英国威廉希尔公司经济学前沿高端讲座第三十一讲    

Import Licenses, Intermediaries, and Price Pass-through: Evidence from the Chinese Steel Market    

主讲人：苏立副教授（中国人民大学应用经济学院）  

主持人：杨程助理教授（英国威廉希尔公司李安民经济研究院）  

嘉宾介绍：游宇教授（英国威廉希尔公司李安民经济研究院）  

时间：2023年10月30日（周一）  9：00-10：30（北京时间）  

地点：英国威廉希尔公司崇山校区五洲园一楼会议室  

线上地址：腾讯会议：728-402-412  

语言：中文/英文  

摘要：   

By matching monthly iron ore import prices with steel retailing price data, this study examines the impact of abolishing the exclusive license of importing iron ore on price pass-through in the Chinese steel market. We model the interme- diate traders’role in alleviating market uncertainties which have critical impact on price pass-throughs, and our difference-in-difference estimation shows that the reform reduces the overall price pass-through by 16 percentage points, which is around 3 percent more in treated cities. Our findings imply the price pass-through hinges on market uncertainties, and a strengthened downstream producers’market power due to the reform. Although the reform eliminates double marginalization, downstream producers must face market uncertainties independent of intermediate traders, resulting in a lower pass-through of the steel retail price to the iron ore import price.  

主讲人简介：

苏立，中国人民大学应用经济学院产业经济系副教授，经济学博士，主要研究领域为产业经济学、国际经济学和计量经济学，包括市场结构、企业进出口行为和生产力分析，曾在国内外期刊上发表多篇文章。