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

Fabien Rondeau () and Yushi Yoshida
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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

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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.

Keywords: Exchange rate pass-through; Global value chains; Invoicing currency; Market share; Value-added by importers (search for similar items in EconPapers)
Date: 2026
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Published in Review of World Economics, 2026, ⟨10.1007/s10290-026-00641-8⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05626448

DOI: 10.1007/s10290-026-00641-8

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