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The impact of negotiations between importers and exporters, export experience, and trade credit on the choice of invoicing currency

Research Project

Project/Area Number 23K20152
Project/Area Number (Other) 20H01518 (2020-2023)
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeMulti-year Fund (2024)
Single-year Grants (2020-2023)
Section一般
Review Section Basic Section 07060:Money and finance-related
Research InstitutionChuo University

Principal Investigator

Yoshimi Taiyo  中央大学, 経済学部, 准教授 (30581798)

Co-Investigator(Kenkyū-buntansha) 吉田 裕司  滋賀大学, 経済学系, 教授 (40309737)
鯉渕 賢  中央大学, 商学部, 教授 (60361672)
Project Period (FY) 2024-04-01 – 2025-03-31
Project Status Completed (Fiscal Year 2024)
Budget Amount *help
¥15,730,000 (Direct Cost: ¥12,100,000、Indirect Cost: ¥3,630,000)
Fiscal Year 2024: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2023: ¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2022: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2021: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2020: ¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Keywords決済通貨 / 為替パススルー / 決済条件 / 税関データ / 輸出経験 / タイ / トルコ / 中小企業 / 国際金融 / 交渉 / 貿易信用 / 決済手段
Outline of Research at the Start

本研究課題では、国際貿易取引における重要契約事項である貿易決済通貨を企業がどのように決定しているのか、タイとトルコの税関データ(企業レベル貿易取引データ)と、中小企業向けのアンケート調査結果を用いて明らかにする。決済通貨の決定は国際貿易取引における重要な契約事項であるとともに、企業が為替リスク管理を行う上で非常に重要な要素でもある。特に、輸出者・輸入者の間の交渉、企業の輸出経験、貿易信用の選択などが、決済通貨選択に与える影響に着目する。

Outline of Final Research Achievements

This research project aimed to answer the question: "What determines the choice of invoicing currency in international trade?" Unlike previous studies, we focused on underexplored factors such as bargaining power between exporters and importers, firms' trade experience, and contractual arrangements regarding payment methods. The analysis drew on detailed transaction-level customs data from Thailand, Turkey, and Japan. Throughout the project, we published many research papers and presented at conferences. Especially in the latter half of the project, research trips and extended stays abroad, particularly in Thailand, Turkey, and the United States, were conducted to support follow-up studies, build international networks, and disseminate research findings globally.

Academic Significance and Societal Importance of the Research Achievements

本研究では、国際貿易における決済通貨の選択が、企業の輸出経験や貿易信用、取引相手との交渉力といったファクターに大きく影響されることを、タイ・トルコ・日本の税関データを用いた実証分析によって明らかにした。これらのファクターは既存研究でそれほど注目されてこなかったもので、学術的な意義がある。また、企業の製品差別化を通じた交渉力向上や、信用制度の整備が決済通貨の決定に与える潜在的な影響を指摘している。決済通貨は企業の為替リスクに対するエクスポージャーを直接的に決める重要な要素である。本研究を通じて得られた知見は、通商政策や為替リスク管理に関する実務的・社会的示唆ももたらすものである。

Report

(6 results)
  • 2024 Annual Research Report   Final Research Report ( PDF )
  • 2023 Annual Research Report
  • 2022 Annual Research Report
  • 2021 Annual Research Report
  • 2020 Annual Research Report
  • Research Products

    (41 results)

All 2025 2024 2023 2022 2021 2020 Other

All Int'l Joint Research (12 results) Journal Article (18 results) (of which Int'l Joint Research: 13 results,  Peer Reviewed: 11 results,  Open Access: 16 results) Presentation (10 results) (of which Int'l Joint Research: 6 results) Funded Workshop (1 results)

  • [Int'l Joint Research] Thailand Development Research Institute(タイ)

    • Related Report
      2024 Annual Research Report
  • [Int'l Joint Research] Akdeniz University(トルコ)

    • Related Report
      2024 Annual Research Report
  • [Int'l Joint Research] University of Rennes(フランス)

    • Related Report
      2024 Annual Research Report
  • [Int'l Joint Research] Akdeniz University(トルコ)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] Thailand Development Research Institute(タイ)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] Columbia University(米国)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] Akdeniz University(トルコ)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] Thailand Development Research Institute(タイ)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] Akdeniz University(トルコ)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] Thailand Development Research Institute(タイ)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] Akdeniz University(トルコ)

    • Related Report
      2020 Annual Research Report
  • [Int'l Joint Research] Thailand Development Research Institute(タイ)

    • Related Report
      2020 Annual Research Report
  • [Journal Article] Global value chains and exchange rate pass-through into the import prices of Japanese industries2025

    • Author(s)
      Rondeau Fabien、Yoshida Yushi
    • Journal Title

      Japan and the World Economy

      Volume: 74 Pages: 101299-101299

    • DOI

      10.1016/j.japwor.2025.101299

    • Related Report
      2024 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Can exchange rate pass-throughs be perverse? A robust multiple-prior Bayesian SVAR approach*2025

