| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27847 |
| 来源ID | Working Paper 27847 |
| The Economics of Currency Risk | |
| Tarek Alexander Hassan; Tony Zhang | |
| 发表日期 | 2020-09-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This article reviews the literature on currency and country risk with a focus on its macroeconomic origins and implications. A growing body of evidence shows countries with safer currencies enjoy persistently lower interest rates and a lower required return to capital. As a result, they accumulate relatively more capital than countries with currencies international investors perceive as risky. Whereas earlier research focused mainly on the role of currency risk in generating violations of uncovered interest parity and other financial anomalies, more recent evidence points to important implications for the allocation of capital across countries, the efficacy of exchange rate stabilization policies, the sustainability of trade deficits, and the spillovers of shocks across international borders. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w27847 |
| 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/585521 |
| 推荐引用方式 GB/T 7714 | Tarek Alexander Hassan,Tony Zhang. The Economics of Currency Risk. 2020. |
| 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 | ||
| w27847.pdf（406KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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