G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16303
DP16303 Fundamentals vs. policies: can the US dollar's dominance in global trade be dented?
Cedric Tille; Arnaud Mehl; Georgios Georgiadis; Helena Le Mezo
发表日期2021-06-28
出版年2021
语种英语
摘要The US dollar plays a dominant role in the invoicing of international trade, albeit not an exclusive one as more than half of global trade is invoiced in other currencies. Of particular interest are the euro, with a large role, and the renminbi, with a rising role. These two currencies are well suited to contrast the roles of economic fundamentals and policies, as European policy makers have taken a neutral stance in contrast to the promotion of the international role of the renminbi by the Chinese authorities. We assess the drivers of invoicing using the most recent and comprehensive data set for 115 countries over 1999-2019. We find that standard mechanisms that foster use of a large economy's currency predicted by theory|i.e. strategic complementarities in price setting and integration in cross-border value chains|underpin use of the dollar and the euro for trade with the United States and the euro area. These mechanisms also support the role of the dollar, but not the euro, in trade between non-US and non-euro area countries, making the dollar the globally dominant invoicing currency. Fundamentals and policies have played a contrasted role for the use of the renminbi. We find that China's integration into global trade has further strengthened the dominant status of the dollar at the expense of the euro. At the same time, the establishment of currency swap lines by the People's Bank of China has been associated with increases in renminbi invoicing, with an adverse effect on dollar use that is larger than for the euro.
主题International Macroeconomics and Finance
关键词International trade invoicing Dominant currency paradigm Markets vs. policies
URLhttps://cepr.org/publications/dp16303
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/545268
推荐引用方式
GB/T 7714
Cedric Tille,Arnaud Mehl,Georgios Georgiadis,et al. DP16303 Fundamentals vs. policies: can the US dollar's dominance in global trade be dented?. 2021.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Cedric Tille]的文章
[Arnaud Mehl]的文章
[Georgios Georgiadis]的文章
百度学术
百度学术中相似的文章
[Cedric Tille]的文章
[Arnaud Mehl]的文章
[Georgios Georgiadis]的文章
必应学术
必应学术中相似的文章
[Cedric Tille]的文章
[Arnaud Mehl]的文章
[Georgios Georgiadis]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。