| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6923 |
| DP6923 Competition between Exchanges: Lessons from the Battle of the Bund | |
| Estelle Cantillon; Pai-Ling Yin | |
| 发表日期 | 2008-07-25 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Despite the liberalization of capital flows among OECD countries, equity home bias remains sizable. We depart from the two familiar explanations of equity home bias: transaction costs that impede international diversification, and terms of trade responses to supply shocks that provide risk sharing, so that there is little incentive to hold diversified portfolios. We show that the interaction of the following ingredients generates a realistic equity home bias: capital accumulation, shocks to the efficiency of physical investment, as well as international trade in stocks and bonds. In our model, domestic stocks are used to hedge fluctuations in local wage income. Terms of trade risk is hedged using bonds denominated in local goods and in foreign goods. In contrast to related models, the low level of international diversification does not depend on strongly countercyclical terms of trade. The model also reproduces the cyclical dynamics of foreign asset positions and of international capital flows. |
| 主题 | International Macroeconomics |
| 关键词 | Capital accumulation Capital flows Current account International equity and bond portfolios Terms of trade Valuation effects |
| URL | https://cepr.org/publications/dp6923 |
| 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/535759 |
| 推荐引用方式 GB/T 7714 | Estelle Cantillon,Pai-Ling Yin. DP6923 Competition between Exchanges: Lessons from the Battle of the Bund. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
