPORTED COMMODITIES OF JAPAN IN 2008. Source: United Nations Statistics Division- Commodity Trade Statistics Database. Source: United Nations Statistics Division- Commodity Trade Statistics Database Figure 1 Top Exported Commodities of Japan in 2008. Table 1: The Ratio of Currency Invoicing (the 2nd half of 2008) Japanese exports to (Unit: %) for the others). All producer price indices and industrial production indices are seasonally adjusted. Monthly series of World Currency US dollar Euro AUD Others the bilateral nominal exchange rates (vis-à-vis Yen the US dollar) are taken from the GBP IMF, International Financial Statistics, CD-ROM. We then calculate 49.8 the cross rate, i.e., the bilateral nominal Share 39.5 6.7 exchange rate 1.3of the yen vis-à-vis 0.7 the importersʼ 2.0 currency.. US All Currency dollar Yen EuroFirst, we choose GBPthe top four CAD Others commodities areUS selected based on the following criteria. exported categories Share general machinery; 86.8 13.0 0.1 0.0 (see Figure0.1 of Japan including electric machinery; iron and steel; and0.0 transport equipment 1). choose all commodities relatively large EUSecond, we Currency Euro having aYen USvolume dollarof transactions GBP and not more SEKthan 20 missing Other data in the Share whole sample. The original dataset28.0 includes a larger16.1 number of commodities 9-digit level and 51.1 4.5 at the HS0.2 0.1a broader range of HS 4-digit industry classifications. However, in some cases, there is only a single commodity at the HS Asia Currency US dollar Yen THB TWD KRW Other 9-digit levelShare for each of HS 4-digit that satisfy our0.5 selection criteria0.4 or the number of observations is0.7 not 50.7classifications 47.5 0.2. enough in the panel data model for usof toFinance, get reliableJapan. results. For these reasons, the final results are based on 300 Source:large http://www.customs.go.jp, Ministry. commodities at the HS 9-digit level. There are fifty-four HS 4-digit industry classifications used to examine the extent of exchange rate pass-through across industries by countries. We repeat this procedure and conduct panel estimation for. Table 2: The Priors for Tests for Estimating Pass-through Coefficients Eq. (2): S and would not provide reliable results. products that Vietnam imported from JapanEq. were(1): so small TheSregression results β = 1 No P-T No P-T are summarized in Table 3 and more detailed results for the United States and Singapore are presented in over Table A1 (PTM in EA) (PTM in USD) through Table A9 in the Appendix. 0 < β <1 Incomplete P-T Incomplete P-T 4．EMPIRICAL ANALYSIS β =0 Full P-T Full P-T. each destination. Vietnam was only estimated in the post-crisis period because before 1996 the volume¥/USD and number of ¥ / EA. 3 presents thethe summary resultsofofthe thecommon pass-through coefficients at the 4-digit classifications. Table Note: The first column shows hypothesis slope coefficient in equations (1) and (2).Fully passβ HS.

(5) （401） 105. Is Exchange Rate Pass-Through Declining?（Nguyen Cam Nhung） Table 3 The Summary of the Pass-through Coefficients by Industry and by Country Industry. Country. Whole sample SYen/EA. Whole sample SYen/USD. Pre-crisis SYen/EA. Pre-crisis SYen/USD. Post-crisis SYen/EA. Post-crisis SYen/USD. PTM. Full PT. PTM. Full PT. PTM. Full PT. PTM. Full PT. PTM. Full PT. PTM. Full PT. Iron and steel. China Korea Singapore Malaysia Indonesia Vietnam. 0 0 0 0 0 n.a.. 3 4 1 1 1 n.a.. 0 0 0 0 0 n.a.. 2 2 2 3 1 n.a.. 0 0 0 0 0 n.a.. 3 4 1 3 1 n.a.. 1 0 0 0 0 n.a.. 1 4 1 3 0 n.a.. 1 0 0 0 0 0. 2 4 2 3 1 3. 1 0 1 0 0 0. 2 4 1 3 1 3. Machinery. USA China Korea Singapore Malaysia Philippines Thailand Indonesia Vietnam. n.a. 2 0 1 0 0 2 2 n.a.. n.a. 8 9 9 7 10 10 8 n.a.. 4 0 1 2 0 0 1 3 n.a.. 8 10 9 8 8 11 10 9 n.a.. n.a. 2 1 2 0 0 0 2 n.a.. n.a. 8 9 8 8 11 12 9 n.a.. 2 2 0 2 0 1 0 2 n.a.. 10 8 10 8 8 10 12 9 n.a.. n.a. 0 0 0 0 0 0 0 4. n.a. 10 10 10 7 11 12 12 3. 1 0 0 1 0 0 0 1 2. 11 10 10 8 7 11 12 11 5. Electric machinery. USA China Korea Singapore Malaysia Philippines Thailand Indonesia Vietnam. n.a. 3 0 4 1 0 0 0 n.a.. n.a. 19 24 23 23 24 23 18 n.a.. 12 3 2 3 3 2 2 2 n.a.. 17 21 22 24 22 22 21 17 n.a.. n.a. 2 2 5 4 3 3 3 n.a.. n.a. 20 22 22 21 23 20 16 n.a.. 7 1 2 6 3 2 4 3 n.a.. 21 22 22 21 21 24 19 16 n.a.. n.a. 3 0 1 2 0 1 2 5. n.a. 21 24 25 23 26 22 17 12. 3 4 1 3 1 2 2 3 3. 26 20 22 21 24 24 21 16 14. Transport equipment. USA n.a. n.a. 4 2 n.a. n.a. 5 1 n.a. n.a. 3 3 China 0 4 0 4 1 3 0 4 0 4 0 4 Korea 1 3 0 4 0 4 0 4 0 4 0 4 Singapore 0 5 1 4 1 4 0 5 0 5 0 5 Malaysia 1 5 1 5 0 6 0 6 0 6 0 6 Philippines 1 7 0 8 1 7 1 7 1 7 1 7 Thailand 1 6 1 6 2 5 2 5 2 5 1 6 Indonesia 0 3 0 4 0 4 1 3 0 3 0 4 Vietnam n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0 4 0 4 Note: ‌All positive and significant coefficients are counted as PTM. Insignificant coefficients are counted as Full PT（pass-through） . Negative and significant coefficients are not counted in this table.. through stands out in iron and steel; and machinery and mechanical appliances industry across countries,4) while PTM is typically observed in electric machinery and transport equipment exports to the United States and some Asian markets. However, PTM in Japanese exports of electric machinery to the United States declines substantially over time. We find that our results for machinery and mechanical appliances and electric machinery are not consistent with the previous findings. Parsons and Sato (2008) find that PTM seems prevalent for Japanese export of general machinery, electric machinery and transport equipment exports to the US market, while our results reveal few PTM in machinery and. . 4) Table A1 does not show the summary of the common slope coefficients of pass-through for the iron and steel imports of the United States, Thailand and the Philippines for several reasons. First, there were many Anti-dumping (AD) duty activities on steel imports from Japan by the United States in the period from 1999 to 2002. Second, like the United States, from 2003 Thailand also attempted to protect their steel industry by imposing 36.25% AD duties on imports of cold-rolled and hot-rolled steel sheets and plates from 14 countries including Japan. Therefore, the imposition of an AD duty may lead to structural breaks in exchange rate pass-through. We need to test the effect of AD on pass-through of AD duties and exchange rates. If not, we cannot conclude the extent of pass-through. Finally, for the Philippines case, we cannot find any commodities that satisfy our selected criteria for iron -7and steel..

(6) 106 （402）. Yokohama Journal of Social Sciences, Vol. 18, No. 4・5. mechanical appliances exports to the United States. As mentioned, the weakness of the previous studies is the use of several commodities as “representative” of respective industries thus making it hard to generalize the results of estimation to consider the extent of pass-through at the industry level. This study used as many commodities as possible in estimating the common slope pass-through coefficients. This difference yields some opposite conclusions. For instance, Parsons and Sato (2008) found PTM in a single commodity of diodes export to the United States but full pass-through to East Asia in both the pre- and post-crisis period. This study, however, finds full pass-through in Japanese diodes exports to the United States and some East Asian market over time but PTM in exports to Korea in the pre-crisis period; and to Singapore and Thailand in the post-crisis period. This different finding may be the result of using different data. While this paper pools 14 commodities at the HS 9-digit level for the diodes commodity [8541] at the HS 4-digit level, Parsons and Sato (2008) simply use a single commodity of diodes for estimation. In addition, our findings are also different from that of Takagi and Yoshida (2001). Firstly, whereas, they found that the pass-through coefficient of piston engines [8407] in Japanese export to Philippines is observed PTM behavior in the period from 1988M1 to 1998M12, our result shows that full pass-through behavior appears in Japanese exports of piston engines [8407] to Philippines over time. Secondly, while we found full pass-through behavior in Japanese export of starting equipment [8511] constructing from 5 commodities at the HS 9-digit level to Malaysia, Takagi and Yoshida (2001) found PTM behavior. In short, a notable finding is that Japanese exporters increase the degree of ERPT in the post-crisis period. For instance, it is well known that Japanese automobile exporters generally conduct PTM in the US market. Even in exports to the United States, however, the PTM behavior has declined in the post-crisis period compared to the pre-crisis one. Japanese exporters tend to pass through exchange rate changes to East Asian importers in all industries, while PTM is observed in some cases in the electric machinery industry. However, in the post-crisis period, a decline of PTM behavior becomes more pronounced, and the Japanese exporters have stronger tendency to pass through the exchange rate risk to East Asian importers, perhaps, except for Vietnam. 5．CONCLUDING REMARKS In contrast to the previous studies, our panel estimation approach enables us to investigate the destination specific ERPT at a broader commodity category. It is found that the degree of ERPT has increased over the sample period in exports to all destinations, even to the United States, which differs markedly from the findings of the previous studies. The results of estimation at an industry level also show the rising ERPT in all industries in exports to all countries. While Japanese automobile exports to the United States are considered as a typical example of the PTM behavior, our results reveal that ERPT has prevailed even in Japanese automobile exports to the US market. It is often pointed out that Japanese exporters have suffered from an appreciation of the yen. Our findings imply that Japanese exporting firms have changed their pricing behavior in the 2000s, which may reflect their growing production network established in East Asia. After the global financial crisis, however, pricing behavior of Japanese firms may be changed in the face of large fluctuations in the exchange rate. Further empirical analysis will be necessary in the future research..

