現有文獻針對世界各國研究指出，匯率轉嫁的程度有呈現出持續下降的現象。因此本研究首先提出理論模型來分析匯率轉嫁的程度，設定成沒有考慮中間財貨的傳統貿易情況，以及有考慮中間財貨的簡單與複雜生產分工貿易情況。比較它們之間差異後發現，生產分工是造成匯率轉嫁程度持續下降現象的可能原因所在。其次，由模型分析得到的相關有待實證假說後，本研究以國際生產分工貿易的代表性國家─台灣，來進行上述實證假說的檢驗。本研究期望經由一系列不同生產條件與匯率轉嫁的整合性研究，來提供許多遵循相似台灣發展模式的出口導向之新興國家，它們在重要的政策制定之參考，因為匯率轉嫁的高低，對於新興國家們的貿易政策與通貨膨脹影響是非常重大的。

This paper uses the theoretical model created by Ghosh (2009) to analyze the extent of exchange rate pass-through (ERPT) for traditional trade and different production sharing cases. Comparing the differences among these scenarios revealed that production sharing could be a reason for the continual decline in ERPT. Furthermore, empirical evidence from Taiwan discovered that under production sharing, the pricing-to-market for intermediate goods exporters and the currency fluctuation in the home nation of final goods exporters will further influence the magnitude of decline in the ERPT.

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