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

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  • 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
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    References listed on IDEAS

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    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:wpspec: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. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
    5. 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.
    6. repec:hal:spmain:info:hdl:2441/6256 is not listed on IDEAS
    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.
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    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. 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.
    3. 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.
    4. repec:hal:spmain:info:hdl:2441/5953 is not listed on IDEAS
    5. 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.

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