| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11700 |
| DP11700 Invoicing Currency and Financial Hedging | |
| Julien Martin; Victor Lyonnet; Isabelle Mejean | |
| 发表日期 | 2016-12-09 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We examine the link between exporters’ currency choice decisions and the use of financial instruments to hedge exchange rate risks. On the empirical side, we find that large firms (either pricing in their own or in a foreign currency) are more likely to use hedging instruments, but the use of these instruments is more prevalent among firms pricing in a foreign currency. We then provide evidence that access to hedging instruments increases the probability of pricing in a foreign currency. A general framework of invoicing currency choice augmented with hedging can rationalize these facts. Consistent with our empirical findings and under plausible conditions, large firms that would have chosen to price in their own currency in the absence of hedging instruments set prices in a foreign currency if they have access to such instruments. |
| 主题 | International Macroeconomics and Finance ; International Trade and Regional Economics |
| URL | https://cepr.org/publications/dp11700-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540514 |
| 推荐引用方式 GB/T 7714 | Julien Martin,Victor Lyonnet,Isabelle Mejean. DP11700 Invoicing Currency and Financial Hedging. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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