(7) （403） 107. Is Exchange Rate Pass-Through Declining?（Nguyen Cam Nhung）. Appendix Appendix. Table A1: Estimates of β across commodities for USA HS4 code. HS9. (a) Iron and steel 7202 2 7205 3 7210 2 7212 2. Code Description. 1988M1-2008M12 Yen/USD β s.e.. 1988M1-1996M12 Yen/USD Β s.e.. 2000M1-2008M12 Yen/USD β s.e.. Ferro-alloys Granules and powders, of pig iron, iron or steel Flat-rolled products of iron, a width of 600 mm Flat-rolled products of iron, less than 600 mm. -1.297 0.100 -1.900* -4.079***. 0.830 1.435 1.081 1.789. 0.543 1.772 -4.051* -0.668. 0.420 1.880 1.857 1.824. -0.478 1.895 -1.820 -2.927. 0.702 2.177 1.608 2.463. 0.504*** 0.511*** 0.320 0.422 0.285 0.288 -0.927 0.941** 1.068** 1.272 0.652 -0.159. 0.210 0.140 0.206 0.478 0.273 0.366 2.032 0.495 0.545 1.532 0.413 0.368. 0.747** 0.766*** 0.396 0.862 0.277 -0.259 -4.039 0.571 0.791 3.196 0.498 0.022. 0.395 0.245 0.289 0.890 0.419 0.539 3.578 0.614 0.888 2.322 0.622 0.623. 0.655** 0.181 0.021 0.732 0.461 0.597 0.417 0.858 1.161 1.355 0.259 -0.074. 0.290 0.173 0.366 0.588 0.458 0.572 3.193 0.970 0.796 2.778 0.692 0.523. (b) Machinery and mechanical appliances 8407 11 Spark-ignition reciprocating or rotary internal 8408 7 Compression ignition internal combustion piston 8409 6 Parts suitable for use solely with 8407,8408 8412 5 Other engines and motors 8413 10 Pumps for liquids, liquid elevators 8414 12 Air or vacuum pumps, air or other gas compressors 8417 3 Industrial or laboratory furnaces and ovens 8418 8 Refrigerators, freezers, electric, heat pumps 8419 7 Machinery, plant or laboratory equipment 8420 3 Calendering or other rolling machines 8421 8 Centrifuges, filtering or purifying machinery 8422 6 Dish washing machines, machinery for cleaning. (c ) Electric machinery 8501 10 Electric motors and generators 0.343* 0.192 0.241 0.361 0.080 0.265 8502 2 Electric generating sets and rotary converters 0.403* 0.234 0.367 0.480 0.621** 0.268 8504 5 Electrical transformers, static converters 0.533* 0.318 0.406 0.420 1.045* 0.641 8505 5 Electro-magnets, permanent magnets, clamps 1.299*** 0.237 1.099*** 0.394 1.288*** 0.344 8507 4 Electric accumulators 0.916* 0.536 0.665 0.670 0.719 1.053 8510 2 Shavers, hair clippers and hair-removing 0.242 0.542 0.061 1.057 0.703 0.761 8511 9 Electrical ignition or starting equipment 0.514*** 0.156 0.483* 0.286 0.321 0.225 8512 4 Electrical lighting or signaling equipment 0.346* 0.210 0.177 0.242 0.499 0.451 8515 7 Electric laser or photon beam, ultrasonic 0.501 0.448 0.896 0.761 0.236 0.745 8516 5 Electric instantaneous or storage water heaters 0.533* 0.321 0.159 0.345 0.791 0.691 8518 12 Microphones and stands therefor; loudspeakers 0.575*** 0.244 0.811*** 0.286 0.454 0.496 8521 2 Video recording or reproducing apparatus 0.861*** 0.255 1.252*** 0.286 0.338 0.564 8522 2 Parts and accessories suitable for 8519 to 8521 -0.480 0.661 -1.278 0.956 0.509 1.169 8526 3 Radar apparatus, radio navigational aid apparatus 0.600 0.491 0.707 0.837 0.098 0.410 8527 2 Reception apparatus for radio-broadcasting 1.274*** 0.406 0.997* 0.552 0.958 0.694 8529 5 Parts suitable for use with 8525 to 8528 0.275 0.447 0.455 0.654 -0.161 0.865 8531 4 Electric sound or visual signaling apparatus 0.093 0.401 -0.014 0.599 -0.025 0.747 8532 10 Electrical capacitors, fixed, variable or adjustable 0.229 0.351 0.438 0.466 0.227 0.735 8533 7 Electrical resistors 0.600 0.562 0.081 0.943 1.117 0.904 8535 2 Electrical apparatus for switching circuits -2.980 1.970 -3.982* 2.463 -8.049** 4.008 8536 9 Electrical apparatus for electrical circuits 0.314 0.298 0.846** 0.380 -0.430 0.576 8538 4 Parts suitable for use with 8535 to 8537 0.328 0.280 0.023 0.479 -0.141 0.457 8539 8 Electric filament or discharge lamps 0.310 0.322 0.220 0.486 0.287 0.582 8540 4 Thermionic, cold cathode or photocathode valves -0.254 0.921 0.126 1.375 -0.872 1.739 8541 14 Diodes, transistors and similar semi-conductor 0.238 0.444 -0.097 0.808 0.394 0.630 8543 2 Electrical machines and apparatus -2.122** 1.014 -2.610* 1.442 -0.305 1.565 8544 7 Insulated wire, cable, other electric conductor 0.084 0.742 0.161 1.035 0.451 1.404 8545 2 Carbon electrodes, carbon brushes, lamp carbons 1.361 1.621 1.860 1.475 1.336 3.487 8546 3 Electrical insulators of any material -0.100 1.872 -3.414 2.840 3.086 3.674 8547 2 Insulating fittings for machines, appliances 1.305*** 0.388 1.440*** 0.450 0.689 0.750 (d) Transport equipment 8701 3 Tractors 0.499*** 0.081 0.685*** 0.144 0.527*** 0.104 8703 4 Motor cars and other motor vehicles 1.208*** 0.308 0.541*** 0.098 2.324*** 0.768 8704 3 Motor vehicle for the transport of goods 0.452* 0.289 0.683*** 0.082 -0.094 0.871 8708 14 Parts and accessories of 8701 to 8705 0.447*** 0.086 0.447*** 0.122 0.485*** 0.167 8714 9 Parts and accessories of 8711 to 8713 0.252 0.220 0.737** 0.353 -0.054 0.393 8716 2 Trailers and semi-trailers, other vehicles 0.643 1.455 1.298 1.347 0.807 3.434 Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification..

(8) HS9. 2. 3. 7210. 7212. Flat-rolled products of iron, less than 600 mm. Flat-rolled products of iron, a width of 600 mm. Granules and powders, of pig iron. Ferro-alloys. Code Description. 5. 6. 5. 13. 9. 2. 8. 7. 8408. 8409. 8412. 8413. 8414. 8417. 8419. 8421. Centrifuges, filtering or purifying machinery. Machinery, plant or laboratory equipment. Industrial or laboratory furnaces and ovens. Air or vacuum pumps, air. Pumps for liquids, liquid elevators. Other engines and motors. Parts suitable for use solely 8407,8408. Compression ignition internal combustion piston. Spark-ignition reciprocating or rotary internal. 4. 8. 8535. 8536. Insulating fittings for electrical machines,. Insulated wire, cable,. Diodes, transistors and similar semi-conductor. Thermionic, cold cathode or photocathode valves. Electric filament or discharge lamps. Parts suitable for use with 8535 to 8537. Boards, panels, consoles, desks. Electrical apparatus not exceeding 1000volts. Electrical apparatus exceeding 1000 volts. Electrical resistors. Electrical capacitors, fixed, variable or adjustable. Electric sound or visual signaling apparatus. Parts suitable for use with 8525 to 8528. Radar apparatus, radio navigational aid apparatus. Video recording or reproducing apparatus. Microphones and stands therefor; loudspeakers. Electric instantaneous or storage water heaters. Electric laser or photon beam, ultrasonic. Electrical lighting or signaling equipment. Electrical ignition or starting equipment. Electric accumulators. Electro-magnets, permanent magnets, clamps,. Electrical transformers, static converters. 5. 8714. Parts and accessories of vehicles of 8711 to 8713. Parts and accessories of motor vehicles. 0.312. 0.540. 0.375**. -0.992. -0.006. 0.105. 0.150. 0.186. 0.447. 0.463. 0.794. 0.125. -0.643. -0.426. 0.061. 0.379. 0.159. 0.022. 0.889. 0.260. -0.004. -0.266. -0.304. -0.304. 0.187. 0.469. 0.187. 1.524. 0.311. 0.457. 0.217. 0.305. 0.379. 0.482. 1.054. 0.168. 0.739. 0.444. 0.253. 0.575. 0.448. 0.351. 0.824. 0.550. 0.511. 0.502. 0.729. 0.426. 0.531. 0.345. 0.346. 0.213. 0.084 -0.176. 0.708. 0.320. 0.390. 1.295. 0.227. 0.273. 2.889. 0.422. 0.433. 0.427. 0.706. 0.929. 0.618. -1.250*. 0.061. -0.326. -0.045. 0.133. 0.023. 0.258. -0.041. -0.236. -0.377. -0.308. -0.046. 1.046. 0.650. Yen/USD. -0.405. 0.200. -0.170. 0.049. 0.479. 0.689**. 0.017. 1.102**. 0.962. -0.004. 0.188. -0.612. -0.364. 0.512. 0.829. 0.200. 0.072. 0.475. 0.305. 0.383. 0.279. -0.015. 0.161. 0.394. 0.787. -0.444. 0.220. 0.501. 1.017**. -0.678. 0.490. 0.104. 0.054. -0.016. 0.440. -0.568. -0.438. -1.122. 0.952. -2.251***. -1.816*. 2.461. 0.643. 0.268. 1.814. 0.452. 0.632. 0.315. 0.446. 0.552. 0.700. 1.422. 0.244. 1.052. 0.641. 0.367. 0.838. 0.650. 0.510. 1.112. 0.803. 0.819. 0.720. 1.062. 0.607. 0.770. 0.500. 0.492. 0.309. 1.023. 0.467. 0.569. 1.851. 0.330. 0.402. 0.420. 0.613. 0.589. 0.633. 1.040. 1.400. 0.894. 0.953. s.e.. 1988M1-2008M12. Β. Yen/KWR s.e.. -0.925. β. 0.528. -0.454. 0.523. 1.374. 0.181. 0.277. 0.241***. -0.242. 1.501*. 0.720. 1.655. 0.006. 0.037. 0.352. 0.683. -0.403. -0.038. 0.773. -0.522. 0.504. 0.726. 1.014. -1.054. -0.056. 0.902. 0.789. -0.176. 0.489. -0.364. 1.074*. 0.108. -0.294. 0.383. -0.024. -0.246. 0.033. -0.503. -0.374. 0.859. 0.447. -1.547. 3.163. 0.805. 0.375. 2.016. 0.490. 0.866. 0.499. 0.542. 0.930. 1.388. 2.594. 0.403. 1.433. 0.783. 0.703. 1.091. 0.708. 0.658. 2.072. 1.074. 1.169. 0.816. 1.609. 