全球智库信息集成服务系统(G2TT): The Flight to Safety and International Risk Sharing

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29238
来源ID	Working Paper 29238
	The Flight to Safety and International Risk Sharing
	Rohan Kekre; Moritz Lenel
发表日期	2021-09-13
出版年	2021
语种	英语
摘要	We study a business cycle model of the international monetary system featuring a time-varying demand for safe dollar bonds, greater risk-bearing capacity in the U.S. than the rest of the world, and nominal rigidities. A flight to safety generates a dollar appreciation and decline in global output. Dollar bonds thus command a negative risk premium and the U.S. holds a levered portfolio of capital financed in dollars. We quantify the effects of safety shocks and heterogeneity in risk-bearing capacity for global macroeconomic volatility; U.S. external adjustment; and the international transmission of monetary and fiscal policies, including dollar swap lines.
主题	Macroeconomics ; Money and Interest Rates ; International Economics ; International Macroeconomics ; Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w29238
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/586912
推荐引用方式 GB/T 7714	Rohan Kekre,Moritz Lenel. The Flight to Safety and International Risk Sharing. 2021.