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International Monetary Fund

” system, as well as the sole representative import system, might have significantly affected such price differentials. In the sales-distribution keiretsu system, domestic manufacturers control dealers with exclusive dealership arrangements, territorial restrictions, complicated rebate systems, and resale price maintenance systems. As for the sole representative import system, foreign manufacturers sell their products to importers who distribute the products by obtaining exclusive sales rights. As a case study, the paper examines the distribution system in the

Sayuri Shirai
This paper surveys the recent literature on the Japanese distribution system to consider two propositions: first, that the system is inefficient, and second that prices of imported products tend to be higher in Japan than in other markets. Most of the literature demonstrates that the system is efficient. However, the efficiency has not necessarily resulted in high social welfare as consumers have had limited access to various product lines or paid high prices for some products. This paper examines the distribution system in the automobile industry to promote understanding about the impacts of the system on price differentials.
Sayuri Shirai

dollar reduced the yen-valued prices of imported products from the United States. However, the retail prices of some imported products did not decline much despite the large appreciation of the yen, while the CIF prices did. Most of these products were brand name goods produced by European manufacturers and automobiles produced by both American and European manufacturers. Foreign manufacturers of these products generally depended on importers that distributed imported products with exclusive sales rights (sole representative importers). Japanese manufacturers of

Ms. Valerie Cerra
This paper presents a stylized general equilibrium model of the Venezuelan economy. The model explains how the recent sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counterintuitively, a devaluation of the official exchange rate could temporarily reduce inflation. The model also explains how the hyper-depreciation of the black market exchange rate reflects prices in the most distorted goods markets.
Ms. Valerie Cerra

goods or the black market rate, but merely takes prices as given, as determined by the overall demand for goods in the retail market and dollars in the black market. For simplicity, I normalize the number of import and arbitrage firms to one representative firm in each market. Import firm The representative import firm buys (1- φ) Xt dollars from the central bank at the official rate st and buys φ Xt from the arbitrage firm at the black market rate bt. The dollars Xt can buy a maximum quantity Qt=Xt/P* of import goods at the international price P* and the firm

International Monetary Fund
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
International Monetary Fund. Secretary's Department

well, has been foreign trade. Paraguay exported 12 per cent more in the period January-July 1977 than it did in all of 1976. For the same January-July period, imports increased by 14 per cent. As of July 1977, exports totaled $174 million, and imports $145 million. A favorable trade balance is expected this year for the first time since 1973. The goods contributing most to the growth of our exports are cotton fiber, seed for industrial use, beef, tung oil, and essential oils. Among the more representative import categories, machinery, equipment, and motors and

International Monetary Fund

) , p jt n = μ · 1 γ n p t n ( Y jt n / A t n ) 1 / γ n − 1 . ( 2 ) Equation (2) is a standard mark-up rule: a firm posts its final price as a constant mark-up over the nominal marginal cost. Importers (Tradable firms) The representative importer purchases foreign goods abroad and sells them domestically to households (as consumption goods) and exporters (as intermediate goods). This can be described by a simple