| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18697 |
| 来源ID | Working Paper 18697 |
| History, Gravity and International Finance | |
| Livia Chițu; Barry Eichengreen; Arnaud J. Mehl | |
| 发表日期 | 2013-01-11 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We analyze patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We document a "history effect" in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US investors' foreign bond holdings is explained by holdings 70 years ago, plausibly reflecting fixed costs of market entry and exit together with endogenous learning. This effect is twice as large for bonds denominated in currencies other than the dollar, suggesting the existence of even higher fixed costs of initiating US foreign investment in such currencies. Our findings point to history and path dependence as key sources of financial market segmentation. |
| 主题 | International Economics ; International Finance ; History ; Financial History |
| URL | https://www.nber.org/papers/w18697 |
| 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/576367 |
| 推荐引用方式 GB/T 7714 | Livia Chițu,Barry Eichengreen,Arnaud J. Mehl. History, Gravity and International Finance. 2013. |
| 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 | ||
| w18697.pdf（1306KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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