Currency Invoicing In International Trade A Panel Data Approach

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Currency Invoicing In International Trade A Panel Data Approach

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Author : J.E. Ligthart
language : en
Publisher:
Release Date : 2007

Currency Invoicing In International Trade A Panel Data Approach written by J.E. Ligthart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

Patterns In Invoicing Currency In Global Trade

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Author : Emine Boz
language : en
Publisher:
Release Date : 2020-07-17

Patterns In Invoicing Currency In Global Trade written by Emine Boz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-17 with categories.

This paper presents the most comprehensive and up-to-date panel data set of invoicing currencies in global trade. It provides data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for more than 100 countries since 1990. The evidence from these data confirms findings from earlier research regarding the globally dominant role of the US dollar in invoicing - despite the comparatively smaller role of the US in global trade - and the overall stability of invoicing currency patterns. The evidence also points to several novel facts. First, both the US dollar and the euro have been increasingly used for invoicing even as the share of global trade accounted for by the US and the euro area has declined. Second, the euro is used as a vehicle currency in parts of Africa, and some European countries have seen significant shifts toward euro invoicing. Third, as suggested by the dominant currency paradigm, countries invoicing more in US dollars (euros) tend to experience greater US dollar (euro) exchange rate pass-through to their import prices; also, their trade volumes are more sensitive to fluctuations in these exchange rates.

Managing Currency Risk

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Author : Takatoshi Ito
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-07-27

Managing Currency Risk written by Takatoshi Ito and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-27 with Business & Economics categories.

This book demonstrates how exporters’ decisions regarding choice of invoice currency can be influenced by many factors including firm size, product competitiveness, intra/inter-firm trades, and the geography of export destination. The aim is to enhance our understanding of exporters’ behavior in terms of managing currency risk. It contains detailed research and insightful data focusing on Japanese exporters and shows how they face an important trade-off in choosing the invoice currency. If exports are invoiced in yen, then exchange rate fluctuations will pass through to retail prices ultimately affecting sales volumes. However, if they choose to invoice in the importer’s currency, then sales volumes are largely unchanged.

Cross Border Currency Exposures

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Author : Luciana Juvenal
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-27

Cross Border Currency Exposures written by Luciana Juvenal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-27 with Business & Economics categories.

This paper provides a dataset on the currency composition of the international investment position for a group of 50 countries for the period 1990-2017. It improves available data based on estimates by incorporating actual data reported by statistical authorities and refining estimation methods. The paper illustrates current and new uses of these data, with particular focus on the evolution of currency exposures of cross-border positions.

Dominant Currency Paradigm A New Model For Small Open Economies

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Author : Camila Casas
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-22

Dominant Currency Paradigm A New Model For Small Open Economies written by Camila Casas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-22 with Business & Economics categories.

Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.

Exchange Rate Volatility And Trade Flows Some New Evidence

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2004-05-19

Exchange Rate Volatility And Trade Flows Some New Evidence written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-05-19 with Business & Economics categories.

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Exchange Rate Economics

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Author : Ronald MacDonald
language : en
Publisher: Routledge
Release Date : 2005

Exchange Rate Economics written by Ronald MacDonald and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Foreign exchange categories.

''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""

China And Japan In The Global Economy

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Author : Tomoo Kikuchi
language : en
Publisher: Routledge
Release Date : 2018-04-09

China And Japan In The Global Economy written by Tomoo Kikuchi and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-09 with Business & Economics categories.

This book discusses the necessity for cooperation between China and Japan to provide international public goods to Asia. It provides insight into how China and Japan can redesign the process of economic integration and security architecture to ensure peace and prosperity in Asia, and how China and Japan can cooperate to correct the capital misallocation and channel savings more effectively to investments in Asia. It also suggests how China and Japan can promote free trade to help Asian economies upgrade their industries in the global supply chain. The book is an invaluable contribution to the existing discussion on China–Japan relations and how their cooperation is beneficial not only for them but also for Asia, and even the world.

The Emergence Of The Euro As An International Currency

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Author : George Alogoskoufis
language : en
Publisher:
Release Date : 1997

The Emergence Of The Euro As An International Currency written by George Alogoskoufis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Coinage, International categories.

The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro financial markets and thickness externalities in the use of the euro as a means of payment will be the major factors determining the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and transactions costs fall, euro assets will become more attractive, and the use of the euro as a vehicle currency will expand; the two effects interact, as we demonstrate. We use a three-region world model as a framework for alternative steady-state scenarios. With forex and securities market data, we assess the plausibility of those scenarios and the implications for economic efficiency (welfare). We find that the euro may take on some of the current roles of the dollar. The welfare analysis reveals potential quantitatively significant benefits for the euro area, at the cost of the US and (to a lesser degree) Japan.

The Exchange Rate International Trade And The Balance Of Payments

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Author : Reserve Bank of Australia. Economic Group
language : en
Publisher:
Release Date : 1993

The Exchange Rate International Trade And The Balance Of Payments written by Reserve Bank of Australia. Economic Group and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Balance of payments categories.