0.769. 0.975. 0.631. 0.833. 0.409. 1.328. 0.647. 0.916. 2.527. 0.540. 0.600. 0.579. 0.901. 0.751. 1.146. 1.498. 2.338. 1.197. 0.636. Yen/KWR s.e.. 1988M1-1996M12. 0.017. β. Table A2: Estimates of β across commodities for Korea. 1988M1-2008M12. 8716 2 Trailers and semi-trailers, other vehicles -0.466 1.829 0.520 Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification.. 10. 8708. (d) Transport equipment 8705 2 Special purpose motor vehicles. 2. 7. 8533. 8547. 9. 8532. 6. 4. 8531. 12. 3. 8529. 8544. 3. 8526. 8541. 2. 8521. 4. 5. 8518. 7. 4. 8516. 8540. 8. 8515. 8539. 2. 8512. 2. 6. 8511. 4. 3. 8507. 8538. 5. 8505. 8537. 7. 8504. 8422 5 Dish washing machines, machinery for cleaning (c ) Electric machinery 8501 11 Electric motors and generators. 3. 8407. (b) Machinery and mechanical appliances. 2. 7205. (a) Iron and steel 7202 2. HS4 code. 1.146. -0.608. 0.424. 1.906. 0.312. 0.658. 1.224***. -0.311. 1.701**. 0.568. 2.037. 0.041. 0.583. 0.193. 0.784. -0.321. -0.049. 0.700. -0.143. 0.810. 0.277. 0.953. -0.234. 0.073. 0.634. 0.648. -0.439. 0.464. -0.065. 0.854. 0.010. -0.501. 0.390. 0.085. -0.108. 0.275. -0.127. -0.309. 0.511. 1.005. -1.397. Yen/USD. 3.038. 0.766. 0.359. 1.920. 0.468. 0.823. 0.475. 0.517. 0.884. 1.324. 2.496. 0.384. 1.371. 0.748. 0.670. 1.037. 0.675. 0.628. 1.964. 1.029. 1.105. 0.778. 1.532. 0.730. 0.930. 0.602. 0.794. 0.391. 1.261. 0.618. 0.878. 2.412. 0.515. 0.572. 0.552. 0.858. 0.717. 1.089. 1.441. 2.252. 1.142. 0.608. s.e.. 1988M1-1996M12. 0.058. β. -0.455. 0.071. 0.028. -3.083. 0.152. 0.672. -0.258. -0.413. 0.149. 0.733. 0.796. -0.067. -1.080. -1.156. 0.013. 1.336. 0.323. -0.251. 0.700. -0.150. 0.288. -0.753. 0.777. -0.386. 0.820. 0.638. -0.327. 0.570. -1.502. -0.177. -0.630. 1.439. 0.118. 0.488. 0.315. 0.934. -0.027. -0.460. 0.834. 0.065. -0.386. 3.700. 0.916. 0.355. 2.495. 0.742. 0.837. 0.434. 0.699. 0.668. 0.674. 1.434. 0.296. 1.520. 1.019. 0.424. 1.183. 1.013. 0.707. 1.014. 1.129. 1.174. 1.164. 1.363. 0.884. 1.112. 0.793. 0.607. 0.461. 1.411. 0.639. 0.685. 2.846. 0.390. 0.552. 0.612. 0.809. 0.860. 0.796. 0.867. 1.672. 0.673. 1.145. Yen/KWR s.e.. 2000M1-2008M12. -0.372. β. 1.596. -0.070. -0.371. -2.655. 0.158. 0.275. -0.277. 0.199. 0.084. 1.697*. -0.752. -0.084. -1.765. -2.442*. 0.253. 1.814. 1.404. -0.422. 1.007. -0.652. 0.828. -0.694. 2.042. 0.560. -0.294. 1.250. -0.360. 0.307. -0.206. 0.829. -1.165. 1.928. 0.069. 0.360. 0.189. 0.769. -0.481. -0.342. 1.894. 0.104. -0.874. 4.916. 1.036. 0.425. 3.482. 1.011. 1.154. 0.591. 0.959. 0.907. 0.920. 1.974. 0.405. 2.164. 1.356. 0.575. 1.631. 1.385. 0.969. 1.390. 1.509. 1.612. 1.554. 1.876. 1.223. 1.522. 1.072. 0.807. 0.632. 1.911. 0.870. 0.936. 3.523. 0.536. 0.756. 0.843. 1.086. 1.180. 1.086. 1.187. 2.395. 0.918. 1.606. Yen/USD s.e.. 2000M1-2008M12. -0.145. β. 108 （404）. Yokohama Journal of Social Sciences, Vol. 18, No. 4・5.

(9) HS9. Code Description. 1988M1-2008M12 Yen/RMB β s.e.. 1988M1-2008M12 Yen/USD β s.e.. 1988M1-1996M12 Yen/RMB β s.e.. Table A3: Estimates of β across commodities for China. (a) Iron and steel 7205 2 Granules and powders, of pig iron, iron or steel -0.401 1.335 -0.278 1.995 -0.201 0.885 7210 2 Flat-rolled products of iron, a width of 600 mm 1.082 0.763 -2.018* 1.078 -1.303 1.018 7212 4 Flat-rolled products of iron, less than 600 mm -0.544 0.445 -0.418 0.623 0.007 0.074 (b) Machinery and mechanical appliances 8407 3 Spark-ignition reciprocating or rotary internal 1.257*** 0.043 0.415 0.547 1.731*** 0.691 8408 3 Compression ignition internal combustion piston 0.582 0.414 0.716 0.541 1.010** 0.547 8409 6 Parts suitable for use solely 8407,8408 0.173 0.449 0.224 0.616 0.201 0.633 8412 5 Other engines and motors 0.783* 0.489 0.828 0.687 0.553 0.735 8413 8 Pumps for liquids, liquid elevators 0.098 0.280 0.453 0.393 0.112 0.417 8414 8 Air or vacuum pumps, air 0.201 0.349 0.257 0.488 0.197 0.513 8418 7 Refrigerators, freezers, electric, heat pumps 0.365 0.494 0.129 0.710 0.277 0.643 8419 5 Machinery, plant or laboratory equipment 0.305 0.502 0.904 0.705 0.542 0.689 8421 7 Centrifuges, filtering or purifying machinery 0.062 0.360 -0.022 0.504 -0.245 0.489 8422 2 Dish washing machines, machinery for cleaning 0.015 0.637 -0.677 0.897 0.458 0.764 (c ) Electric machinery 8501 7 Electric motors and generators -0.659* 0.383 -0.045 0.539 -1.007* 0.557 8502 3 Electric generating sets and rotary converters 1.861*** 0.563 0.895 0.753 2.854*** 1.031 8504 6 Electrical transformers, static converters 0.034 0.451 0.618 0.611 -0.305 0.617 8505 4 Electro-magnets, permanent magnets, clamps, 0.147 0.468 0.235 0.657 0.122 0.799 8507 3 Electric accumulators -0.960 0.804 -0.316 1.161 -1.151 1.117 8511 6 Electrical ignition or starting equipment 0.579 0.401 0.597 0.562 0.530 0.461 8512 3 Electrical lighting or signaling equipment 0.282 0.286 0.401 0.400 0.348 0.359 8515 7 Electric laser or photon beam, ultrasonic 0.452 0.531 0.155 0.745 0.951 0.739 8516 2 Electric instantaneous or storage water heaters 0.153 0.893 -0.735 1.265 0.603 1.104 8518 4 Microphones and stands therefor; loudspeakers -0.213 0.816 -0.354 1.160 -0.558 1.011 8526 3 Radar apparatus, navigational aid apparatus 0.987** 0.469 1.262** 0.658 0.744 0.595 8529 3 Parts suitable for use with 8525 to 8528 -0.368 0.499 0.258 0.700 -0.783 0.687 8531 3 Electric sound or visual signaling apparatus 0.111 0.680 -0.321 0.947 0.137 1.082 8532 6 Electrical capacitors, variable or adjustable 0.155 0.504 -0.144 0.679 0.106 0.903 8533 6 Electrical resistors -0.088 0.294 0.242 0.412 -0.393 0.450 8536 8 Electrical apparatus not exceeding 1000volts 0.562** 0.252 0.258 0.352 0.763** 0.391 8537 2 Boards, panels, consoles, desks -0.113 1.024 2.394* 1.443 -1.320 1.545 8538 4 Parts suitable for use with 8535 to 8537 0.787 0.639 -0.236 0.894 0.176 1.013 8539 5 Electric filament or discharge lamps -1.141* 0.669 -0.089 0.944 -2.297** 1.140 8540 2 Thermionic, cold cathode or valves 0.310 0.552 0.183 0.781 0.190 0.734 8541 12 Diodes, transistors and similar semi-conductor -0.140 0.247 0.194 0.333 -0.157 0.480 8543 2 Electrical machines and apparatus 1.506 1.205 1.223 1.689 2.045 1.528 8544 5 Insulated wire, cable, 0.309 0.405 0.673 0.564 0.265 0.597 8547 2 Insulating fittings for electrical machines, 0.466 0.675 2.872*** 0.936 -0.111 1.040 (d) Transport equipment 8705 2 Special purpose motor vehicles 1.144 0.924 1.075 1.391 0.976 0.890 8708 11 Parts and accessories of motor vehicles 0.329 0.206 0.219 0.289 0.508* 0.306 8714 5 Parts and accessories of vehicles of 8711 to 8713 -0.087 0.275 -0.033 0.388 0.000 0.307 8716 2 Trailers and semi-trailers, other vehicles 0.735 1.120 0.798 1.582 0.692 1.573 Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification.. HS4 code. 1.770 1.864 0.120 1.270 0.899 1.112 1.315 0.738 0.904 1.204 1.221 0.862 1.357 1.001 1.806 1.047 0.407 2.090 0.815 0.634 1.320 1.973 1.831 1.065 1.220 1.899 1.512 0.801 0.688 2.791 1.796 2.059 1.364 0.706 2.696 1.055 1.809 1.652 0.539 0.543 2.983. 0.731 -3.080* 1.089*** 0.880 2.157*** 0.391 0.158 0.910 0.456 -0.424 2.426** -0.921 0.046 -0.132 2.310 0.645 0.315 0.130 0.408 0.727 1.159 -0.283 -1.556 0.754 -0.172 -0.936 -0.780 -0.329 0.559 0.942 -3.259* -1.154 -0.157 0.485 2.560 0.746 3.945** 0.630 0.630 0.227 0.545. 1988M1-1996M12 Yen/USD β s.e.. -0.743 -0.101 0.572 0.100. 0.749 -0.081 1.449 0.390 -0.533 0.945 0.468 -0.106 -1.768 1.501 0.711 0.041 -0.081 0.372 0.943** -0.137 3.238** 1.797* 0.388 0.946 -0.109 -1.433 0.611 1.699. 0.375 -0.025 -0.287 1.153 0.336 0.196 -0.355 -0.471 -0.628 -0.003. 1.553 -1.758 1.616**. 2.647 0.277 0.729 2.139. 0.694 0.712 0.966 0.586 1.840 1.544 0.638 1.107 2.438 2.029 1.128 1.160 1.077 0.476 0.490 0.418 1.654 1.027 0.743 1.336 0.322 1.848 0.820 1.073. 0.300 0.745 0.871 0.816 0.477 0.594 1.101 1.031 0.692 1.602. 3.548 1.667 0.887. 2000M1-2008M12 Yen/RMB β s.e.. -1.224 -0.114 0.528 0.057. 0.611 -0.140 1.346 0.375 -0.772 0.956 0.484 -0.047 -1.764 1.614 0.769 0.078 0.008 0.404 0.984** -0.087 3.371** 1.773* 0.418 0.898 -0.101 -1.625 0.703 1.777*. 0.324 -0.085 -0.186 1.118 0.298 0.247 -0.360 -0.353 -0.684 -0.129. 1.517 -2.005 1.689**. 2.636 0.277 0.732 2.134. 0.693 0.709 0.971 0.591 1.834 1.042 0.638 1.105 2.431 2.026 1.127 1.159 1.076 0.476 0.490 0.418 1.651 1.025 0.741 1.336 0.322 1.846 0.821 1.071. 0.300 0.735 0.871 0.820 0.476 0.594 1.096 1.028 0.691 1.600. 3.540 1.656 0.882. 2000M1-2008M12 Yen/USD β s.e.. Is Exchange Rate Pass-Through Declining?（Nguyen Cam Nhung）（405） 109.

