Financial Intermediation, International Risk Sharing, and Reserve Currencies

• 成果类型: Article
• 署名作者: Maggiori, Matteo
• 署名单位: Harvard University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20130479
• 发表日期: 2017
• 页码: 3038-3071
• 关键词: real exchange-rate; Global imbalances; transport costs; interest-rates; asset returns; mr. keynes; long-run; TRADE; prices; equilibrium

摘要

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.