日時: 10月7日(木)17:15-18:45

報告タイトル:Invoice Currency Choice under Financial Constraints and Bargaining: Evidence from Japanese Small Exporters


The recent empirical studies explore factors behind the currency invoicing pattern in exports of
listed firms by using the questionnaire survey. There is insufficient evidence regarding small and
medium-sized enterprises (SMEs). We conducted the questionnaire survey for 2,100 unlisted
manufacturers experiencing exports during the 2010s and received responses from 300 firms. By
constructing the database with invoice currency choice and trade partner by export destination,
we empirically examine the determinants of invoice currency choice in export by the probit model
estimation. We confirm that the major determinants on currency invoicing in existing research
effectively work as determinants on currency invoicing by SMEs. After controlling various
determinants, we found that financial constraints play an important role in their invoice currency
choice. The firms with deteriorated capital ratios and rapid sales growth depend more on the
producer’s currency invoicing. The results are confirmed by the robustness test using the detailed
financial data, showing that the firm with the lower capital ratio, lower liquidity position, and
greater investment opportunity tend to use the producer’s currency invoicing. These novel
findings are consistent with the predictions from the theoretical researches on the bargaining
model of currency invoicing and corporate risk management for hedging.

Keywords: Invoice currency; Japanese exports; SMEs; Financial constraint; R&D;
JEL classification: F23, F31, F33, G32


報告者:Nguyen Thuy Linh氏(一橋大学大学院)
報告タイトル:Spillovers of the Bank of Japanʼs Exchange Traded Fund and Corporate Bond Purchases


This study examines the spillovers of the Bank of Japan’s (BOJ’s) exchange-traded fund (ETF)
and corporate bond (CB) purchases on bank operations and the supply of bank loans for public
and private firms not subject to BOJ purchases. The results show that, first, following the
introduction of the BOJ’s purchases in 2010, the total lending of highly exposed banks decreased;
instead, such banks invested more in securities compared to less exposed banks. Second, evidence
suggests a small but negative effect of the purchase program on bank investment and performance
ratios. The decline in targeted firms’ bank loans may have intensified banking competition and
encourage highly affected banks to engage more in risk-taking activities, which might adversely
affect banks. Third, consistent with the increase in exposed banks’ risk-taking incentives, the
impact on bank loans of public ineligible firms is shown to be insignificant, while SMEs with
higher exposure to the BOJ’s program had more favorable loan terms such as larger loan amounts
and lower interest rates after the policy implementation. However, this positive impact on SMEs
is not strong enough to improve firms’ performance.

JEL classification: E52; G21; G32.
Keywords: Unconventional monetary policy; Risk asset purchases; Risk-taking channel; Firm
financing; Bank-firm relationship;