G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13391
DP13391 Dominant Currency Debt
Egemen Eren; Semyon Malamud
发表日期2018-12-13
出版年2018
语种英语
摘要Why is the dollar the dominant currency for debt contracts and what are its macroeconomic implications? We develop an international general equilibrium model where firms optimally choose the currency composition of their debt. We show that there always exists a dominant currency debt equilibrium, in which all firms borrow in a single dominant currency. It is the currency of the country that effectively pursues aggressive expansionary monetary policy in global downturns, lowering real debt burdens of firms. We show that the dollar empirically fits this description, despite its short term safe haven properties. We provide further modern and historical empirical support for our mechanism across time and currencies. We use our model to study how the optimal monetary policy differs if the Federal Reserve reacts to global versus domestic conditions.
主题Financial Economics ; International Macroeconomics and Finance
关键词Dollar debt Dominant currency Exchange rates inflation
URLhttps://cepr.org/publications/dp13391
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/542201
推荐引用方式
GB/T 7714
Egemen Eren,Semyon Malamud. DP13391 Dominant Currency Debt. 2018.
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