Global trade and payments data, although absolutely essential to an understanding of the pattern and direction of world commerce, are not completely unambiguous. Compilers of such data face numerous problems of definition and measurement of particular components of nations' aggregate external...

We explore the interplay between trade invoicing patterns and the pricing of safe assets in different currencies. Our theory highlights the following points: 1) a currency's role as a unit of account for invoicing decisions is complementary to its role as a safe store of value; 2) this...