| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6351 |
| 来源ID | Working Paper 6351 |
| International Home Bias in International Finance and Business Cycles | |
| Karen K. Lewis | |
| 发表日期 | 1998 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | Domestic investors hold a substantially larger proportion of their wealth portfolios in domestic assets than standard portfolio theory would suggest. This phenomenon has been called equity home bias.' In the absence of this home bias, investors would optimally diversify away domestic output risk. Therefore, in a world without investor home bias, consumption growth rates would tend to comove across countries even when output growth rates do not. Empirically, however, consumption growth rates tend to have a lower correlation across countries than do output growth rates. Moreover, consumption growth in each country appears to be highly correlated with its own output growth relative to the world. This phenomenon may be called consumption home bias.' In this paper, I evaluate existing explanations for these two types of home bias. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w6351 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563857 |
| 推荐引用方式 GB/T 7714 | Karen K. Lewis. International Home Bias in International Finance and Business Cycles. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6351.pdf（2589KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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