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CURRENCY INVOICING OF US IMPORTS

机译:美国进口货的发票

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摘要

This paper provides an explanation for the choice of currency of invoice of exports to the US. We find an empirical relationship between the riskiness of the exchange rate and the fraction of imports invoiced in the importer's currency, the exporter's currency, and a third country currency. The higher the volatility of the exchange rate, the larger is the fraction of imports invoiced in the importer's currency. Consequently, the fraction of invoicing in the exporter's or a third country currency is inversely related to the volatility of the exchange rate.
机译:本文为选择出口到美国的发票货币提供了解释。我们发现汇率的风险与以进口者的货币,出口者的货币和第三国货币开具发票的进口份额之间的经验关系。汇率的波动性越高,以进口商货币开具发票的进口商品所占的比例就越大。因此,以出口商或第三国货币计价的发票所占比例与汇率的波动成反比。

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