(10) HS9. Code Description. 1988M1-2008M12 Yen/SGD β s.e.. 1988M1-2008M12 Yen/USD β s.e.. 1988M1-1996M12 Yen/SGD β s.e.. 0.925 0.805 0.503 0.766 0.533 0.558 0.374 0.921 0.701 1.900 0.586 0.832 0.782 0.673 0.600 0.756 0.578 0.547 2.173 0.905 0.478 0.444 0.266 0.481 0.804 1.187 0.506 0.650 0.401 1.198 1.495 0.592 0.850 0.510 1.546 0.609 0.454 0.358 1.956 0.486 1.136 1.124. 0.929 -0.291 -0.041 -0.433 1.322*** -0.652 0.799** 0.227 -0.344 0.708 1.150** 0.549 -0.087 0.368 0.579 -0.499 0.729 -0.008 0.630 0.470 0.354 0.770* 0.440* 0.244 0.449 -0.851 1.113** 1.260** 1.004*** 0.801 -0.186 0.555 0.470 0.257 1.803 0.019 0.442 -0.070 -2.367 0.077 0.468 1.742. 0.163 0.280 0.464 -0.178 -0.230. 0.898 -0.596 0.639 -1.209 -0.692 0.670 1.818* -0.095 -1.638 2.036 0.579 0.556 -1.688 2.777 -0.190 -2.861** 0.456 -0.152 0.562 1.428 2.204 0.206 -2.067 0.523 2.036 -1.154 0.842. 0.112 0.174 -0.929 0.259 -0.701 1.225 1.060 0.736 -0.653 -1.851. 1.859 0.315. 2.601 1.415. 3.930 -2.917**. 0.185 1.327 0.679 1.149 2.080. 0.744 1.003 1.210 0.952 1.542 0.706 1.131 0.792 2.685 1.675 1.202 1.114 1.778 1.737 1.613 1.227 0.492 0.508 0.399 2.442 1.392 0.790 1.679 0.479 2.359 1.472 1.205. 0.531 0.723 0.638 0.967 0.710 0.819 0.767 1.191 0.815 3.442. 1.491 0.368. 2000M1-2008M12 Yen/SGD β s.e.. 1988M1-1996M12 Yen/USD β s.e.. Table A4: Estimates of β across commodities for Singapore. (a) Iron and steel 7205 2 Granules and powders, of pig iron, iron or steel -0.325 1.762 1.0679 1.540 4.540 3.197 7210 3 Flat-rolled products of iron, a width of 600 mm -1.407* 0.800 -0.961 0.684 -3.524** 1.737 (b) Machinery and mechanical appliances 8407 2 Spark-ignition reciprocating or rotary internal 0.645 0.512 0.458 0.443 1.278 1.136 8408 5 Compression ignition internal combustion piston -0.528 0.548 -0.197 0.476 -0.295 0.990 8409 6 Parts suitable for use solely 8407,8408 -0.015 0.389 0.007 0.336 -0.089 0.618 8412 5 Other engines and motors 0.351 0.584 0.210 0.505 -0.694 0.939 8413 8 Pumps for liquids, liquid elevators 0.589 0.418 0.425 0.363 1.891*** 0.650 8414 10 Air or vacuum pumps, air 0.471 0.476 0.749* 0.411 -0.736 0.685 8418 8 Refrigerators, freezers, electric, heat pumps 1.011*** 0.395 0.696** 0.341 0.962** 0.458 8419 7 Machinery, plant or laboratory equipment 0.491 0.723 0.503 0.619 -0.052 1.131 8421 7 Centrifuges, filtering or purifying machinery -0.489 0.548 -0.234 0.473 -0.632 0.860 8422 2 Dish washing machines, machinery for cleaning 0.208 1.854 -0.161 1.606 1.307 2.334 (c ) Electric machinery 8501 8 Electric motors and generators 1.128*** 0.442 0.523 0.383 1.797*** 0.717 8502 4 Electric generating sets and rotary converters -0.055 0.604 -0.121 0.524 0.515 1.022 8504 5 Electrical transformers, static converters -0.064 0.676 0.046 0.585 -0.511 0.958 8505 5 Electro-magnets, permanent magnets, clamps, -0.153 0.527 -0.268 0.457 0.603 0.825 8507 3 Electric accumulators 0.156 0.719 -0.009 0.623 0.974 0.735 8509 2 Electro-mechanical domestic applicances 0.579 0.551 0.228 0.479 -0.372 0.929 8511 7 Electrical ignition or starting equipment 0.895 0.606 0.753 0.523 1.067 0.708 8512 2 Electrical lighting or signaling equipment 0.570 0.479 0.111 0.416 -0.139 0.669 8514 4 Industrial or laboratory electric furnaces -0.076 1.886 -0.657 1.637 1.472 2.654 8515 5 Electric laser or photon beam, ultrasonic 0.765 0.856 0.095 0.741 0.889 1.110 8516 7 Electric instantaneous or storage water heaters 0.472 0.524 0.213 0.450 0.296 0.587 8518 9 Microphones and stands therefor; loudspeakers 0.379 0.515 0.620 0.443 0.887* 0.545 8521 2 Video recording or reproducing apparatus -0.540 0.724 -0.501 0.626 0.511 0.327 8526 3 Radar apparatus, radio navigational aid apparatus 1.038 0.743 0.672 0.643 0.180 0.591 8529 4 Parts suitable for use with 8525 to 8528 0.622 0.811 -0.065 0.696 0.622 0.985 8531 4 Electric sound or visual signaling apparatus -0.461 0.832 -0.788 0.722 -0.388 1.452 8532 8 Electrical capacitors, fixed, variable or adjustable 0.835*** 0.329 0.714*** 0.284 1.402** 0.620 8533 5 Electrical resistors 0.949*** 0.407 0.623* 0.352 1.613** 0.797 8536 8 Electrical apparatus not exceeding 1000volts 0.652*** 0.270 0.652*** 0.233 1.187*** 0.491 8537 2 Boards, panels, consoles, desks 0.561 1.330 0.209 1.150 0.767 1.464 8538 4 Parts suitable for use with 8535 to 8537 0.947 1.004 0.699 0.868 -0.559 1.832 8539 8 Electric filament or discharge lamps 0.269 0.468 0.312 0.406 0.803 0.727 8540 3 Thermionic, cold cathode or photocathode valves -0.468 0.817 -0.350 0.708 0.229 1.045 8541 11 Diodes, transistors and similar semi-conductor 0.181 0.343 0.277 0.296 0.275 0.625 8543 2 Electrical machines and apparatus 1.642 1.502 1.691 1.297 1.602 1.900 8544 6 Insulated wire, cable, -0.475 0.693 -0.147 0.596 0.267 0.746 8547 2 Insulating fittings for electrical machines, 0.567 0.545 0.537 0.471 0.367 0.557 (d) Transport equipment 8703 2 Motor cars and other motor vehicles 0.126 0.197 0.049 0.170 -0.001 0.440 8705 2 Special purpose motor vehicles -0.526 1.227 -0.638 1.072 -3.206 2.403 8708 10 Parts and accessories of motor vehicles 0.537 0.399 0.618* 0.342 0.017 0.597 8714 4 Parts and accessories of vehicles of 8711 to 8713 0.340 0.792 0.195 0.678 1.142 1.393 8716 2 Trailers and semi-trailers, other vehicles 1.212 1.044 0.576 0.904 2.543* 1.377 Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification.. HS4 code. 0.024 1.175 0.709 0.255 -0.856. 0.710 -0.695 0.250 -1.560** -1.040 0.472 2.267** -0.366 -2.310 0.629 -0.133 0.869 -1.746 1.746 -1.312 -2.684*** 0.221 -0.717 0.625* -0.158 1.972 -0.399 -2.860* 0.819** 2.522 -0.978 0.974. 0.059 -0.203 -0.723 0.205 -1.108* 1.333** 1.045 0.840 -0.657 -2.136. 2.028 0.593*. 0.169 1.215 0.601 1.006 1.900. 0.681 0.925 1.120 0.874 1.411 0.652 1.019 0.727 2.441 1.541 1.089 0.999 1.625 1.600 1.443 1.129 0.449 0.463 0.363 2.172 1.269 0.725 1.531 0.434 2.152 1.339 1.100. 0.485 0.663 0.583 0.886 0.648 0.750 0.701 1.077 0.745 3.159. 1.359 0.331. 2000M1-2008M12 Yen/USD β s.e.. 110 （406）. Yokohama Journal of Social Sciences, Vol. 18, No. 4・5.

