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Invoicing currency, value-added in imports, and exchange rate pass-through

Author

Listed:
  • Fabien Rondeau

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Yushi Yoshida

    (University of Shiga Prefecture)

Abstract

The theoretical models suggest that including import intensity and invoicing ratios in the exchange rate pass-through regression is essential. We suggest distinguishing the value-added by importers and other countries for the import intensity, and using bilateral invoicing ratios. By examining 33 exporting and 13 importing countries for 17 industries between 1995 and 2018, our results show that exchange rate pass-through decreases for industries with a higher contribution of the other country's value-added. We find that a higher US dollar invoicing ratio decreases the exchange rate pass-through when we apply bilateral invoicing ratios in the subsample of countries or industries.

Suggested Citation

  • Fabien Rondeau & Yushi Yoshida, 2026. "Invoicing currency, value-added in imports, and exchange rate pass-through," Post-Print hal-05626448, HAL.
    • Handle: RePEc:hal:journl:hal-05626448
    DOI: 10.1007/s10290-026-00641-8
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    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F61 - International Economics - - Economic Impacts of Globalization - - - Microeconomic Impacts

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