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RISS 인기검색어
- 검색키워드
- 저자 : Mark David Witte (검색결과 5 건)
- 무료
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Asian Exchange Rates during the Credit Crisis: Policies to Avoid Depreciation
Mark David Witte 연세대학교 동서문제연구원 2010 Global economic review Vol.39 No.1
A few policy recommendations become apparent to avoid depreciation relative to other regional currencies when examining intra-Asian exchange rates during the most recent credit crisis. One, avoid large fiscal deficits. Two, avoid high inflation and current account deficits in order to maintain low interest rates to avoid depreciation from the unwinding of the carry trade. Third, build large official reserves or, more importantly, build large reserves of foreign currency assets. Additional results show an unexplained depreciation of the Australian dollar and the Indian rupee and appreciation of the Thai baht as the TED spread widened and credit crisis worsened.
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Currency Invoicing: The Role of 'Herding' and Exchange Rate Volatility
Mark David Witte 한국국제경제학회 2010 International Economic Journal Vol.24 No.3
This paper analyzes an individual firm's choice of invoicing currency under exchange rate volatility. Greater exchange rate volatility amplifies the representative firm's desire to 'herd' relative to all other considerations that may affect the currency denomination decision. By 'herding' a firm chooses a currency of denomination so that the firm's price and the competition's price are affected by the exchange rate in a similar manner. Contrary to previous research, the results herein suggest that individual firms may invoice in a relatively volatile currency as long as its competitor's invoice in the same volatile currency.
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When is a global currency optimal?
Mark David Witte 연세대학교 동서문제연구원 2009 Global economic review Vol.38 No.1
The purpose of this paper is to examine what factors make an individual, exporting firm choose to denominate its price(s) in the same currency for multiple markets in different countries. The unique model herein maintains an endogenous frequency of price adjustment, price discrimination and currency of denomination. The representative firm is likely to choose a global price (one price in one currency for all countries) based mostly on macroeconomic and industry-specific characteristics. Exchange rate transaction costs, exchange rate volatility and market size consistently impact the optimality of the use of a global currency.
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An Empirical Examination of the Currency Denomination of Trade
Mark David Witte,Luigi Ventura 한국국제경제학회 2016 International Economic Journal Vol.30 No.1
The currency denomination of trade has important effects on inflation and the macroeconomic transmission of shocks. This study examines the currency denomination of Italian exports and imports with countries outside the European Union during 2010. By using a unique dataset we find evidence to suggest that invoicing currencies do not always have consistent determinants. Significant effects, new to the literature, include the massive, robust effect of geography and tax treaties, which suggest the importance of information asymmetry. The distance between trading partners has one of the largest marginal effects, increasing the likelihood of vehicle currency use relative to the euro.
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Ventura Luigi,Witte Mark David 한국국제경제학회 2024 International Economic Journal Vol.38 No.1
This paper examines the impact of Euro invoicing on Italian exports to non-EU countries. In addition to examining the role of currency invoicing on the intensive and extensive margin of trade, we introduce the ‘entrenched’ margin of trade. We define the entrenched margin of trade as the number of transactions between two countries of a particular good. With highly disaggregated data, we use a two-stage methodology to predict the probability of Euro dominated Italian exports and then use that predicted probability on the intensive, extensive and entrenched margin of trade. Results show that the probability of Euro dominated trade invoicing reduces all three margins of trade. Specifically, a 10% increase in probability of Euro dominated Italian exports has roughly the same impact as additional 1532 km on the intensive margin of trade, 1096 km on the extensive margin of trade and 1314 km on the entrenched margin of trade. The negative effect of Euro invoicing is most consistent with lowermiddle income trading partners and more thinly traded goods. We surmise that these results are due to varying access to financial instrumentation among Italian trade partners and a trade diversion effect of Italian exports to EU countries versus non-EU markets.
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