(11) HS9. Code Description. 1988M1-2008M12 Yen/MYR β s.e.. 1988M1-2008M12 Yen/USD Β s.e.. 1988M1-1996M12 Yen/MYR β s.e.. Table A5: Estimates of β across commodities for Malaysia. (a) Iron and steel 7205 2 Granules and powders, of pig iron, iron or steel -4.286*** 1.365 -1.198 1.580 -1.133 1.393 7210 2 Flat-rolled products of iron, a width of 600 mm -1.108 0.789 -1.395 0.880 -2.719 1.966 7212 2 Flat-rolled products of iron, less than 600 mm -1.889** 0.945 -1.296 1.075 0.611 0.936 (b) Machinery and mechanical appliances 8407 Spark-ignition reciprocating or rotary internal -0.389 0.293 -0.292 0.329 -0.206 0.457 4 8408 Compression ignition internal combustion piston -2.085** 1.036 -1.493 1.199 -2.037 1.621 4 8409 Parts suitable for use solely 8407,8408 0.127 0.605 0.106 0.683 -0.632 0.916 6 8414 Air or vacuum pumps, air 0.046 0.666 0.403 0.750 0.924 1.078 2 8418 Refrigerators, freezers, electric, heat pumps -0.270 0.415 -0.478 0.466 -0.067 0.489 2 8419 Machinery, plant or laboratory equipment -0.865 0.887 -0.377 0.985 -1.466 1.574 5 8421 Centrifuges, filtering or purifying machinery 0.258 0.479 0.320 0.540 0.584 0.420 7 8422 Dish washing machines, machinery for cleaning 1.042 1.434 1.460 1.638 -0.398 2.379 3 (c ) Electric machinery 0.505 0.401 0.484 0.452 1.274* 0.736 8501 8 Electric motors and generators 1.269 0.896 0.912 1.008 -1.324 1.769 8502 3 Electric generating sets and rotary converters -0.160 0.725 0.193 0.824 0.853 1.004 8504 6 Electrical transformers, static converters 0.682 0.590 1.152* 0.665 2.195* 1.288 8505 5 Electro-magnets, permanent magnets, clamps, -1.016 1.198 -0.616 1.315 -2.297 1.771 8507 3 Electric accumulators 0.445 0.449 0.239 0.508 0.175 0.832 8509 2 Electro-mechanical domestic applicances -0.207 0.456 0.280 0.513 0.426 0.706 8511 5 Electrical ignition or starting equipment -0.200 0.360 -0.214 0.406 0.125 0.572 8512 2 Electrical lighting or signaling equipment 0.806 1.813 0.158 1.992 2.642 3.155 8514 3 Industrial or laboratory electric furnaces -1.604* 0.890 -0.384 1.004 -1.691 1.536 8515 8 Electric laser or photon beam, ultrasonic -1.113 1.145 -1.572 1.287 -1.230 1.912 8516 2 Electric instantaneous or storage water heaters -0.819 1.116 -1.809 1.306 -0.574 1.525 8518 3 Microphones and stands therefor; loudspeakers -0.112 0.856 -0.743 0.978 1.113** 0.523 8521 2 Video recording or reproducing apparatus 0.141 0.415 0.646 0.466 0.899 0.584 8522 2 Parts and accessories for use with 8519 to 8521 0.112 1.128 0.020 1.257 0.068 1.519 8527 2 Reception apparatus for radio-broadcasting -0.235 0.573 0.114 0.647 -0.487 0.984 8529 5 Parts suitable for use with 8525 to 8528 0.441 1.005 0.995 1.151 -1.716 1.492 8531 3 Electric sound or visual signaling apparatus 0.536* 0.334 0.350 0.376 0.318 0.702 8532 7 Electrical capacitors, fixed, variable or adjustable -0.002 0.272 0.090 0.307 0.174 0.578 8533 5 Electrical resistors -0.570 1.540 -0.175 1.813 -0.105 2.762 8535 2 Electrical apparatus exceeding 1000 volts -0.356 0.303 -0.454 0.342 -0.592 0.614 8536 7 Electrical apparatus not exceeding 1000volts 2.180 1.395 2.675* 1.626 4.004* 2.223 8537 2 Boards, panels, consoles, desks 0.272 0.816 0.105 0.921 1.961 1.439 8538 4 Parts suitable for use with 8535 to 8537 -0.878 0.874 -0.980 0.988 -0.888 1.506 8539 5 Electric filament or discharge lamps 2 0.411 0.364 0.702* 0.410 -0.063 0.539 8540 Thermionic, cold cathode or photocathode valves (d) Transport equipment 8701 3 Tractors 0.609 0.703 0.995 0.811 1.397 1.346 8703 4 Motor cars and other motor vehicles -0.140 0.133 -0.123 0.152 -0.020 0.163 8704 2 Motor vehicle for the transport of goods 0.313* 0.179 0.395** 0.200 0.157 0.235 8708 11 Parts and accessories of motor vehicles 0.173 0.235 0.062 0.264 -0.346 0.337 8714 3 Parts and accessories of vehicles of 8711 to 8713 0.526 0.532 0.190 0.602 0.990 1.057 8716 3 Trailers and semi-trailers, other vehicles -0.827 1.246 1.202 1.425 1.229 1.878 Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification.. HS4 code. 1.366 1.869 0.908 0.441 1.566 0.882 1.043 0.471 1.519 0.790 2.279 0.713 1.688 0.977 1.242 1.698 0.804 0.682 0.552 3.044 1.483 1.839 1.482 0.507 0.561 1.443 0.945 1.467 0.678 0.558 2.608 0.592 2.122 1.390 1.449 0.520 1.289 0.157 0.227 0.541 1.024 1.827. -0.880 -2.849 -0.007 -0.261 -1.221 -0.372 0.330 0.002 -0.919 0.791 0.434 0.966 -1.712 0.584 2.275* -2.158 0.125 0.473 0.246 1.673 -0.766 -3.039* -1.125 0.665 1.364*** -0.410 -0.028 -1.060 0.265 0.345 -0.068 -0.826 3.492* 0.995 -0.929 -0.139 1.376 -0.078 0.117 -0.072 0.682 1.783. 1988M1-1996M12 Yen/USD β s.e.. 1.034 -0.384 0.194 -0.143 0.044 -1.747. 0.162 1.577 -0.587 -0.764 0.451 0.165 -0.278 -1.051 -1.437 0.234 -2.214 0.610 -2.416 -0.496 1.205 -0.562 3.954* 0.743 -0.075 -0.225 -0.220 2.571 -0.836 -2.268 1.709**. -0.179 -0.140 -0.413 -1.041 -1.758* -0.943 0.157 3.199. 0.739 -0.533 -1.412. 1.228 0.306 0.296 0.512 0.997 2.712. 0.777 1.494 1.708 0.971 2.698 0.551 0.854 0.790 3.407 1.709 2.476 3.171 2.503 0.967 3.396 1.005 2.217 0.513 0.450 3.436 0.494 2.740 1.686 1.813 0.799. 0.632 2.025 1.355 1.427 1.043 1.734 0.944 3.044. 2.218 0.909 1.739. 2000M1-2008M12 Yen/MYR β s.e.. 2.055 -0.362 0.321 -0.212 -0.484 -1.152. 0.057 1.972 -0.130 0.035 0.558 -0.133 0.092 -1.090 -2.217 -0.026 -1.234 0.813 -2.501 -0.383 1.679 -0.518 2.678 0.793 0.040 -1.061 -0.356 2.284 -1.899 -2.063 2.280***. -0.186 -0.437 -0.682 -0.373 -1.812* -1.405 0.546 2.945. 1.165 -0.632 -1.203. 1.284 0.324 0.311 0.323 1.035 2.920. 0.818 1.563 1.800 1.020 2.830 0.585 0.891 0.833 3.486 1.797 2.607 3.299 2.703 0.996 3.624 1.055 2.310 0.539 0.472 3.662 0.520 2.864 1.752 1.893 0.830. 0.658 2.188 1.423 1.503 1.065 1.822 0.992 3.159. 2.329 0.953 1.838. 2000M1-2008M12 Yen/USD β s.e.. Is Exchange Rate Pass-Through Declining?（Nguyen Cam Nhung）（407） 111.

