On the Choice of Invoice Currency by Japanese Exporters: The PTM Approach
AbstractThis paper investigates why invoice ratios of the Japanese yen are relatively low for Japan's exports. Given "pricing-to-market"(PTM) behavior of Japanese exporters, we show that the demand conditions in the markets can explain the choice of invoice currency by Japanese exporters. In particular, our empirical evidence explains why yen-denominated invoice rations of TVs, VCRs, and automobiles are so low in exporting to the United States but are very high in exporting to the East Asian countries.
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Bibliographic InfoPaper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a289.
Date of creation: Mar 1994
Date of revision:
Other versions of this item:
- Fukuda Shin-ichi & Cong Ji, 1994. "On the Choice of Invoice Currency by Japanese Exporters: The PTM Approach," Journal of the Japanese and International Economies, Elsevier, vol. 8(4), pages 511-529, December.
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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- Otani, Akira & Shiratsuka, Shigenori & Shirota, Toyoichiro, 2003. "The Decline in the Exchange Rate Pass-Through: Evidence from Japanese Import Prices," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 21(3), pages 53-81, October.
- Takatoshi Ito & Satoshi Koibuchi & Kiyotaka Sato & Junko Shimizu, 2010. "Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior," NBER Working Papers 16231, National Bureau of Economic Research, Inc.
- Dominguez, K., 1997.
"The Dollar Exposure of Japanese Companies,"
414, Research Seminar in International Economics, University of Michigan.
- Dominguez, Kathryn M., 1998. "The Dollar Exposure of Japanese Companies," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 388-405, December.
- Fukuda, Shin-ichi & Kano, Takashi, 1997.
"International Price Linkage within a Region: The Case of East Asia,"
Journal of the Japanese and International Economies,
Elsevier, vol. 11(4), pages 643-666, December.
- Fukuda, Shin-ichi & Kano, Takashi, 1997. "International Price Linkage within a Region" The Case of East Asia," CIRJE F-Series 97-F-6, CIRJE, Faculty of Economics, University of Tokyo.
- ITO Takatoshi & KOIBUCHI Satoshi & SATO Kiyotaka & SHIMIZU Junko, 2010. "Determinants of Currency Invoicing in Japanese Exports: A firm-level analysis," Discussion papers 10034, Research Institute of Economy, Trade and Industry (RIETI).
- Ayako Saiki, 2005. "Asymmetric Effect of Currency Union for Developing Countries," Open Economies Review, Springer, vol. 16(3), pages 227-247, July.
- Oi, Hiroyuki & Otani, Akira & Shirota, Toyoichiro, 2004. "The Choice of Invoice Currency in International Trade: Implications for the Internationalization of the Yen," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 22(1), pages 27-63, March.
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