@article{Goldberg:295145,
      recid = {295145},
      author = {Goldberg, Linda S and Tille, Cédric},
      title = {Micro, macro, and strategic forces in international trade  invoicing},
      publisher = {National Centre of Competence in Research Financial  Valuation and Risk Management},
      address = {[Lieu de publication non identifié]. 2009},
      number = {BOOK},
      series = {NCCR FINRISK working paper series ; No. 589},
      pages = {42 p. : ill.},
      year = {2009},
      note = {This research has been carried out within the NCCR FINRISK  project on "Macro Risk, Systemic Risks and International  Finance"},
      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 her industry, such as market  share and the price-sensitivity of demand, the hedging of  marginal costs, due for instance to the use of imported  inputs, and macroeconomic volatility. We use a new highly  disaggregated dataset to assess the roles of the various  invoicing determinants. We find support for the factors  identified in the literature, and document a new feature,  in the form of a link between shipments size and invoicing.  Specifically, larger transactions are more likely to be  invoiced in the importer's currency. We offer a potential  theoretical explanation for the empirical link between  transaction size and invoicing by allowing invoicing to be  set through a bargaining between exporters and importers, a  feature that is absent from existing models despite its  empirical relevance.},
      url = {http://repository.graduateinstitute.ch/record/295145},
}