(12) 2 3 4 3 9. 6 8 2 3 7. 8521 8526 8529 8531 8532. 8533 8536 8537 8538 8539. 0.992 1.237. -0.241 -0.947. 8714 8716. 0.634 0.891. -0.463 0.258 0.764 0.647 0.396***. 1.988* 0.312 0.029 -0.333 0.388. 0.463 0.243 0.168 0.035 0.373. -0.253 0.235 0.447 0.478 0.146. -0.272 -0.483 0.214 0.708* 0.414 -0.304. 0.391 0.390. -0.539 0.207 -0.378. -0.057 0.040 -0.909** -1.636 -0.283. 3.154* -0.060 0.414 0.393. -0.469 -0.626 -0.854. -1.156. Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification.. Parts and accessories of vehicles of 8711 to 8713 Trailers and semi-trailers, other vehicles. 0.435 0.225 2.631 1.437 0.148. -0.232 0.461** 3.041 0.222 0.176. 3 2. 1.026 0.270 0.646 1.063 0.426. 0.396 0.213 0.155 0.341 0.536. 0.429 -0.012 -0.059 -0.132 -0.126. 0.155 -0.031 0.099 -0.391 0.110. 0.743 0.545 0.626 0.739 0.425. 0.779 0.932 0.295 0.338 0.597 0.708. 8540 2 Thermionic, cold cathode or photocathode valves 8541 8 Diodes, transistors and semi-conductor devices 8544 6 Insulated wire, other insulated electric conductor 8545 2 Carbon electrodes, carbon brushes, lamp carbons 8547 2 Insulating fittings for electrical machines, (d) Transport equipment 8701 2 Tractors 8704 3 Motor vehicle for the transport of goods 8705 2 Special purpose motor vehicles 8707 2 Bodies for the motor vehicles 8708 10 Parts and accessories of motor vehicles. Electrical resistors Electrical apparatus not exceeding 1000volts Boards, panels, consoles, desks Parts suitable for use with 8535 to 8537 Electric filament or discharge lamps. Video recording or reproducing apparatus Radar apparatus, radio navigational aid apparatus Parts suitable for use with 8525 to 8528 Electric sound or visual signaling apparatus Electrical capacitors, fixed, variable or adjustable. 0.819 0.369 0.084 0.272 0.097. -0.811 -0.903 -0.011 0.420 -0.086 -0.743. 0.394 0.505. -0.094 0.554. Electro-magnets, permanent magnets, clamps, Electric accumulators Electrical ignition or starting equipment Electrical lighting or signaling equipment Electric laser or photon beam, ultrasonic Electric instantaneous or storage water heaters. 5 3 6 3 8 3. 8505 8507 8511 8512 8515 8516. 0.808 0.303 0.390 1.745 0.433. 1.715 0.356 0.928 0.526. 0.616 0.368 0.778. 8419 5 Machinery, plant or laboratory equipment 8421 6 Centrifuges, filtering or purifying machinery 8422 5 Dish washing machines, machinery for cleaning (c ) Electric machinery 8501 8 Electric motors and generators 8504 7 Electrical transformers, static converters. 0.912 1.174 0.571 0.688. -0.382 0.716** -0.841. -0.294 -0.343 -0.545 -1.899 0.122. Other engines and motors Pumps for liquids, liquid elevators Air or vacuum pumps, air Industrial or laboratory furnaces and ovens Refrigerators, freezers, electric, heat pumps. 8412 8413 8414 8417 8418. 4 8 8 3 4. 2.896* -0.113 1.238 -0.009. Granules and powders, of pig iron, iron or steel Flat-rolled products of iron, a width of 600 mm Flat-rolled products of iron, less than 600 mm. (b) Machinery and mechanical appliances 8402 2 Steam; super-heated water boilers 8407 6 Spark-ignition reciprocating or rotary internal 8408 3 Compression ignition internal combustion piston 8409 6 Parts suitable for use solely 8407,8408. 3 3 3. -0.757 0.974*** -3.231 0.554 0.501* -0.811 2.144. 1.124 1.456. 2.675 -0.497 0.806 -0.470 1.577. 2.073** 0.118 0.077 -0.101 -0.448. 0.605 0.319 -0.557 1.040 -0.263. 0.024 0.640 1.007* 0.945 1.666 -0.144. 1.966** 0.556. 0.097 0.377 -0.052. -1.488 -0.195 -1.019 -0.898 -0.246. 4.856 -0.112 0.607 1.141. -0.738 -1.937 1.514. Yen/THB. 1.764 2.114. 0.945 0.391 4.089 2.681 0.299. 1.730 0.607 1.224 2.345 0.976. 0.993 0.588 0.433 0.995 1.225. 0.526 0.790 0.973 1.825 1.200. 1.428 1.635 0.572 0.888 1.201 1.317. 1.000 1.322. 1.399 0.845 1.420. 1.650 0.682 0.784 3.320 0.807. 4.105 0.398 2.318 0.998. 2.204 1.346 0.957. 0.878. s.e.. 1988M1-1996M12. 0.921. β. 0.482 0.239 2.434 1.748 0.175. 1.227 0.317 0.767 1.252 0.503. 0.468 0.263 0.353 0.404 0.634. 0.892 0.647 0.724 0.879 0.503. 0.895 1.106 0.344 0.400 0.708 0.810. 0.465 0.602. 0.729 0.435 0.889. 0.957 0.359 0.461 2.017 0.516. 1.963 0.396 1.102 0.626. 1.367 0.600 0.775. 1.076. s.e.. Yen/USD. Β. 1988M1-2008M12. s.e.. Yen/THB. -0.879. β. Table A6: Estimates of β across commodities for Thailand. 1988M1-2008M12. -0.112 -0.468 -0.802. Code Description. 7205 7210 7212. HS9. (a) Iron and steel 7202 2 Ferro-alloys. HS4 code. -0.755 1.785. -0.741 0.808*** -3.065 0.613 0.432*. 2.265 -0.454 0.629 -0.542 1.397*. 1.816** 0.004 0.086 -0.011 -0.389. 0.469 0.289 -0.450 0.928 -0.253. -0.087 0.519 0.889* 0.851 1.470 -0.035. 1.727** 0.527. 0.043 0.336 -0.171. -1.294 -0.168 -0.795 -0.933 -0.255. 4.679 -0.077 0.398 0.894. -0.509 -1.602 1.217. 1.887 1.149 0.817. 0.755. s.e.. 1.505 1.805. 0.807 0.335 3.496 2.316 0.255. 1.476 0.519 1.049 2.012 0.834. 0.849 0.503 0.405 0.850 1.047. 0.450 0.674 0.831 1.560 1.026. 1.221 1.400 0.489 0.759 1.027 1.124. 0.854 1.131. 1.194 0.722 1.215. 1.411 0.582 0.670 2.853 0.690. 3.502 0.339 1.984 0.853. Yen/USD. 1988M1-1996M12. 0.817. β. 1.370 -0.521. 0.463 0.337 9.817** 0.974 1.299***. 2.430 0.771 -0.658 1.210 -0.152. -0.015 0.128 0.251 -0.341 -0.175. -1.193 1.071 1.003 -0.352 0.488. -0.326 -2.716 -0.141 1.088* -0.183 1.027. -0.851 -0.321. 0.696 0.851 -0.484. 1.130 0.668 -1.043 -4.808 -0.257. 2.918 -0.078 1.871 -0.606. 1.672 0.660 -0.713. Yen/THB. 2.111 3.279. 0.749 0.360 4.346 3.476 0.331. 2.614 0.509 1.676 2.428 0.763. 0.737 0.342 0.817 0.324 1.038. 2.728 1.569 1.579 1.494 0.626. 1.941 2.622 0.677 0.625 1.379 1.542. 0.682 0.854. 1.284 0.693 1.8903. 1.682 0.568 0.889 4.053 1.086. 2.942 0.962 1.639 1.302. 2.064 0.417 1.209. 1.301. s.e.. 2000M1-2008M12. 0.089. β. 2.910 1.662. -0.073 0.373 3.731 -0.087 0.957***. 1.457 0.770* -0.814 -0.036 -0.357. -0.269 0.426 0.168 -0.307 0.675. -2.575 0.297 1.516 -0.480 0.658. -0.726 -2.341 -0.112 1.098** -0.048 1.213. -0.801 0.533. 0.665 0.358 -0.793. 1.782 0.585 -1.134 -3.954 0.232. 2.387 -0.390 2.200 -1.498. 1.633 0.772** -0.436. Yen/USD. 1.913 2.981. 0.677 0.321 3.890 3.088 0.301. 2.441 0.461 1.525 2.220 0.690. 0.668 0.310 1.007 0.293 0.944. 2.467 1.431 1.428 1.352 0.563. 1.749 2.383 0.612 0.567 1.249 1.385. 0.616 0.782. 1.155 0.628 1.702. 1.522 0.514 0.806 3.755 0.971. 2.568 0.865 1.498 1.178. 1.895 0.373 1.090. 1.137. s.e.. 2000M1-2008M12. 1.184. β. 112 （408）. Yokohama Journal of Social Sciences, Vol. 18, No. 4・5.

