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Home Bias in Open Economy Financial Macroeconomics
Coeurdacier, Nicolas - 2011
investment.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this …
Persistent link: https://www.econbiz.de/10013117208
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Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America
Ohanian, Lee E. - 2015
Since 1950, the economies of East Asia grew rapidly but received little inter-national capital, while Latin America … flows. We develop a DSGE model of Asia, Latin America, and the Rest ofthe World that features an open-economy business cycle …
Persistent link: https://www.econbiz.de/10013011451
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Social Finance
Kuchler, Theresa; Stroebel, Johannes - 2022
We review an empirical literature that studies the role of social interactions in driving economic and financial decision making. We first summarize recent work that documents an important role of social interactions in explaining household decisions in housing and mortgage markets. This...
Persistent link: https://www.econbiz.de/10013406071
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Differences of Opinion and International Equity Markets
Dumas, Bernard - 2011
We develop an international financial market model in which domestic and foreign residents differ in their beliefs about the information content in public signals. We determine how informational advantages by domestic investors in the interpretation of home public signals impact equity markets....
Persistent link: https://www.econbiz.de/10013130709
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Unexploited Gains from International Diversification : Patterns of Portfolio Holdings Around the World
Didier, Tatiana - 2010
This paper studies how portfolios with a global investment scope are actually allocated internationally using a unique … the investment scope of funds broadens. This restrictive investment practice has costs. A mean-variance strategy shows … family (company). This investment pattern is not explained by lack of information or instruments, transaction costs, or a …
Persistent link: https://www.econbiz.de/10013134865
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Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets
Mendoza, Enrique G. - 2013
We study the short- and long-run effects of financial integration in emerging economies using a two-sector model with a collateral constraint on external debt and trading costs incurred by foreign investors. The probability of a financial crisis displays overshooting: It rises sharply initially...
Persistent link: https://www.econbiz.de/10013081498
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History, Gravity and International Finance
Chitu, Livia - 2013
We analyze patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We … investment in such currencies. Our findings point to history and path dependence as key sources of financial market segmentation …
Persistent link: https://www.econbiz.de/10013088675
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Decomposing the U.S. External Returns Differential
Curcuru, Stephanie E. - 2010
We decompose the returns differential between U.S. portfolio claims and liabilities into the composition, return, and timing effects. Our most striking and robust finding is that foreigners exhibit poor timing when reallocating between bonds and equities within their U.S. portfolios. The poor...
Persistent link: https://www.econbiz.de/10013152498
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An Asset-Pricing View of External Adjustment
Pavlova, Anna - 2010
Recent evidence on the importance of cross-border equity flows calls for a rethinking of the standard theory of external adjustment. We introduce equity holdings and portfolio choice into an otherwise conventional open-economy dynamic equilibrium model. Our model is simple and admits a...
Persistent link: https://www.econbiz.de/10012759778
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International Portfolios with Supply, Demand and Redistributive Shocks
Coeurdacier, Nicolas - 2010
This paper explains three key stylized facts observed in industrialized countries: 1) portfolio holdings are biased towards local equity; 2) international portfolios are long in foreign currency assets and short in domestic currency; 3) the depreciation of a country's exchange rate is associated...
Persistent link: https://www.econbiz.de/10012759809