| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6906 |
| DP6906 Do the Biggest Aisles Serve a Brighter Future? Global Retail Chains and Their Implications for Romania | |
| Beata Javorcik; Yue Li | |
| 发表日期 | 2008-07-11 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Recently, there have been numerous advances in modelling optimal international portfolio allocations in macroeconomic models. A major focus of this literature has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there is little empirical evidence on the foreign currency exposures that are embedded in international balance sheets. Using a new database, we provide stylized facts concerning the cross-country and time-series variation in aggregate foreign currency exposure and its various subcomponents. In panel estimation, we find that richer, more open economies take longer foreign-currency positions. In addition, we find that an increase in the propensity for a currency to depreciate during bad times is associated with a longer position in foreign currencies, providing a hedge against domestic output fluctuations. We view these new stylized facts as informative in their own right and also potentially useful to the burgeoning theoretical literature on the macroeconomics of international portfolios. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rates Financial globalization International portfolios |
| URL | https://cepr.org/publications/dp6906 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535742 |
| 推荐引用方式 GB/T 7714 | Beata Javorcik,Yue Li. DP6906 Do the Biggest Aisles Serve a Brighter Future? Global Retail Chains and Their Implications for Romania. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Beata Javorcik]的文章 |
| [Yue Li]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Beata Javorcik]的文章 |
| [Yue Li]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Beata Javorcik]的文章 |
| [Yue Li]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