(13) HS9. Code Description. 1988M1-2008M12 Yen/IDR β s.e.. 1988M1-2008M12 Yen/USD Β s.e.. 1988M1-1996M12 Yen/IDR β s.e.. Table A7: Estimates of β across commodities for Indonesia. (a) Iron and steel 7210 2 Flat-rolled products of iron, a width of 600 mm -0.223 0.297 -1.113 0.758 -2.802 1.804 (b) Machinery and mechanical appliances 8407 2 Spark-ignition reciprocating or rotary internal -0.277 0.199 0.534 0.451 0.698* 0.400 8408 5 Compression ignition internal combustion piston -0.232*** 0.102 0.499** 0.253 0.460 0.306 8409 6 Parts suitable for use solely 8407,8408 -0.505* 0.288 0.576 0.712 -0.187 1.348 8412 4 Other engines and motors 0.077 0.460 1.971* 1.187 2.557 1.962 8413 8 Pumps for liquids, liquid elevators 0.333* 0.210 1.094** 0.537 1.277 0.910 8414 6 Air or vacuum pumps, air 0.570*** 0.223 0.056 0.570 -0.091 0.959 8416 3 Electric instantaneous or storage water heaters -0.607 0.981 0.320 2.487 2.099 3.429 8418 3 Refrigerators, freezers, electric, heat pumps -0.103 0.320 0.024 0.830 -0.197 1.138 8419 4 Machinery, plant or laboratory equipment 0.080 0.406 -0.663 1.035 0.801 1.531 8421 7 Centrifuges, filtering or purifying machinery -0.239 0.235 -0.137 0.597 0.160 0.904 8422 3 Dish washing machines, machinery for cleaning -0.061 0.645 1.163 1.707 1.587 2.301 (c ) Electric machinery 8501 8 Electric motors and generators -0.164 0.188 0.691 0.481 1.593** 0.778 8504 6 Electrical transformers, static converters -0.167 0.279 -0.692 0.724 -0.854 1.354 8505 5 Electro-magnets, permanent magnets, clamps, 0.332 0.263 1.939*** 0.674 4.192*** 1.272 8507 2 Electric accumulators -0.043 0.400 0.455 1.045 -0.636 2.086 8511 4 Electrical ignition or starting equipment -0.265 0.193 0.522 0.488 0.419 0.403 8512 4 Electrical lighting or signaling equipment 0.060 0.153 0.778** 0.384 0.502* 0.301 8515 4 Electric laser or photon beam, ultrasonic 0.131 0.482 1.073 1.234 0.291 1.977 8516 2 Electric instantaneous or storage water heaters -0.532 0.779 0.722 1.799 1.521 3.556 8529 3 Parts suitable for use with 8525 to 8528 -0.400 0.495 0.103 1.263 -1.782 2.005 8531 2 Electric sound or visual signaling apparatus -0.550 0.675 -0.566 1.777 1.312 3.269 8532 3 Electrical capacitors, fixed, variable or adjustable -0.038 0.346 1.192 0.880 1.972 2.039 8533 3 Electrical resistors -0.239 0.310 0.525 0.797 -0.512 1.241 8536 8 Electrical apparatus not exceeding 1000volts -0.011 0.180 0.220 0.465 0.023 0.902 8537 2 Boards, panels, consoles, desks -0.624 0.572 1.669 1.534 1.589 2.052 8538 2 Parts suitable for use with 8535 to 8537 0.009 0.313 0.706 0.797 0.764 1.808 8539 5 Electric filament or discharge lamps -0.696* 0.377 -0.424 0.974 -0.976 1.738 8541 3 Diodes, transistors and semi-conductor devices 0.008 0.651 -1.615 1.681 -3.679 4.047 8544 5 Insulated wire, other insulated electric conductor 0.477 0.329 1.111 0.840 0.319 1.307 8547 2 Insulating fittings for electrical machines, -0.123 0.221 0.907 0.568 0.681 1.081 (d) Transport equipment 8705 2 Special purpose motor vehicles -1.070 0.931 -2.629 2.356 0.267 3.211 8708 12 Parts and accessories of motor vehicles -0.054 0.070 0.226 0.177 0.361 0.228 8714 4 Parts and accessories of vehicles of 8711 to 8713 -0.875* 0.500 -0.173 1.023 0.170 1.040 8716 2 Trailers and semi-trailers, other vehicles 0.160 0.662 1.225 1.603 0.707 2.603 Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification.. HS4 code. 1.777 0.393 0.301 1.324 1.928 0.896 0.943 3.382 1.120 1.504 0.888 2.257 0.764 1.332 1.249 2.059 0.396 0.296 1.946 3.502 1.970 3.223 2.004 1.217 0.887 2.010 1.775 1.707 3.981 1.287 1.065 3.202 0.223 1.020 2.554. -2.545* 0.693* 0.476 -0.236 2.603 1.330 -0.187 2.014 -0.218 0.600 0.126 1.439 1.578** -0.824 4.309** -0.721 0.451 0.522* 0.389 1.310 -1.486 1.333 1.919 -0.481 0.108 1.772 0.784 -0.956 -3.850 0.162 0.357 0.447 0.425** 0.112 0.930. 1988M1-1996M12 Yen/USD β s.e.. -0.994 0.109 -2.322** 0.482. 0.313 -0.627 -0.285 0.171 -0.726 0.445 0.125 -1.236 0.153 -0.233 0.479* -0.862 0.752** 0.644 -0.099 -0.699 0.022 -0.616 0.299. -0.351 0.157 0.623 0.275 0.455 0.151 -1.232 0.298 0.216 0.215 0.232. 0.029. 2.574 0.149 1.166 1.451. 0.410 0.599 0.483 0.921 0.527 0.464 1.081 1.229 1.168 1.631 0.299 0.705 0.327 1.729 0.299 0.684 0.316 0.809 0.438. 0.388 0.229 0.479 0.981 0.464 0.446 2.390 0.905 1.027 0.572 1.710. 0.163. 2000M1-2008M12 Yen/IDR β s.e.. -1.586 -0.162 -1.440 2.148. 0.497 -0.740 0.833 1.858 -0.708 1.376* -1.073 -0.004 0.223 -1.659 1.019* 1.290 -0.149 3.057 0.591 -0.626 0.326 0.859 1.394*. -0.786 0.684* 1.343 1.789 -0.214 0.962 -2.174 0.615 -1.681 -0.111 0.594. 0.128. 4.261 0.272 2.083 2.588. 0.750 1.097 0.894 1.670 0.960 0.849 1.977 2.285 2.125 2.911 0.534 1.264 0.594 2.907 0.539 1.237 0.575 1.455 0.790. 0.706 0.415 0.870 1.777 0.843 0.811 4.377 1.640 1.865 1.042 3.185. 0.295. 2000M1-2008M12 Yen/USD β s.e.. Is Exchange Rate Pass-Through Declining?（Nguyen Cam Nhung）（409） 113.

(14) HS9. Code Description. 9. 3. 5. 6. 7. 4. 8414. 8417. 8418. 8419. 8421. 8422. 3. 8. 2. 2. 5. 12. 2. 4. 2. 8535. 8536. 8537. 8538. 8539. 8541. 8543. 8544. 8547. 0.780. Insulating fittings for electrical machines,. 2. 3. 2. 11. 4. 3. 8703. 8704. 8705. 8707. 8708. 8714. 8716. Tractors. Trailers and semi-trailers, other vehicles. Parts and accessories of vehicles of 8711 to 8713. Parts and accessories of motor vehicles. Bodies for the motor vehicles. Special purpose motor vehicles. Motor vehicle for the transport of goods. Motor cars and other motor vehicles. 0.119. 0.095. 0.498*. -0.132. 0.185. -0.198. 0.060. 1.324. 0.915. 0.294. 0.809. 1.149. 0.273. 0.165. 0.716. 0.688. 0.459. 2.042. 0.428. 0.910. 0.833. 1.498. 0.422. 2.349. 0.682. 0.495. 1.134. 0.646. 0.827. 1.802. 1.463. 1.601. 1.123. 2.490. 0.584. 0.564. 1.443. 0.557. 0.654. 0.815. 0.968. 1.271. 0.617. 0.831. 0.750. 2.606. 0.576. 0.690. 1.362. 0.606. 0.669. 0.814. 0.574. -0.005. 0.586. -0.546. 1.080. -0.078. -0.067. 1.051. 1.235. 0.243. 2.969. 0.651. 0.882. 0.692. 1.997. 0.273. 4.052. 0.828. 1.349**. 0.146. 0.002. 0.828. -2.778. 2.702. -3.161*. 2.445*. -6.073*. -1.174. 0.836. 1.010. -0.437. 0.296. 0.993. 0.572. 1.318. 0.561. 0.170. -0.230. -2.507. -0.127. -1.293. 0.057. -0.297. 0.842. -1.605. Β. Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification.. 2. 2. 8701. 0.664. 0.024. 3.237. 0.418. 0.114. 0.518. 0.547. 0.295. 0.487. 0.367. 0.656. 0.946. -0.139. -0.540. -2.073. 1.933. -2.177. 0.784. -5.307**. -0.937*. 0.261. 0.407. -0.026. 0.441. 0.307. Insulated wire, other insulated electric conductor. Electrical machines and apparatus. Diodes, transistors and semi-conductor devices. Electric filament or discharge lamps. Parts suitable for use with 8535 to 8537. Boards, panels, consoles, desks. Electrical apparatus not exceeding 1000volts. Electrical apparatus exceeding 1000 volts. Electrical resistors. Electrical capacitors, fixed, variable or adjustable. Electric sound or visual signaling apparatus. Parts suitable for use with 8525 to 8528. Radar apparatus, radio navigational aid apparatus. Video recording or reproducing apparatus. Microphones and stands therefor; loudspeakers. Electric instantaneous or storage water heaters. Electric laser or photon beam, ultrasonic. Industrial or laboratory electric furnaces. Electrical lighting or signaling equipment. Electrical ignition or starting equipment. Electric accumulators. Electro-magnets, permanent magnets, clamps,. Electrical transformers, static converters. Electric generating sets and rotary converters. 0.200. -0.055. Dish washing machines, machinery for cleaning. Electric motors and generators. -0.080. 0.401. 0.026. 0.380. -0.362. -1.221*. -0.899. -0.166. 0.128. s.e.. 0.292 -0.909. 1.657. 0.931**. 0.035. -1.105. -0.082. -0.074. -0.037. 0.369. -0.078. 0.570. 0.988. 1.247. 0.006. 3.249. 1.610**. 0.993. -0.107. 1.838**. 2.064. 0.424. 0.195. 0.794. 5.539**. -0.747. 3.055. -6.606. -0.495. 0.366. -0.666. -0.066. 1.357. 1.865. 0.292. -1.143. 1.150. 0.512. 0.882. 6.228. -1.228. -1.315. 0.939. 0.193. 0.792. -1.041. β. 2.223. 1.142. 0.466. 1.306. 2.219. 0.348. 0.156. 1.346. 0.976. 0.957. 1.388. 0.946. 1.293. 1.951. 2.272. 0.752. 4.408. 1.110. 0.956. 1.978. 1.111. 1.177. 1.166. 2.432. 2.515. 2.035. 4.799. 0.684. 0.775. 2.444. 1.176. 1.161. 1.451. 1.661. 1.853. 1.113. 1.582. 1.279. 6.224. 1.047. 1.237. 2.311. 0.914. 0.970. 1.611. s.e.. Yen/PHP. 1988M1-1996M12. 1.158. 0.368. 1.004. 1.472. 0.344. 0.209. 0.884. 0.865. 