On the international scene, away from national legal rules, the use of different currencies is largely due to the operation of the “Invisible Hand” The paper develops a three-country model of the world economy. This links real trade patterns with currency exchange structures in…
# International Trade and Currency Exchange
> OpenAlex Metadata Hub · https://openalex.org/W2034517867
## Bibliographic
- **DOI:** 10.1111/1467-937x.00176
- **Year:** 2001
- **Citations:** 252
- **Open Access:** No (closed)
- **License:** —
- **Source:** https://doi.org/10.1111/1467-937x.00176
## Authors
- Hélène Rey
## Abstract
On the international scene, away from national legal rules, the use of different currencies is largely due to the operation of the “Invisible Hand” The paper develops a three-country model of the world economy. This links real trade patterns with currency exchange structures in a general equilibrium framework which includes transaction costs on foreign exchange markets. In the presence of strategic complementarities, there are multiple equilibrium structures of currency exchange for a given underlying real trade pattern. The existence conditions of these different equilibria are characterized, using the trade links between countries as the key parameters. Finally, repercussions on world output of the choice of a currency exchange structure are analysed.
## Keywords
Currency, Economics, International economics, Foreign exchange market, Foreign exchange, Transaction cost, Foreign exchange risk, Reserve currency, Monetary economics, Foreign-exchange reserves, International trade, Microeconomics
## Concepts
- Currency
- Economics
- International economics
- Foreign exchange market
- Foreign exchange
- Transaction cost
- Foreign exchange risk
- Reserve currency
- Monetary economics
- Foreign-exchange reserves
- International trade
- Microeconomics
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*Metadata only — full text not imported unless Open Access license permits.*
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Tóm lược học thuật (đã diễn giải): On the international scene, away from national legal rules, the use of different currencies is largely due to the operation of the “Invisible Hand” The paper develops a three-country model of the world economy. This links real trade patterns with currency exchange structures in a general equilibrium framework which includes transaction costs on foreign exchange markets. In the presence of strategic complementarities, there are multiple equilibrium structures of currency exchange for a given underlying real trade pattern. The existence conditions of these different equilibria are characterized, using the trade links between countries as the key parameters. Finally, repercussions on world output of the choice of a currency exchange structure are analysed.
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Metadata DOI/OA chỉ là rail tham chiếu; nội dung chính là summary, takeaways và ứng dụng thị trường do Content Factory sinh.
1. On the international scene, away from national legal rules, the use of different currencies is largely due to the operation of the “Invisible Hand” The paper develops a three-country model of the world economy.
2. This links real trade patterns with currency exchange structures in a general equilibrium framework which includes transaction costs on foreign exchange markets.
3. In the presence of strategic complementarities, there are multiple equilibrium structures of currency exchange for a given underlying real trade pattern.
4. The existence conditions of these different equilibria are characterized, using the trade links between countries as the key parameters.
5. Finally, repercussions on world output of the choice of a currency exchange structure are analysed.
Trader nên nối luận điểm policy/lãi suất trong tài liệu với bias trung hạn của USD và các cặp major — đặc biệt quanh FOMC / dữ liệu CPI.
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Risk: chuyển insight thành rule (max risk/trade, pause quanh tin, correlation USD–vàng) và gắn vào playbook.
