| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17331 |
| 来源ID | Working 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 |
| URL | https://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 | ||
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