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- handle: 10670/1.uk9and
- hal: hal-03560975
- doi: 10.1016/j.jinteco.2022.103569
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jinteco.2022.103569
http://creativecommons.org/licenses/by-nc-nd/ , info:eu-repo/semantics/OpenAccess
Mots-clés
Dollar invoicing Trade finance Firm-level exports F - International Economics/F.F1 - Trade/F.F1.F14 - Empirical Studies of Trade F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F42 - International Policy Coordination and Transmission G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their PoliciesSujets proches
Trade Commercial trade Foreign trade Expenses Costs (Economics) Trade TradeCiter ce document
Antoine Berthou et al., « The Real Effects of Invoicing Exports in Dollars », Archive ouverte de Sciences Po (SPIRE), ID : 10.1016/j.jinteco.2022.103569
Métriques
Partage / Export
Résumé
Exporting firms face foreign exchange risk when the export contract is invoiced in a foreign currency. For instance, for firms located outside of the United States, the US dollar is often used as a vehicle currency. The cost of hedging against this risk represents an additional trade cost for exporters, which is specific to the targeted destination. In this paper, we exploit an episode of heightened tensions in the USD/EUR foreign exchange market in July 2011, which increased the cost of hedging against US dollar fluctuations for French exporters. Using disaggregated information on bank balance sheets, bank-firm relationships and individual export flows for France, we show that exporters with a higher propensity to use hedging instruments reduced more their exports to "US dollar destinations" after this shock. For the average "treated" individual export flow in our sample, the increased hedging cost is equivalent to a counterfactual rise in trade costs by about 3 percentage points.