| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12973 |
| DP12973 International Currencies and Capital Allocation | |
| Matteo Maggiori; Brent Neiman; Jesse Schreger | |
| 发表日期 | 2018-06-04 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We establish currency as an important factor shaping global portfolios. Using a new security-level dataset, we demonstrate that investor holdings are biased toward their own currencies to such an extent that countries typically hold most of the foreign debt securities denominated in their currency. While large firms issue in foreign currency and borrow from foreigners, most firms issue only in local currency and do not directly access foreign capital. These patterns hold broadly across countries except for the United States, as foreign investors hold significant shares of US dollar bonds. The share of dollar-denominated cross-border holdings surged after 2008. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; International Trade and Regional Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Capital flows Exorbitant privilege Home bias Reserve currencies |
| URL | https://cepr.org/publications/dp12973-0 |
| 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/541781 |
| 推荐引用方式 GB/T 7714 | Matteo Maggiori,Brent Neiman,Jesse Schreger. DP12973 International Currencies and Capital Allocation. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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