| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18057 |
| 来源ID | Working Paper 18057 |
| Country Size, Currency Unions, and International Asset Returns | |
| Tarek Alexander Hassan | |
| 发表日期 | 2012-05-10 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Differences in real interest rates across developed economies are puzzlingly large and persistent. I propose a simple explanation: Bonds issued in the currencies of larger economies are expensive because they insure against shocks that affect a larger fraction of the world economy. I show that differences in the size of economies indeed explain a large fraction of the cross-sectional variation in currency returns. The data also support a number of additional implications of the model: The introduction of a currency union lowers interest rates in participating countries and stocks in the non-traded sector of larger economies pay lower expected returns. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w18057 |
| 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/575733 |
| 推荐引用方式 GB/T 7714 | Tarek Alexander Hassan. Country Size, Currency Unions, and International Asset Returns. 2012. |
| 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 | ||
| w18057.pdf（600KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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