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The Choice of Invoice Currency under Uncertainty : Theory and Evidence from Korea
http://hdl.handle.net/2261/2547
http://hdl.handle.net/2261/25474582cd06-f311-4ae5-a38c-d76388216065
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2013-06-03 | |||||
| タイトル | ||||||
| タイトル | The Choice of Invoice Currency under Uncertainty : Theory and Evidence from Korea | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Fukuda, Shin-ichi
× Fukuda, Shin-ichi× Ono, Masanori |
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| 著者所属 | ||||||
| 著者所属 | University of Tokyo | |||||
| 著者所属 | ||||||
| 著者所属 | Fukushima University | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | The purpose of this paper is to investigate the choice of invoice currency under exchange rate uncertainty. The analysis is motivated by the fact that the U.S. dollar has been the dominant vehicle currency in developing countries. The theoretical analysis is based on an open economy model of monopolistic competition. The export prices are set before exchange rates are known. When the market is competitive enough, the exporting firms tend to set their prices not to deviate from those of the competitors. As a result, when the other exporters set their prices in the third currency, the exporting firm tends to choose the third currency as an equilibrium invoice currency. The tendency becomes conspicuous in the market where the shares of local firms are small. The latter part of the paper empirically investigates the relevancy of the theoretical results by using the export price data in Korea. We find that export prices in Korea are highly stable in terms of the US dollar even in the commodities for which Japan has had dominant shares. We also find that export prices in Korea are more stable against the US dollar in the commodities for which the shares of local firms are small in Japan. The empirical results are consistent with our theoretical model. The result may explain why the firm tends to set prices in the US dollar even if the United States is not a trade partner. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-F 巻 2004-CF-271, 発行日 2004-04 |
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| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11450569 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 330 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| Center for International Research on the Japanese Economy | ||||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2004/2004cf271ab.html | |||||
