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- Lee, Saiah
- Uncertainty Lab.
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Does RMB Internationalization Promote Cross-Border Trade?
- Author(s)
- Jiao, Yang, Kwon, Ohyun, Lee, Saiah
- Issued Date
- 2025-08-17
- Citation
- KER International Conference 2025
- Abstract
- A series of policies by People’s Bank of China since 2009 aimed at RMB internationalization. This paper investigates whether the adoption of RMB invoicing by Korean exporting firms led to an increase in their exports to China. A first-pass examination without accounting for the endogeneity of RMB invoicing suggests a clear correlation between RMB invoicing and exports. We further account for the endogeneity of RMB invoicing by adopting a shift-share instrument variable.
- Publisher
- The Korean Economic Association (KEA)
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