The purpose of this paper is to investigate why the choice of invoice currency under exchange rate uncertainty depends not only on expectations but also on history. The analysis is motivated by the fact that the U.S. dollar has historically been the dominant vehicle currency in developing...

The purpose of this paper is to investigate why the choice of invoice currency under exchange rate uncertainty depends not only on expectations but also on history. The analysis is motivated by the fact that the U.S. dollar has historically been the dominant vehicle currency in developing...

Main description: Der Autor bietet eine umfassende Darstellung des Themas und hat dafür eine erhebliche Menge Spezialliteratur zu den einzelnen Aspekten ausgewertet. Er befaßt sich sowohl mit der vollkommenen Dollarisierung/Euroisierung von Volkswirtschaften (D/E-Systeme) als auch mit...