    • Author(s)
      Yoshida Yushi、Zhai Weiyang
    • Journal Title

      Journal of International Money and Finance

      Volume: 154 Pages: 103312-103312

    • DOI

      10.1016/j.jimonfin.2025.103312

    • Related Report
      2024 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Bilateral invoicing currency ratios: A methodology to calculate them from unilateral invoicing currency ratios2025

    • Author(s)
      Yoshida Yushi、Rondeau Fabien
    • Journal Title

      Economics Letters

      Volume: 247 Pages: 112116-112116

    • DOI

      10.1016/j.econlet.2024.112116

    • Related Report
      2024 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Exporter’s Productivity and the Cash-In-Advance Payment: Transaction-Level Analysis of Turkish Textile and Clothing Exports2024

    • Author(s)
      Turkcan Kemal、Yoshida Yushi、Yoshimi Taiyo
    • Journal Title

      Open Economies Review

      Volume: 36 Issue: 1 Pages: 221-242

    • DOI

      10.1007/s11079-024-09752-x

    • Related Report
      2024 Annual Research Report 2023 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Tariff rates in gravity2024

    • Author(s)
      Hayakawa Kazunobu、Yoshimi Taiyo
    • Journal Title

      The Journal of International Trade & Economic Development

      Volume: 33 Issue: 8 Pages: 1477-1494

    • DOI

      10.1080/09638199.2023.2277779

    • Related Report
      2024 Annual Research Report 2023 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Invoicing Currency Choice: Strategic Complementarities and Currency Matching2024

    • Author(s)
      Yushi Yoshida, Junko Shimizu, Takatoshi Ito, Kiyotaka Sato, Taiyo Yoshimi, and Uraku Yoshimoto
    • Journal Title

      NBER Working Paper

      Volume: 32276 Pages: 1-48

    • DOI

      10.3386/w32276

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Invoice Currency Choice in Intra-Firm Trade: A Transaction-Level Analysis of Japanese Automobile Exports2024

    • Author(s)
      Taiyo Yoshimi, Uraku Yoshimoto, Kiyotaka Sato, Takatoshi Ito, Junko Shimizu, Yushi Yoshida
    • Journal Title

      NBER Working Paper 32142

      Volume: - Pages: 1-23

    • DOI

      10.3386/w32142

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Export dynamics and invoicing currency2024

    • Author(s)
      Kazunobu Hayakawa, Toshiyuki Matsuura, Nuttawut Laksanapanyakul and Taiyo Yoshimi
    • Journal Title

      KeioIES Discussion Paper Series

      Volume: DP2024-005

    • Related Report
      2023 Annual Research Report
    • Open Access / Int'l Joint Research
  • [Journal Article] Quantifying the costs of utilising regional trade agreements2023

    • Author(s)
      Hayakawa Kazunobu、Jinji Naoto、Laksanapanyakul Nuttawut、Matsuura Toshiyuki、Yoshimi Taiyo
    • Journal Title

      The World Economy

      Volume: 46 Issue: 12 Pages: 3542-3570

    • DOI

      10.1111/twec.13472

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Firm-level Utilization Rates of Regional Trade Agreements: Importers’ Perspective2023

    • Author(s)
      Hayakawa Kazunobu、Laksanapanyakul Nuttawut、Yoshimi Taiyo
    • Journal Title

      Journal of Asian Economics

      Volume: 86 Pages: 101610-101610

    • DOI

      10.1016/j.asieco.2023.101610

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Export Experience and the Choice of Invoice Currency: Evidence from a Questionnaire Survey of Japanese Smes2023

    • Author(s)
      Goto Mizuki、Hayakawa Kazunobu、Koibuchi Satoshi、Yoshimi Taiyo
    • Journal Title

      Available at SSRN

      Volume: -

    • DOI

      10.2139/ssrn.4664112

    • Related Report
      2023 Annual Research Report
    • Open Access / Int'l Joint Research
  • [Journal Article] Invoice currency choice in intra-firm trade: A transactionlevel analysis of Japanese automobile exports2023

    • Author(s)
      Yoshimi, Taiyo, Uraku Yoshimoto, Kiyotaka Sato, Takatoshi Ito, Junko Shimizu and Yushi Yoshida
    • Journal Title

      PRI Discussion Paper

      Volume: No.23A-03

    • Related Report
      2023 Annual Research Report
    • Open Access / Int'l Joint Research
  • [Journal Article] Export experience and the choice of invoice currency: Evidence from a questionnaire survey of Japanese SMEs2023

    • Author(s)
      Goto, Mizuki, Kazunobu Hayakawa, Satoshi Koibuchi and Taiyo Yoshimi
    • Journal Title

