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  5. Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation

Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation

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Abstract

Do differences in border price adjustment by currency of invoicing carry over to allocations? We document the cross-industry variation in the response of Swiss export prices and export values by currency of invoicing of border prices in the aftermath of the large and abrupt Swiss franc (CHF) appreciation in January 2015. Industries with higher CHF-invoicing shares (and a larger increase in foreign-currency denominated prices) experienced substantially weaker export growth in the two-year period after January 2015.

Citation

Auer, Raphael, Ariel Burstein, Katharina Erhardt, and Sarah M. Lein. 2019. "Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation." AEA Papers and Proceedings, 109: 533-38. DOI: 10.1257/pandp.20191008

Additional Materials

JEL Classification

  • F14 Empirical Studies of Trade
  • F31 Foreign Exchange