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We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid...
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We characterize the relation between exchange rates and their macroeconomic fundamentals without committing to a …-free bonds, the exchange rate appreciates in states that are worse for home investors than foreign investors. This prediction is … at odds with the empirical evidence and can only be overturned if the deviations from U.I.P. are large and exchange rates …
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