The invoicing currency choice model of export enterprises assuming joint utility maximization and analysis of the factors influencing selection |
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| Institution: | 1. Department of Statistics and Finance, School of Management, University of Science and Technology of China, Hefei 230026, China;2. Huaxia Bank, Nanjing Branch, 181 Hunan Road, Gulou District, Nanjing, China;1. Department of Money and Banking, National Chengchi University, Taipei, Taiwan, ROC;2. Actuarial Department, Taiwan Life Insurance Co. Ltd, Taiwan, ROC;1. Department of Economics, SUNY at Buffalo, Buffalo, NY 14260, United States;2. Department of Economics, National Chung Cheng University, Chia-yi County 621, Taiwan;1. Laboratoire des Sciences de l''Information et des Systèmes (LSIS), UMR CNRS 7296, AMU Domaine universitaire de Saint Jérôme, Avenue Escadrille Normandie Niemen, 13397 Marseille Cedex 20, France;2. Centro Internacional Franco Argentino de Ciencias de la Información y de Sistemas (CIFASIS), CONICET, UNR, Ocampo y Esmeralda, S2000EZP Rosario, Argentina |
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| Abstract: | Based on the assumption of joint utility maximization, an exporting currency unit pricing model was established, which consists of the local currency, producer's currency, and vehicle currency. Furthermore, Monte Carlo simulation and partial least squares (PLS) regression were used to analyze currency weights. Results suggest that when a producer's currency is devalued relative to a local currency, if the demand elasticity of the importer is large, the local currency will primarily be used; if the bargaining power of the importer is strong, the producer's currency will primarily be used. Among these factors, the bargaining power of the exporter has the greatest influence, followed by the demand elasticity of the importer and the exporting country's exchange rate. |
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