文章基本信息

标题：The Impact of Exchange Rate Fluctuations on Profit Margins: The UK Car Market, 1971–2002
其他标题：The Impact of Exchange Rate Fluctuations on Profit Margins: The UK Car Market, 1971–2002
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作者：Francisco Requena-Silvente ; James Walker
期刊名称：Journal of Applied Economics
印刷版ISSN：1514-0326
电子版ISSN：1667-6726
出版年度：2007
卷号：10
期号：1
页码：213-235
DOI：10.1080/15140326.2007.12040488
摘要：We investigate the impact on profit margins of exchange rate fluctuations in order to examine optimal pricing policy by source countries in the UK car market. We first estimate a nested logit demand model of new cars to calculate model-specific profit margins. Next we use these estimates to analyse the pricing-to-market (PTM) behaviour of car importers and local producers. The results show that: (1) profit margins fell over the period 1971–2002 as the UK car market moved from being a concentrated market to a looser oligopoly structure; (2) there is a positive association between exchange rate changes and mark-up adjustments of imported cars. Following a 10% pound depreciation, exporters' profit margins declined by up to 4% and local producers' profit margins increased by up to 2%; (3) PTM behaviour is asymmetric between appreciations and depreciations in bilateral exchange rates.
关键词：L2 ; L6