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Vehicle Currencies and the Structure of International Exchange

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Cited by:

  1. Ligthart, Jenny E. & Werner, Sebastian E.V., 2012. "Has the euro affected the choice of invoicing currency?," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1551-1573.
  2. Gita Gopinath & Oleg Itskhoki & Roberto Rigobon, 2010. "Currency Choice and Exchange Rate Pass-Through," American Economic Review, American Economic Association, vol. 100(1), pages 304-336, March.
  3. Goldberg, Linda S. & Tille, Cédric, 2008. "Vehicle currency use in international trade," Journal of International Economics, Elsevier, vol. 76(2), pages 177-192, December.
  4. Richard Portes & Hélène Rey, 1998. "The emergence of the euro as an international currency," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 13(26), pages 306-343.
  5. De Gregorio, José & García, Pablo & Luttini, Emiliano & Rojas, Marco, 2024. "From dominant to producer currency pricing: Dynamics of Chilean exports," Journal of International Economics, Elsevier, vol. 149(C).
  6. Mr. Ewe-Ghee Lim, 2006. "The Euro’s Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data," IMF Working Papers 2006/153, International Monetary Fund.
  7. Gergely Hudecz & Edmund Moshammer & Alexander Raabe & Gong Cheng, 2021. "The euro in the world," Discussion Papers 16, European Stability Mechanism, revised 27 Oct 2021.
  8. Gabriele Galati & Philip Wooldridge, 2009. "The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(1), pages 1-23.
  9. Hartmann, Philipp & Issing, Otmar, 2002. "The international role of the euro," Journal of Policy Modeling, Elsevier, vol. 24(4), pages 315-345, July.
  10. Tsuyuguchi, Yosuke & Wooldridge, Philip D., 2008. "The evolution of trading activity in Asian foreign exchange markets," Emerging Markets Review, Elsevier, vol. 9(4), pages 231-246, December.
  11. Reiss, Daniel Gersten, 2014. "Invoice Currency in Brazil," MPRA Paper 59412, University Library of Munich, Germany.
  12. Charles Engel, 1987. "The Real Effects of Foreign Inflation in the Presence of Currency Substitution," NBER Working Papers 2140, National Bureau of Economic Research, Inc.
  13. Tao Liu & Xiaosong Wang & Wing Thye Woo, 2024. "Network effect and international currency," Scandinavian Journal of Economics, Wiley Blackwell, vol. 126(3), pages 600-626, July.
  14. Jingtao Yi, 2009. "China's Exchange Rate Movements and Corporate Currency Invoicing Strategies," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(5), pages 36-51, September.
  15. Barry Eichengreen & Livia Chiţu & Arnaud Mehl, 2016. "Network effects, homogeneous goods and international currency choice: New evidence on oil markets from an older era," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 49(1), pages 173-206, February.
  16. Agnès Bénassy-Quéré, 2015. "The euro as an international currency," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01144371, HAL.
  17. Sujit Chakravorti, 1997. "Payments-related intraday credit differentials and the emergence of a vehicle currency," Financial Industry Studies Working Paper 97-3, Federal Reserve Bank of Dallas.
  18. Rey, Hélène & Gourinchas, Pierre-Olivier, 2013. "External Adjustment, Global Imbalances and Valuation Effects," CEPR Discussion Papers 9566, C.E.P.R. Discussion Papers.
  19. Marco Garofalo & Giovanni Rosso & Roger Vicquéry, 2024. "Dominant currency pricing transition," Bank of England working papers 1074, Bank of England.
  20. Fukuda, Shin-ichi & Ono, Masanori, 2006. "On the determinants of exporters' currency pricing: History vs. expectations," Journal of the Japanese and International Economies, Elsevier, vol. 20(4), pages 548-568, December.
  21. Barry Eichengreen & Arnaud Mehl & Livia Chiţu & Thorsten Beck, 2019. "Mars or Mercury? The geopolitics of international currency choice," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 34(98), pages 315-363.
  22. Marc Flandreau & Clemens Jobst, 2009. "The Empirics of International Currencies: Network Externalities, History and Persistence," Economic Journal, Royal Economic Society, vol. 119(537), pages 643-664, April.
  23. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
  24. Richard Fabling & Lynda Sanderson, 2015. "Export Performance, Invoice Currency and Heterogeneous Exchange Rate Pass-through," The World Economy, Wiley Blackwell, vol. 38(2), pages 315-339, February.
  25. Michael B. Devereux & Kang Shi & Juanyi Xu, 2010. "Oil Currency and the Dollar Standard: A Simple Analytical Model of an International Trade Currency," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(4), pages 521-550, June.
