The euro as an invoice currency
A new ECB working paper investigates the determinants of currency invoicing in international trade.
Although the currency of invoicing is important for the transmission of monetary policy, empirical research on this topic is scarce due to a lack of data, the researchers say. With a new extensive invoicing dataset and a panel model analysis this paper shows that a country's membership or prospective membership of the EU plays a decisive role in the choice of the euro as invoicing currency.
The
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