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来源类型Working Paper
规范类型报告
DOI10.3386/w18697
来源IDWorking 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
URLhttps://www.nber.org/papers/w18697
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/576367
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GB/T 7714
Livia Chițu,Barry Eichengreen,Arnaud J. Mehl. History, Gravity and International Finance. 2013.
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