      RIETI Discussion Paper

      Volume: 23-E-032

    • Related Report
      2023 Annual Research Report
    • Open Access / Int'l Joint Research
  • [Journal Article] Cash-in-advance payments and transaction size: Cash-constrained importers2022

    • Author(s)
      Yoshida, Yushi, Kemal Turkcan and Taiyo Yoshimi
    • Journal Title

      RIETI Discussion Paper

      Volume: 22-E-051 Pages: 1-10

    • Related Report
      2022 Annual Research Report
    • Open Access / Int'l Joint Research
  • [Journal Article] The effect of the COVID-19 pandemic on South Korea’s stock market and exchange rate2021

    • Author(s)
      Hoshikawa, Takeshi and Taiyo Yoshimi
    • Journal Title

      The Developing Economies

      Volume: Vol.59,Iss.2 Issue: 2 Pages: 206-222

    • DOI

      10.1111/deve.12276

    • Related Report
      2021 Annual Research Report 2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] 中堅・中小企業の決済通貨選択―2019 年度実施アンケート調査結果概要―2021

    • Author(s)
      鯉渕賢・後藤瑞貴・早川和伸・吉見太洋
    • Journal Title

      経済論纂(中央大学経済学研究会)

      Volume: 第62巻, 第1・2・3合併号 Pages: 43-64

    • NAID

      120007185858

    • Related Report
      2021 Annual Research Report
    • Open Access
  • [Journal Article] 中堅・中小企業の決済通貨選択:2019年度実施アンケート調査結果概要2021

    • Author(s)
      鯉渕賢・後藤瑞貴・早川和伸・吉見太洋
    • Journal Title

      経済学論纂(中央大学)

      Volume: 第62巻第1・2・3号合併号

    • NAID

      120007185858

    • Related Report
      2020 Annual Research Report
  • [Journal Article] Tariff scheme choice2020

    • Author(s)
      Hayakawa Kazunobu、Laksanapanyakul Nuttawut、Yoshimi Taiyo
    • Journal Title

      Review of World Economics

      Volume: 157 Issue: 2 Pages: 323-346

    • DOI

      10.1007/s10290-020-00397-9

    • Related Report
      2021 Annual Research Report 2020 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Presentation] Invoice currency choice in intra-firm trade: A transaction-level analysis of Japanese automobile exports2024

    • Author(s)
      Taiyo Yoshimi
    • Organizer
      The 19th East Asian Economic Association (EAEA) International Conference
    • Related Report
      2024 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Invoice currency choice in intra-firm trade: A transaction-level analysis of Japanese automobile exports2024

    • Author(s)
      吉見太洋
    • Organizer
      日本経済学会2024年度秋季大会
    • Related Report
      2024 Annual Research Report
  • [Presentation] Payment method and invoicing currency: Evidence from Turkish textile and clothing exports2024

    • Author(s)
      Taiyo Yoshimi
    • Organizer
      Western Economic Association International (WEAI) 99th Annual Conference
    • Related Report
      2024 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Invoice currency choice in intra-firm trade: A transaction-level analysis of Japanese automobile exports2024

    • Author(s)
      Taiyo Yoshimi
    • Organizer
      Western Economic Association International (WEAI) 99th Annual Conference
    • Related Report
      2024 Annual Research Report
    • Int'l Joint Research
  • [Presentation] “Invoicing currency choice: Strategic complementarities and currency matching2024

    • Author(s)
      Yushi Yoshida, Junko Shimizu, Taiyo Yoshimi and Uraku Yoshimoto
    • Organizer
      Japan Economic Seminar, Columbia Business School
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Export experience and the choice of invoice currency: evidence from questionnaire survey for Japanese SMEs2022

    • Author(s)
      Taiyo Yoshimi
    • Organizer
      日本国際経済学会2022年度春季大会
    • Related Report
      2022 Annual Research Report
  • [Presentation] Tariff rates in gravity2021

    • Author(s)
      Taiyo Yoshimi
    • Organizer
      Western Economic Association International (WEAI) 96st Annual Conference
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Export experience and the choice of invoice currency: evidence from questionnaire survey for Japanese SMEs2021

    • Author(s)
      吉見太洋
    • Organizer
      日本金融経済学会2021年度春季大会
    • Related Report
      2021 Annual Research Report
  • [Presentation] Export Experience and the Choice of Invoice Currency: Evidence from Questionnaire Survey for Japanese SMEs2021

    • Author(s)
      吉見太洋
    • Organizer
      日本金融学会
    • Related Report
      2020 Annual Research Report
  • [Presentation] Tariff rates in Gravity2021

    • Author(s)
      Taiyo Yoshimi
    • Organizer
      Western Economic Association International
    • Related Report
      2020 Annual Research Report
    • Int'l Joint Research
  • [Funded Workshop] China-Japan International Economics Group 2021 (CJIEG2021)2021

    • Related Report
      2021 Annual Research Report

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Published: 2020-04-28   Modified: 2026-01-16  

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