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- handle: 10670/1.8y5aw9
- hal: hal-03949044
- doi: 10.1111/jmcb.12966
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info:eu-repo/semantics/altIdentifier/doi/10.1111/jmcb.12966
Mots-clés
Currency choice Hedging Survey data F - International Economics/F.F3 - International Finance/F.F3.F31 - Foreign Exchange F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F41 - Open Economy Macroeconomics G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • GoodwillSujets proches
Specie Monetary question Money, Primitive Currency Standard of valueCiter ce document
Victor Lyonnet et al., « Invoicing Currency and Financial Hedging », HAL-SHS : économie et finance, ID : 10.1111/jmcb.12966
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Résumé
We examine the link between exporters' currency choices and their use of financial hedging instruments. Large firms are more likely to use hedging instruments, especially those pricing in a foreign currency. We provide suggestive evidence that access to hedging instruments increases the probability of pricing in a foreign currency. A model of invoicing currency choice augmented with hedging can rationalize these facts. In the model, large firms that would have chosen to price in their own currency in the absence of hedging instruments can decide to set prices in a foreign currency if they have access to such instruments.