  26. Kiminori Matsuyama & Nobuhiro Kiyotaki & Akihiko Matsui, 1993. "Toward a Theory of International Currency," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 60(2), pages 283-307.
  27. Linda S. Goldberg, 2011. "The international role of the dollar: Does it matter if this changes?," Staff Reports 522, Federal Reserve Bank of New York.
  28. Michael B. Devereux & Shouyong Shi, 2013. "Vehicle Currency," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54(1), pages 97-133, February.
  29. Hiro Ito & Menzie Chinn, 2014. "The Rise of the “Redback” and the People’s Republic of China’s Capital Account Liberalization: An Empirical Analysis of the Determinants of Invoicing Currencies," ADBI Working Papers 473, Asian Development Bank Institute.
  30. Patricia S. Pollard, 2001. "The creation of the Euro and the role of the dollar in international markets," Review, Federal Reserve Bank of St. Louis, vol. 83(May), pages 17-36.
  31. Barry Eichengreen & Domenico Lombardi, 2017. "RMBI or RMBR? Is the Renminbi Destined to Become a Global or Regional Currency?," Asian Economic Papers, MIT Press, vol. 16(1), pages 35-59, Winter/Sp.
  32. Mary Amiti & Oleg Itskhoki & Jozef Konings, 2022. "Dominant Currencies: How Firms Choose Currency Invoicing and Why it Matters," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(3), pages 1435-1493.
  33. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
  34. Alexey Ponomarenko, 2023. "National Currencies in International Settlements: Main Mechanisms," Russian Journal of Money and Finance, Bank of Russia, vol. 82(3), pages 35-47, September.
  35. Gourinchas, Pierre-Olivier & Rey, Hélène, 2014. "External Adjustment, Global Imbalances, Valuation Effects," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 585-645, Elsevier.
  36. Linda S. Goldberg & Cédric Tille, 2006. "The internationalization of the dollar and trade balance adjustment," Staff Reports 255, Federal Reserve Bank of New York.
  37. repec:hal:spmain:info:hdl:2441/669 is not listed on IDEAS
  38. Barry Eichengreen & Chitu Livia & Arnaud Mehl, 2014. "Stability or upheaval? The currency composition of international reserves in the long run," Globalization Institute Working Papers 201, Federal Reserve Bank of Dallas.
  39. Linda S. Goldberg & Cédric Tille, 2006. "The International Role of the Dollar and Trade Balance Adjustment," NBER Working Papers 12495, National Bureau of Economic Research, Inc.
  40. Matteo Maggiori, 2017. "Financial Intermediation, International Risk Sharing, and Reserve Currencies," American Economic Review, American Economic Association, vol. 107(10), pages 3038-3071, October.
  41. Mukhin, Dmitry, 2022. "An equilibrium model of the international price system," LSE Research Online Documents on Economics 112500, London School of Economics and Political Science, LSE Library.
  42. Xuejun Lin & Yefen Xiao & Yuan Liang & Xiaowen Zhang, 2017. "A Research on the Belt and Road Initiatives and Strategies of RMB Internationalization," Business and Management Research, Business and Management Research, Sciedu Press, vol. 6(1), pages 13-27, March.
  43. repec:rnp:ppaper:dok2 is not listed on IDEAS
  44. Batten, Jonathan A. & Szilagyi, Peter G., 2016. "The internationalisation of the RMB: New starts, jumps and tipping points," Emerging Markets Review, Elsevier, vol. 28(C), pages 221-238.
  45. Ligthart, J.E. & Da Silva, J., 2007. "Currency Invoicing in International Trade : A Panel Data Approach," Discussion Paper 2007-25, Tilburg University, Center for Economic Research.
  46. Heimonen, Kari, 2001. "Substituting a substitute currency: The case of Estonia," BOFIT Discussion Papers 11/2001, Bank of Finland Institute for Emerging Economies (BOFIT).
  47. Tobias Adrian & Rodney Garratt & Dong He & Tommaso Mancini-Griffoli, 2023. "Trust bridges and money flows," BIS Working Papers 1112, Bank for International Settlements.
  48. Chiţu, Livia & Eichengreen, Barry & Mehl, Arnaud, 2014. "When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets," Journal of Development Economics, Elsevier, vol. 111(C), pages 225-245.
  49. Heimonen, Kari, 2008. "Substituting a substitute currency," International Review of Economics & Finance, Elsevier, vol. 17(1), pages 66-84.
  50. Debora Scarpato & Mariarosaria Simeone & Giacomo Rotondo, 2019. "The challenge of Euro-Mediterranean integration for Campania agribusiness sustainability," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 65(12), pages 539-549.
