Working Papers in Economics,
University of Bergen, Department of Economics

Abstract: The purpose of this paper is to examine the choice of currency for Norwegian salmon exporters. The choice of invoicing currency will affect prices in different markets as well as risk, factors that are becoming increasingly important as the supply chain for salmon is becoming more sophisticated, and more transactions mechanisms introduced. The results indicate that destination specific market characteristics have impacts as to the choice of invoicing strategy. Norwegian salmon exporters primarily invoice in the export market currency (47% of the exported quantity), but also use a vehicle currency and producer pricing (19%) in a significant number of transactions. Euro is the preferred vehicle currency (18%), closely followed by USD (16%). USD is the dominating invoicing currency for exports beyond Europe.

Keywords: Invoicing currency; salmon; exchange rates; multinomial logit

JEL-codes: F14; Q22

24 pages, December 18, 2013

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