000295142 001__ 295142
000295142 005__ 20250213113222.0
000295142 037__ $$aBOOK
000295142 245__ $$aMicro, macro, and strategic forces in international trade invoicing
000295142 260__ $$aNew York$$bFederal Reserve Bank of New York$$c2009
000295142 269__ $$a2009
000295142 300__ $$a42 p. : ill.
000295142 336__ $$aPapers and Reports
000295142 490__ $$aFederal Reserve Bank of New York Staff Reports ; no. 405
000295142 520__ $$aThe 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.
000295142 700__ $$aGoldberg, Linda S
000295142 700__ $$aTille, Cédric
000295142 8564_ $$9f3bdb3c4-4526-4d4a-81ed-9ded57994df8$$s437489$$uhttps://repository.graduateinstitute.ch/record/295142/files/sr405.pdf
000295142 8564_ $$9da7fef26-bd4a-4a90-9cd3-889a2ed80156$$xpdfa$$s1864484$$uhttps://repository.graduateinstitute.ch/record/295142/files/sr405.pdf?subformat=pdfa
000295142 901__ $$uInternational Economics Department$$0319285
000295142 909CO $$ooai:repository.graduateinstitute.ch:295142$$pGLOBAL_SET$$pIHEID:Explore
000295142 937__ $$aWP-2017-078
000295142 980__ $$aWP