| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8991 |
| DP8991 Country Size, Currency Unions, and International Asset Returns | |
| Tarek Hassan | |
| 发表日期 | 2012-05-27 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Differences in real interest rates across developed economies are puzzlingly large and persistent. I propose a simple explanation: Bonds issued in the currencies of larger economies are expensive because they insure against shocks that affect a larger fraction of the world economy. I show that differences in the size of economies indeed explain a large fraction of the cross-sectional variation in currency returns. The data also support a number of additional implications of the model: The introduction of a currency union lowers interest rates in participating countries and stocks in the non-traded sector of larger economies pay lower expected returns. |
| 主题 | Financial Economics ; International Macroeconomics ; International Trade and Regional Economics |
| 关键词 | Carry trade Country size Currency unions International return differentials Market segmentation Uncovered interest parity |
| URL | https://cepr.org/publications/dp8991 |
| 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/537829 |
| 推荐引用方式 GB/T 7714 | Tarek Hassan. DP8991 Country Size, Currency Unions, and International Asset Returns. 2012. |
| 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 |
| [Tarek Hassan]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Tarek Hassan]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Tarek Hassan]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。
