| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w24485
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| 来源ID | Working Paper 24485
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| Banking, Trade, and the making of a Dominant Currency |
| Gita Gopinath; Jeremy C. Stein
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| 发表日期 | 2018-04-09
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| 出版年 | 2018
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| 语种 | 英语
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| 摘要 | We explore the interplay between trade invoicing patterns and the pricing of safe assets in different currencies. Our theory highlights the following points: 1) a currency’s role as a unit of account for invoicing decisions is complementary to its role as a safe store of value; 2) this complementarity can lead to the emergence of a single dominant currency in trade invoicing and global banking, even when multiple large candidate countries share similar economic fundamentals; 3) firms in emerging-market countries endogenously take on currency mismatches by borrowing in the dominant currency; 4) the expected return on dominant-currency safe assets is lower than that on similarly safe assets denominated in other currencies, thereby bestowing an “exorbitant privilege” on the dominant currency. The theory thus provides a unified explanation for why a dominant currency is so heavily used in both trade invoicing and in global finance. |
| 主题 | Macroeconomics
; International Economics
; Financial Economics
|
| URL | https://www.nber.org/papers/w24485
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582159
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推荐引用方式
GB/T 7714 |
Gita Gopinath,Jeremy C. Stein. Banking, Trade, and the making of a Dominant Currency. 2018.
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文件名：
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w24485.pdf
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格式：
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Adobe PDF
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