  51. Francesco Giavazzi & Alberto Giovannini, 1988. "Modèles du SME : l'Europe n'est-elle qu'une zone deutsche mark ?," Revue Économique, Programme National Persée, vol. 39(3), pages 641-666.
  52. Rogelio V. Mercado, Jr. & Ryan Jacildo & Sanchita Basu Das, 2022. "US Dollar Dominance in Asia's Trade Invoicing," Working Papers wp45, South East Asian Central Banks (SEACEN) Research and Training Centre.
  53. Simon Neaime, 2000. "A Perspective on the Future Dollar-Euro Exchange Rate: Implications for the Peripheral Mediterranean Countries," Working Papers 2032, Economic Research Forum, revised 10 2000.
  54. Liu, Tao, 2015. "Trade finance and international currency," MPRA Paper 64362, University Library of Munich, Germany.
  55. Sheng, Andrew & Kwek, Kian-Teng & Cho, Cho-Wai, 2009. "A tale of Asian exchange rate management: Romance of the three currencies," Journal of Asian Economics, Elsevier, vol. 20(5), pages 519-535, September.
  56. Sergey Narkevich & Pavel Trunin, 2012. "Reserve Currencies: Factors of Evolution and their Role in the World Economy," Research Paper Series, Gaidar Institute for Economic Policy, issue 162P.
  57. Kannan, Prakash, 2009. "On the welfare benefits of an international currency," European Economic Review, Elsevier, vol. 53(5), pages 588-606, July.
  58. Matteo Bobba & Andrew Powell & Giuseppe Della Corte, 2007. "On the Determinants of International Currency Choice: Will the Euro Dominate the World?," Research Department Publications 4530, Inter-American Development Bank, Research Department.
  59. He, Dong & Yu, Xiangrong, 2016. "Network effects in currency internationalisation: Insights from BIS triennial surveys and implications for the renminbi," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 203-229.
  60. 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.
  61. Hartmann, Philipp, 1998. "Do Reuters spreads reflect currencies' differences in global trading activity?," Journal of International Money and Finance, Elsevier, vol. 17(5), pages 757-784, October.
  62. Carsten Detken & Philipp Hartmann, 2000. "The Euro and International Capital Markets," International Finance, Wiley Blackwell, vol. 3(1), pages 53-94, April.
  63. repec:aer:wpaper:235 is not listed on IDEAS
  64. Benigno, Pierpaolo & Schilling, Linda M. & Uhlig, Harald, 2022. "Cryptocurrencies, currency competition, and the impossible trinity," Journal of International Economics, Elsevier, vol. 136(C).
  65. Rajas Parchure, 2009. "A Model of Market Clearing Exchange Rates," Working Papers id:2153, eSocialSciences.
  66. Martha A. Starr, 2006. "One World, One Currency: Exploring The Issues," Contemporary Economic Policy, Western Economic Association International, vol. 24(4), pages 618-633, October.
  67. repec:zbw:bofitp:2001_011 is not listed on IDEAS
  68. Ho Hoang Gia Bao & Hoang Phong Le, 2022. "The Roles of Vehicle Currency and Real Effective Exchange Rates in the Trade of Every ASEAN Member With the EU-28," SAGE Open, , vol. 12(2), pages 21582440221, April.
  69. Hélène Rey, 2016. "International Channels of Transmission of Monetary Policy and the Mundellian Trilemma," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(1), pages 6-35, May.
  70. repec:osf:socarx:v8zdk_v1 is not listed on IDEAS
  71. Barry Eichengreen & Marc Flandreau, 2008. "The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading International Currency?," NBER Working Papers 14154, National Bureau of Economic Research, Inc.
  72. Mileva, Elitza & Siegfried, Nikolaus, 2012. "Oil market structure, network effects and the choice of currency for oil invoicing," Energy Policy, Elsevier, vol. 44(C), pages 385-394.
  73. Linda S. Goldberg, 2005. "Trade Invoicing in the Accession Countries: Are They Suited to the Euro?," NBER Chapters, in: NBER International Seminar on Macroeconomics 2005, pages 357-393, National Bureau of Economic Research, Inc.
  74. Gourinchas, Pierre-Olivier & Rey, Hélène, 2014. "Chapter 10 External Adjustment, Global Imbalances, Valuation Effects," Department of Economics, Working Paper Series qt42k8h7mp, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  75. CRAIG S. Hakkio, 1993. "The Dollar'S International Role," Contemporary Economic Policy, Western Economic Association International, vol. 11(2), pages 62-75, April.
