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National Currencies in Foreign Trade Transactions: International Experience and Results


  • Kristina V. Shvandar

    () (Financial Research Institute, Moscow 127006, Russia)

  • Artur V. Glazunov

    () (Ministry of Finance of the Russian Federation, Moscow 109097, Russia)


The article is devoted to the analysis of foreign experience of studying the factors explaining the use of international and national currencies in foreign trade. Recently, the interest in these issues has increased significantly due to the active efforts of the EAEU countries to disclose the integration potential, in particular through the expansion of settlements in national currencies to minimize costs and risks. Since the beginning of 2017 the Eurasian Economic Commission has begun preparations for the research based on a survey on the use of national currencies in settlements between the EAEU countries. In light of this process special attention is paid in this article to foreign approaches to information support for the analysis of the use of currencies in foreign trade operations, the organization of surveys, the sampling of the companies under study, and the analysis of the reasons for success research.

Suggested Citation

  • Kristina V. Shvandar & Artur V. Glazunov, 2017. "National Currencies in Foreign Trade Transactions: International Experience and Results," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 127006, Russia, issue 4, pages 122-135, August.
  • Handle: RePEc:fru:finjrn:170410:p:122-135

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    References listed on IDEAS

    1. Reiss, Daniel G, 2012. "Easing trade costs within Mercosul," MPRA Paper 42174, University Library of Munich, Germany.
    2. Shabtai Donnenfeld & Alfred Haug, 2003. "Currency Invoicing in International Trade: an Empirical Investigation," Review of International Economics, Wiley Blackwell, vol. 11(2), pages 332-345, May.
    3. Friberg, Richard & Wilander, Fredrik, 2008. "The currency denomination of exports -- A questionnaire study," Journal of International Economics, Elsevier, vol. 75(1), pages 54-69, May.
    4. Reiss, Daniel Gersten, 2014. "Invoice Currency in Brazil," MPRA Paper 59412, University Library of Munich, Germany.
    5. Artur V. Glazunov & Kristina V. Shvandar & Anastasia A. Anisimova, 2016. "Development of National Payment Systems as the Current Trend," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 127006, Russia, issue 5, pages 94-102, October.
    6. Tasneem Chipty & Christopher M. Snyder, 1999. "The Role Of Firm Size In Bilateral Bargaining: A Study Of The Cable Television Industry," The Review of Economics and Statistics, MIT Press, vol. 81(2), pages 326-340, May.
    7. Igor A. Yakovlev & Kristina V. Shvandar, 2015. "Floating Exchange Rate in Transition Economies," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 127006, Russia, issue 5, pages 103-112, October.
    8. ITO Takatoshi & KOIBUCHI Satoshi & SATO Kiyotaka & SHIMIZU Junko, 2013. "Choice of Invoicing Currency: New evidence from a questionnaire survey of Japanese export firms," Discussion papers 13034, Research Institute of Economy, Trade and Industry (RIETI).
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    More about this item


    national currency; settlements on foreign trade operations; currency structure of settlements; countries of the EAEU; trading partners;

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange


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