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Has the Euro Affected the Choice of Invoicing Currency?

Ligthart, Jenny E. - 2013

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our … approach uses a compositional multinomial logit model, in which currency choice depends on the characteristics of both the … currency and the country. We use unique quarterly panel data of Norwegian imports from OECD countries for the 1996-2006 period …

Persistent link: https://www.econbiz.de/10013094696

Zooming out : the trade effect of the euro in historical perspective

Berger, Helge; Nitsch, Volker - 2005

currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by …

Persistent link: https://www.econbiz.de/10010261162

Vehicle Currency Pricing and Exchange Rate Pass-Through

Chen, Natalie - 2019

Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive …, with more than half of transactions in our sample invoiced in neither sterling nor the exporterâ€™s currency. We then study … the relationship between invoicing currency choices and the response of import prices to exchange rate changes. We find …

Persistent link: https://www.econbiz.de/10012867016

A risk allocation approach to optimal exchange rate policy

Mundaca, B. Gabriela; Strand, Jon - 2004

when it is, and is not, optimal to join a currency union with trading partners, implying zero exchange rate variation. …

Persistent link: https://www.econbiz.de/10010261106

The impact of FX central bank intervention in a noise trading framework

Beine, Michel; De Grauwe, Paul; Grimaldi, Marianna - 2005

In this paper we investigate the effects of central bank interventions (CBI) in a noise trading model with chartists and fundamentalists. We first estimate a model in which chartists extrapolate past returns and fundamentalists forecast a mean reverting dynamics of the exchange rate towards a...

Persistent link: https://www.econbiz.de/10010261316

China's exchange rate and international adjustment in wages, prices, and interest rates: Japan déjà vu?

McKinnon, Ronald; Schnabl, Gunther - 2006

China keeps its exchange rate tightly fixed to the dollar. Its productivity growth and trade surplus have been high, and it continues to accumulate large dollar reserves. Many observers take this as evidence that the renminbi is undervalued and should be appreciated to reduce the Chinese trade...

Persistent link: https://www.econbiz.de/10010263911

Japanese foreign exchange intervention and the Yen/Dollar exchange rate: a simultaneous equations approach using realized volatility

Hillebrand, Eric; Schnabl, Gunther; Ulu, Yasemin - 2006

We use realized volatility to study the influence of central bank interventions on the yen/dollar exchange rate. Realized volatility is a technical innovation that allows specifying a system of equations for returns, realized volatility, and interventions without endogeneity bias. We find that...

Persistent link: https://www.econbiz.de/10010263952

How to be well shod to absorb shocks?: shock synchronization and joining the euro zone

Gilson, Natacha - 2006

This paper examines the demand and supply shocks observed in the present Eurozone member states and those observed in some neighboring countries. The analysis is based on recent data and each Eurozone member country is compared with an aggregate series corresponding to an area made up of the...

Persistent link: https://www.econbiz.de/10010264043

The trade and FDI effects of EMU enlargement

Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - 2007

This paper considers the nature and the distribution of trade and FDI effects of a potential enlargement of the European Monetary Union (EMU) to the ten countries that obtained EU membership in 2004. One-way and two-way error component gravity models are estimated using a dataset of unbalanced...

Persistent link: https://www.econbiz.de/10010264230

Renminbising China's foreign assets

Cheung, Yin-Wong; Ma, Guonan; McCauley, Robert N. - 2010

currency composition of China's international assets and liabilities. These factors include, among others, underlying valuation …

Persistent link: https://www.econbiz.de/10010270641