Developing countries traditionally exhibit passthrough of exchange rate changes that is greater and more rapid than high-income countries, but have experienced a rapid downward trend in recent years in the degree of short-run passthrough, and in the adjustment speed. As a consequence, slow and...

The paper studies export pricing to market (PTM) in a "small-country" context using a panel of disaggregated exports from Hong Kong since 1992. Conventional wisdom is that PTM is commonplace - except for US exports. This study provides a benchmark by which to interpret the puzzling behavior of...