Financial Intermediation, International Risk Sharing, and Reserve Currencies
I model the equilibrium risk sharing between countries with varying financial development The most financially developed country takes greater risks because its financial intermediaries deal with funding problems better. In good times, the more financially developed country consumes more and runs a...
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| Vydané v: | The American economic review Ročník 107; číslo 10; s. 3038 - 3071 |
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| Hlavný autor: | |
| Médium: | Journal Article |
| Jazyk: | English |
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Nashville
American Economic Association
01.10.2017
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| ISSN: | 0002-8282, 1944-7981 |
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| Abstract | I model the equilibrium risk sharing between countries with varying financial development The most financially developed country takes greater risks because its financial intermediaries deal with funding problems better. In good times, the more financially developed country consumes more and runs a trade deficit financed by the higher financial income that it earns as compensation for taking greater risk. During global crises, it suffers heavier losses. Its currency emerges as the reserve currency because it appreciates during crises, thus providing a good hedge. I provide evidence that financial net worth plays a crucial role in understanding this asymmetric risk sharing. |
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| AbstractList | I model the equilibrium risk sharing between countries with varying financial development. The most financially developed country takes greater risks because its financial intermediaries deal with funding problems better. In good times, the more financially developed country consumes more and runs a trade deficit financed by the higher financial income that it earns as compensation for taking greater risk. During global crises, it suffers heavier losses. Its currency emerges as the reserve currency because it appreciates during crises, thus providing a good hedge. I provide evidence that financial net worth plays a crucial role in understanding this asymmetric risk sharing. (JEL E44, F14, F32, G01, G15, G21) I model the equilibrium risk sharing between countries with varying financial development The most financially developed country takes greater risks because its financial intermediaries deal with funding problems better. In good times, the more financially developed country consumes more and runs a trade deficit financed by the higher financial income that it earns as compensation for taking greater risk. During global crises, it suffers heavier losses. Its currency emerges as the reserve currency because it appreciates during crises, thus providing a good hedge. I provide evidence that financial net worth plays a crucial role in understanding this asymmetric risk sharing. |
| Author | Maggiori, Matteo |
| Author_xml | – sequence: 1 givenname: Matteo surname: Maggiori fullname: Maggiori, Matteo |
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| Snippet | I model the equilibrium risk sharing between countries with varying financial development The most financially developed country takes greater risks because... I model the equilibrium risk sharing between countries with varying financial development. The most financially developed country takes greater risks because... |
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| SubjectTerms | Compensation Crises Currency Developed countries Economic crisis Economic development Economic models Financial intermediaries Financial liabilities Financiers International finance International trade Investment risk Money Net worth Public debt Reserve currencies Risk Risk sharing Sharing Spreading risk Wealth |
| Title | Financial Intermediation, International Risk Sharing, and Reserve Currencies |
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