| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15493 |
| DP15493 Dominant currency dynamics: Evidence on dollar-invoicing from UK exporters | |
| Meredith A. Crowley; Lu Han; Minkyu Son | |
| 发表日期 | 2020-11-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | How do the choices of individual firms contribute to the dominance of a currency in global trade? Using export transactions data from the UK over 2010-2016, we document strong evidence of two mechanisms that promote the use of a dominant currency: (1) prior experience: the probability that a firm invoices its exports to a new market in a dominant currency is increasing in the number of years the firm has used the dominant currency in its existing markets; (2) strategic complementarity: a firm is more likely to invoice its exports in the currency chosen by the majority of its competitors in a foreign destination market in order to stabilize its residual demand in that market. We show that the introduction of a managerial fixed cost of currency management into a model of invoicing currency choice yields dynamic paths of currency choice that match our empirical findings. |
| 主题 | International Macroeconomics and Finance ; International Trade and Regional Economics |
| 关键词 | exchange rate Invoicing currency Firm-level trade Vehicle currency |
| URL | https://cepr.org/publications/dp15493-0 |
| 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/544491 |
| 推荐引用方式 GB/T 7714 | Meredith A. Crowley,Lu Han,Minkyu Son. DP15493 Dominant currency dynamics: Evidence on dollar-invoicing from UK exporters. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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