G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w17331
来源IDWorking Paper 17331
Asset Liquidity and International Portfolio Choice
Athanasios Geromichalos; Ina Simonovska
发表日期2011-08-18
出版年2011
语种英语
摘要We study optimal portfolio choice in a two-country model where assets represent claims on future consumption and facilitate trade in markets with imperfect credit. Assuming that foreign assets trade at a cost, agents hold relatively more domestic assets. Consequently, agents have larger claims to domestic over foreign consumption. Moreover, foreign assets turn over faster than domestic assets because the former have desirable liquidity properties, but represent inferior saving tools. Our mechanism offers an answer to a long-standing puzzle in international finance: a positive relationship between consumption and asset home bias coupled with higher turnover rates of foreign over domestic assets.
主题Macroeconomics ; Money and Interest Rates ; International Economics ; Trade ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing
URLhttps://www.nber.org/papers/w17331
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/575005
推荐引用方式
GB/T 7714
Athanasios Geromichalos,Ina Simonovska. Asset Liquidity and International Portfolio Choice. 2011.
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
w17331.pdf(369KB)智库出版物 限制开放CC BY-NC-SA浏览
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
[Athanasios Geromichalos]的文章
[Ina Simonovska]的文章
百度学术
百度学术中相似的文章
[Athanasios Geromichalos]的文章
[Ina Simonovska]的文章
必应学术
必应学术中相似的文章
[Athanasios Geromichalos]的文章
[Ina Simonovska]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w17331.pdf
格式: Adobe PDF
此文件暂不支持浏览

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。