The choice of currency for oil invoicing
This paper by Elitza Mileva and Nikolaus Siegfried, which forms one of an occasional series from the European Central Bank, examines the possibility and impact of pricing oil in euro.
This paper provides 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
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