| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30319 |
| 来源ID | Working Paper 30319 |
| Origins of International Factor Structures | |
| Zhengyang Jiang; Robert J. Richmond | |
| 发表日期 | 2022-08-08 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We show that exchange rate correlations tend to be explained by the global trade network while consumption correlations tend to be explained by productivity correlations. Sharing common trade linkages with other countries increases exchange rate correlations beyond bilateral linkages. We explain these findings using a model of the global trade network with market segmentation. Interdependent global production generates international comovements, while market segmentation disconnects the drivers of exchange rate correlations from the drivers of consumption correlations. Moreover, we show that the trade network generates common factors found in exchange rates. Our findings offer a trade-based account of the origins of international comovements and shed light on important frictions in international markets. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w30319 |
| 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/587992 |
| 推荐引用方式 GB/T 7714 | Zhengyang Jiang,Robert J. Richmond. Origins of International Factor Structures. 2022. |
| 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 | ||
| w30319.pdf（441KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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