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<p>The theoretical models suggest that including import intensity and invoicing ratios in the exchange rate pass-through regression is essential. We suggest distinguishing the value-added by importers and other countries for the import intensity, and using bilateral invoicing ratios. By examining 33 exporting and 13 importing countries for 17 industries between 1995 and 2018, our results show that exchange rate pass-through decreases for industries with a higher contribution of the other country’s value-added. We find that a higher US dollar invoicing ratio decreases the exchange rate pass-through when we apply bilateral invoicing ratios in the subsample of countries or industries.</p>

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Invoicing currency, value-added in imports, and exchange rate pass-through

  • 期刊论文

  • 发表日期：

    2026年4月29日

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  • Fabien Rondeau,
  • Yushi Yoshida

摘要

The theoretical models suggest that including import intensity and invoicing ratios in the exchange rate pass-through regression is essential. We suggest distinguishing the value-added by importers and other countries for the import intensity, and using bilateral invoicing ratios. By examining 33 exporting and 13 importing countries for 17 industries between 1995 and 2018, our results show that exchange rate pass-through decreases for industries with a higher contribution of the other country’s value-added. We find that a higher US dollar invoicing ratio decreases the exchange rate pass-through when we apply bilateral invoicing ratios in the subsample of countries or industries.