@article{Goldberg:295142,
      recid = {295142},
      author = {Goldberg, Linda S and Tille, Cédric},
      title = {Micro, macro, and strategic forces in international trade  invoicing},
      publisher = {Federal Reserve Bank of New York},
      address = {New York. 2009},
      number = {BOOK},
      series = {Federal Reserve Bank of New York Staff Reports ; no. 405},
      pages = {42 p. : ill.},
      year = {2009},
      abstract = {The use of different currencies in the invoicing of  international trade transactions plays a major role in the  international transmission of economic fluctuations.  Existing studies argue that an exporter's invoicing choice  reflects structural aspects of its industry, such as market  share and the price sensitivity of demand, as well as the  hedging of marginal costs (due, for instance, to the use of  imported inputs) and macroeconomic volatility. We use a  new, highly disaggregated data set to assess the roles of  the various invoicing determinants. Our findings support  the factors identified in the literature and document a new  feature: a link between shipment size and invoicing.  Specifically, larger transactions are more likely to be  invoiced in the importer's currency. We offer a theoretical  explanation for the empirical link between transaction size  and invoicing by allowing invoicing to be set through  bargaining between exporters and importers, a feature  absent from existing models despite its empirical  relevance.},
      url = {http://repository.graduateinstitute.ch/record/295142},
}