Exchange Rate Pass-Through on Currency-Invoicing

This article explores the existence of the asymmetric effect of exchange rate pass-through on exporter's currency-invoice in 44 resources abundant sub-Saharan African countries over the period 2008-2017. The investigation is carried-out using asymmetric threshold regression developed by Hansen (1999, 2000) through 1000 bootstrapping replications and the grid search. Our empirical results based on 44 SSA countries revealed significant single and the double thresholds of 1.54% and 234.35%, respectively.本研究以2008-2017年44个资源丰裕的撒哈拉以南非洲（Sub-Saharan African, SSA）国家为研究样本，探讨汇率传递（exchange rate pass-through）对出口商货币计价（currency-invoice）的非对称效应是否存在。本次实证分析采用Hansen（1999、2000）提出的非对称阈值回归方法，通过1000次自助法（Bootstrap）重复抽样与网格搜索完成。基于上述44个SSA国家的实证结果显示，存在分别为1.54%与234.35%的显著单阈值与双阈值。