Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154530
Authors: 
Mileva, Elitza
Siegfried, Nikolaus
Year of Publication: 
2007
Series/Report no.: 
ECB Occasional Paper 77
Abstract: 
A recurring theme in recent years in the debate on the international role of currencies has been the possiblity of pricing oil in euro. This paper contributes to these debates by providing a detailed review of the empirical evidence regarding the market for crude oil and current oil invoicing practices. It introduces a network effect model to identify the conditions under which a parallel invoicing in different currencies would be possible. The paper also includes a simulation designed to illustrate the dynamics of the currency choice of oil invoicing.
Document Type: 
Research Report

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