  76. Neaime, Simon & Paschakis, John, 2002. "The future of the dollar-euro exchange rate," The North American Journal of Economics and Finance, Elsevier, vol. 13(1), pages 56-71, May.
  77. Konstantin Egorov & Dmitry Mukhin, 2019. "Optimal Monetary Policy under Dollar Pricing," 2019 Meeting Papers 1510, Society for Economic Dynamics.
  78. Yang Liu & Tongshuai Qiao & Liyan Han, 2022. "Does clean energy matter? Revisiting the spillovers between energy and foreign exchange markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(11), pages 2068-2083, November.
  79. Lyons, Richard K. & Moore, Michael J., 2009. "An information approach to international currencies," Journal of International Economics, Elsevier, vol. 79(2), pages 211-221, November.
  80. Friberg, Richard, 1998. "In which currency should exporters set their prices?," Journal of International Economics, Elsevier, vol. 45(1), pages 59-76, June.
  81. Canzoneri, Matthew & Cumby, Robert & Diba, Behzad & López-Salido, David, 2013. "Key currency status: An exorbitant privilege and an extraordinary risk," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 371-393.
  82. Garofalo, Marco & Rosso, Giovanni & Vicquéry, Roger, 2024. "Dominant currency pricing transition," Bank of England working papers 1074, Bank of England.
  83. Chitu, Liva & Eichengreen, Barry & Mehl, Arnaud, 2012. "When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets (revised)," Department of Economics, Working Paper Series qt3v03b36h, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  84. Ahmed Mehedi Nizam, 2023. "An analysis of transnational transfer of wealth through cross-border financial transactions," SN Business & Economics, Springer, vol. 3(1), pages 1-31, January.
  85. Shin-ichi Fukuda, 1996. "The Structural Determinants of Invoice Currencies in Japan: The Case of Foreign Trade with East Asian Countries," NBER Chapters, in: Financial Deregulation and Integration in East Asia, pages 147-165, National Bureau of Economic Research, Inc.
  86. Heimonen, Kari, 2001. "Substituting a substitute currency : The case of Estonia," BOFIT Discussion Papers 11/2001, Bank of Finland, Institute for Economies in Transition.
  87. Wu, Zhen-Xing & Gau, Yin-Feng & Chen, Yu-Lun, 2023. "Price discovery and triangular arbitrage in currency markets," Journal of International Money and Finance, Elsevier, vol. 137(C).
  88. Daniel Gersten Reiss, 2015. "Invoice currency: Puzzling evidence and new questions from Brazil," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 16(2), pages 206-225.
  89. Meng, Jingjing, 2016. "Asian emerging-market currencies in the international debt market (1994–2014)," Journal of Asian Economics, Elsevier, vol. 42(C), pages 20-32.
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  91. Emmanuel Nyahoho, 1995. "La concurrence de monnaies dans un marché financier dématérialisé," L'Actualité Economique, Société Canadienne de Science Economique, vol. 71(3), pages 334-364.
  92. Takatoshi ITO & Satoshi KOIBUCHI & Kiyotaka SATO & Junko SHIMIZU, 2010. "Determinants of Currency Invoicing in Japanese Exports: A firm-level analysis," Discussion papers 10034, Research Institute of Economy, Trade and Industry (RIETI).
  93. Terada-Hagiwara, Akiko, 2011. "Asian holding of US Treasury securities: Trade integration as a threshold," Journal of the Japanese and International Economies, Elsevier, vol. 25(3), pages 321-335, September.
  94. Suvanto, Antti, . "Foreign Exchange Dealing. Essays on the Microstructure of the Foreign Exchange Market," ETLA A, The Research Institute of the Finnish Economy, number 19, June.
  95. Lefebvre, Dominique, 1997. "Euro Internationalization," MPRA Paper 89353, University Library of Munich, Germany.
  96. Ledenyov, Dimitri O. & Ledenyov, Viktor O., 2015. "Wave function method to forecast foreign currencies exchange rates at ultra high frequency electronic trading in foreign currencies exchange markets," MPRA Paper 67470, University Library of Munich, Germany.
  97. Matteo Bobba & Andrew Powell & Giuseppe Della Corte, 2007. "Sobre los determinantes de la elección de moneda internacional: Dominará el Euro en el Mundo?," Research Department Publications 4531, Inter-American Development Bank, Research Department.
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  101. Xie, Oliver, 2024. "Financial Hedging and Optimal Currency of Invoicing," SocArXiv v8zdk, Center for Open Science.
  102. Hartmann, Philipp, 1997. "Do Reuters spreads reflect currencies' differences in global trading activity?," LSE Research Online Documents on Economics 119148, London School of Economics and Political Science, LSE Library.
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