| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8746 |
| DP8746 Home Bias in Open Economy Financial Macroeconomics | |
| Helene Rey; Nicolas Coeurdacier | |
| 发表日期 | 2012 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Home bias is a perennial feature of international capital markets. We review various explanations of this puzzling phenomenon highlighting recent developments in macroeconomic modelling that incorporate international portfolio choices in standard two-country general equilibrium models. We refer to this new literature as Open Economy Financial Macroeconomics. We focus on three broad classes of explanations: (i) hedging motives in frictionless financial markets (real exchange rate and non-tradable income risk), (ii) asset trade costs in international financial markets (such as transaction costs or differences in tax treatments between national and foreign assets), (iii) informational frictions and behavioural biases. Recent theories call for new portfolio facts beyond equity home bias. We present new evidence on crossborder asset holdings across different types of assets: equities, bonds and bank lending and new micro data on institutional holdings of equity at the fund level. These data should inform macroeconomic modelling of the open economy and a growing literature of models of delegated investment. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Portfolio choice Home bias Open economy financial macroeconomics |
| URL | https://cepr.org/publications/dp8746 |
| 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/537582 |
| 推荐引用方式 GB/T 7714 | Helene Rey,Nicolas Coeurdacier. DP8746 Home Bias in Open Economy Financial Macroeconomics. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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