0.577. 2.548. 0.539. 1.148. 1.051. 1.924. 0.532. 2.915. 0.863. 0.622. 1.436. 0.814. 1.046. 2.283. 1.856. 1.970. 1.413. 3.215. 0.739. 0.709. 1.814. 0.704. 0.824. 1.030. 1.221. 1.598. 0.782. 1.061. 0.935. 3.280. 0.722. 0.865. 1.736. 0.764. 0.844. 1.027. s.e.. Yen/USD. -1.186. β. 1988M1-2008M12. Yen/PHP. Table A8: Estimates of β across commodities for Philippines. 1988M1-2008M12. Centrifuges, filtering or purifying machinery. Machinery, plant or laboratory equipment. Refrigerators, freezers, electric, heat pumps. Industrial or laboratory furnaces and ovens. Air or vacuum pumps, air. Pumps for liquids, liquid elevators. Other engines and motors. Parts suitable for use solely 8407,8408. Compression ignition internal combustion piston. Spark-ignition reciprocating or rotary internal. (d) Transport equipment. 8. 5. 2. 8531. 8533. 3. 8529. 8532. 3. 8526. 3. 8516. 3. 7. 8515. 2. 3. 8514. 8521. 3. 8512. 8518. 3. 8505. 5. 5. 8504. 8511. 6. 8502. 8507. 6. 3. 8501. (c ) Electric machinery. 4. 8. 6. 8409. 8413. 3. 8408. 8412. 4. 8407. (b) Machinery and mechanical appliances. HS4 code. -2.232. 0.921. 1.045*. -0.097. -0.388. -0.202. -0.062. 1.374. 0.662. -0.357. 1.418. 1.028. 1.365. 1.203. 4.023. 1.191. 4.491. -0.211. 2.638**. 1.996. 0.525. 1.038. 0.453. 6.285**. -0.629. 3.374. -8.734. -0.684. 0.521. -1.804. -0.252. 0.871. 1.672. 0.416. -1.500. 2.482*. 0.773. 1.646. 4.107. -1.099. -1.576. 1.304. 0.563. 1.026. -1.100. β. 2.700. 1.413. 0.570. 1.571. 2.726. 0.424. 0.190. 1.628. 1.789. 1.160. 1.693. 1.151. 1.562. 2.378. 2.858. 0.919. 5.343. 1.345. 1.167. 2.417. 1.354. 1.409. 1.424. 2.939. 3.131. 2.465. 5.959. 0.833. 0.947. 2.988. 1.436. 1.424. 1.777. 2.029. 2.173. 1.371. 1.966. 1.526. 6.934. 1.275. 1.498. 2.820. 1.115. 1.182. 2.001. s.e.. Yen/USD. 1988M1-1996M12. 2.185. 0.901. 0.430. -0.007. 2.287. -0.683. -0.005. 1.605*. 2.058. 0.384. 3.433. -0.253. -1.126. 0.549. 1.910. -0.009. 3.311. -0.094. 0.390. 1.052. 1.006. -0.622. -5.700. 2.761. -4.136. 0.274. -3.978. -2.238. 1.496. 0.323. 0.213. 0.075. 0.686. 0.162. 2.944. -1.255. 0.762. -0.646. 1.062. -0.146. -0.391. 0.723. -0.290. -0.317. 0.230. β. Yen/PHP. 2.059. 1.912. 0.544. 1.722. 1.469. 0.581. 0.399. 0.901. 1.417. 0.556. 4.722. 0.488. 1.744. 0.359. 2.647. 0.650. 4.614. 1.240. 0.687. 1.952. 1.050. 1.707. 6.808. 2.830. 6.784. 1.840. 3.855. 1.404. 1.132. 2.785. 0.749. 1.043. 1.295. 1.565. 2.367. 0.971. 1.307. 1.423. 4.012. 0.845. 1.112. 2.339. 1.127. 1.240. 1.168. s.e.. 2000M1-2008M12. 2.947. 1.457. -0.026. -1.400. 3.796*. -0.130. -0.198. 1.466. 2.524. 0.748. 3.772. -0.421. 0.068. 0.755*. 1.251. 0.774. 2.798. 0.648. 0.483. -0.144. 1.124. -0.044. -6.983. -4.790. -5.905. 1.907. -6.377. -2.113. 2.523. 2.322. 0.657. 2.028. 1.815. 0.719. 0.498. 1.110. 1.741. 0.700. 5.588. 0.601. 2.134. 0.441. 3.227. 0.800. 5.140. 1.531. 0.844. 2.420. 1.298. 2.183. 8.262. 3.275. 3.275. 2.236. 4.703. 1.741. 1.377. 3.290. 0.928. 1.293. 1.589. 1.929. 2.881. 1.205. 1.623. 1.734. 4.947. 1.037. 1.367. 2.899. 1.395. 1.537. 1.453. s.e.. Yen/USD. 2.489**. 2.070. -0.376. 0.035. 1.086. 0.128. 3.901. -1.123. -0.122. -1.493. -2.712. 0.144. -0.005. 2.755. -0.485. 0.041. 0.001. β. 2000M1-2008M12. 114 （410）. Yokohama Journal of Social Sciences, Vol. 18, No. 4・5.

(15) （411） 115. Is Exchange Rate Pass-Through Declining?（Nguyen Cam Nhung）. HS4 code. HS9. Code Description. Table A9: Estimates of β across commodities for Vietnam. 2000M1-2008M12. 2000M1-2008M12. Yen/VND. Yen/USD. Β. s.e.. Β. s.e.. (a) Iron and steel 7208. 2. Flat-rolled products of iron, hot rolled. 0.532. 0.512. 0.515. 0.528. 7210. 4. Flat-rolled products of iron, a width of 600 mm,. -0.008. 0.540. 0.117. 0.556. 7212. 4. Flat-rolled products of iron, less than 600 mm,. -0.603. 1.468. -0.944. 1.502. 7214. 2. Other bars and rods of iron or non-alloy steel. -6.397*. 3.387. -6.387**. 3.449. (b) Machinery and mechanical appliances 8412. 2. Other engines and motors. 13.385*. 8.084. 6.698. 8.445. 8413. 8. Pumps for liquids, liquid elevators. 4.408**. 2.207. 4.020*. 2.264. 8414. 8. Air or vacuum pumps, air. 4.012***. 1.581. 3.140**. 1.626. 8415. 2. Air conditioning machines, a motor-driven fan. 1.193. 1.905. 2.110. 1.961. 8419. 4. Machinery, plant or laboratory equipment. -0.372. 1.792. -0.605. 1.826. 8421. 5. Centrifuges, filtering or purifying machinery. 3.119**. 1.527. 2.134. 1.570. 8425. 3. Pulley tackle and hoists other than skip hoists. -1.703. 2.757. -1.949. 2.821 3.194. (c ) Electric machinery 8501. 4. Electric motors and generators. 0.100. 3.113. -1.061. 8502. 3. Electric generating sets and rotary converters. 4.026*. 2.274. 4.113**. 2.345. 8504. 4. Electrical transformers, static converters. -0.658. 1.686. -1.036. 1.743 2.035. 8505. 3. Electro-magnets, permanent magnets, clamps,. -2.195. 1.995. -1.424. 8511. 2. Electrical ignition or starting equipment. -1.448. 2.146. -1.009. 2.207. 8515. 5. Electric laser or photon beam, ultrasonic. 0.534. 3.042. -0.967. 3.124. 8516. 3. Electric instantaneous or storage water heaters. -1.097. 2.174. -1.025. 2.238. 8529. 3. Parts suitable for use with 8525 to 8528. 2.587*. 1.518. 2.477. 1.566. 8531. 2. Electric sound or visual signaling apparatus. 3.848. 2.644. 3.689. 2.712. 8532. 5. Electrical capacitors, fixed, variable or adjustable. 2.650. 1.689. 2.231. 1.731. 8533. 2. Electrical resistors. -0.000. 1.671. 1.371. 1.714. 8536. 8. Electrical apparatus not exceeding 1000volts. 1.009***. 0.302. 0.936***. 0.310. 8538. 2. Parts suitable for use with 8535 to 8537. 0.348. 0.356. 0.553. 0.363. 8539. 3. Electric filament or discharge lamps. 0.962. 2.208. 0.401. 2.290. 8541. 7. Diodes, transistors and semi-conductor devices. -0.294. 1.143. 1.021. 1.170. 8544. 3. Insulated wire, other insulated electric conductor. 0.880**. 0.423. 0.670. 0.437. 8545. 2. Carbon electrodes, carbon brushes, lamp carbons. 5.798**. 3.047. 6.156***. 3.139 0.744. (d) Transport equipment 8701. 2. Tractors. 0.618. 0.722. 0.795. 8704. 2. Motor vehicle for the transport of goods. 0.714. 0.449. 0.636. 0.463. 8708. 5. Parts and accessories of motor vehicles. 0.146. 0.621. 0.306. 0.642. 8714. 4. Parts and accessories of vehicles of 8711 to 8713. -1.044. 1.202. 0.943. 1.245. Note: *** at 1%, ** at 5%, * at 10%, β denotes the common slope pass-through coefficient for each HS 4-digit level, ‘s.e.’ the standard errors. HS9 indicates the number commodity at the HS 9-digit level pooled for each of HS4-digit classification..

(16) 116 （412）. Yokohama Journal of Social Sciences, Vol. 18, No. 4・5. References Campa, José and Goldberg, Linda, 2005, “Exchange Rate Pass-Through into Import Prices”, Review of Economics and Statistics, 87 (4): 679 ─690. Ito, T., Koibuchi, S., Sato, K., Shimizu, J., 2010. Why Has the Yen Failed to Become a Dominant Invoicing Currency in Asia? A Firm-Level Analysis of Japanese Exportersʼ Invoicing Behavior. NBER Working Paper No. 16231, National Bureau of Economic Research. Japan Tariff Association, various issues, Customs Tariff Schedules of Japan. Japan Tariff Association, various issues, Japan Exports and Imports (Commodity by Country). Japan Tariff Association, Tokyo. Knetter, Michael, 1989, “Price Discrimination by U.S. and German Exporters”, American Economic Review, 79 (1): 198 ─210. Otani, Akira, Shiratsuka, Shigenori and Shirota, Toyoichiro, 2006, “Revisiting the Decline in the Exchange Rate Pass-Through: Further Evidence from Japanʼs Import Prices” Bank of Japan, Monetary Economic Studies, 24, 61 ─75. Parsons, Craig and Sato, Kiyotaka, 2008, “New Estimates of Exchange Rate Pass-Through in Japanese Exports”, International Journal of Finance and Economics, 13: 174 ─183. Sato, Kiyotaka, 2003, “Currency Invoicing in Japanese Exports to East Asia: Implications for the Yen Internationalization”, Asian Economic Journal, 17 (2): 129 ─154. Takagi, Shinji and Yoshida, Yushi, 2001, “Exchange Rate Movements and Tradable Goods Prices in East Asia: An Analysis Based on Japanese Customs Data, 1988 ─1999”, IMF Staff Papers, 48 (2): 266 ─289. Taylor, J., 2000. Low Inflation, Pass-Through, and the Pricing Power of Firms. European Economic Review 44 (7) , 1389 ─1408. Yoshida, Yushi, 2009, “New Evidence for Exchange Rate Pass-Through: Disaggregated Trade Data from Local Ports”, International Review of Economics and Finance, 19 (1): 3 ─12.. . ［ヌェンカムヌン横浜国立大学大学院国際社会科学研究科博士課程修了］.

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