Currency of Invoicing in Merchandise Trade

S.A.B. Page

National Institute Economic Review, 1977, vol. 81, 77-81

Abstract: Almost all trade among industrial countries is now invoiced in the currency of one of the trading partners, normally that of the exporter. Use of a ‘third country currency’ (normally the dollar) is important only in trade with developing countries. Except for the decline in sterling's use as an international currency, there is no evidence that exchange rate expectations are a strong influence on traders' choice of currency.

Date: 1977
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