Invoice Currency Choice in Intra-Firm Trade: A Transaction-Level Analysis of Japanese Automobile Exports
本摘要源自该文的 NBER 工作论文版（2024），正式发表版可能有调整。
This study empirically investigates how the invoice currency choice differs between intra-firm and arm's-length exports.We also examine whether other firm-and product-level characteristics affect the choice of invoice currency.This study is the first to be granted access to highly disaggregated transaction-level trade data for Japan.Focusing on Japanese automobile exports to France, we demonstrate that the importer's currency tends to be chosen in intra-firm export invoicing based on a panel logit estimation.Our empirical findings remain robust when different types of intra-firm export variables and other conventional explanatory variables are introduced, such as firm and product market share, exchange rate volatility, euro-invoiced imports, labor productivity, and research and development intensity.Given growing intra-firm trade and expanding global value chains, Japanese parent firms tend to invoice in the importers' currency, assuming the foreign exchange risk that arises from intra-firm trade.Thus, exchange rate risk management is a significant consideration for Japanese parent firms.