Replication data for: Financial Intermediation, International Risk Sharing, and Reserve Currencies
Principal Investigator(s): View help for Principal Investigator(s) Matteo Maggiori
Version: View help for Version V1
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| data_numerical_2013_0479 | 10/12/2019 12:45:AM | ||
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text/plain | 14.6 KB | 10/11/2019 08:45:PM |
Project Citation:
Maggiori, Matteo. Replication data for: Financial Intermediation, International Risk Sharing, and Reserve Currencies. Nashville, TN: American Economic Association [publisher], 2017. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E112918V1
Project Description
Summary:
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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.
Scope of Project
JEL Classification:
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E44 Financial Markets and the Macroeconomy
F14 Empirical Studies of Trade
F32 Current Account Adjustment; Short-term Capital Movements
G01 Financial Crises
G15 International Financial Markets
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
E44 Financial Markets and the Macroeconomy
F14 Empirical Studies of Trade
F32 Current Account Adjustment; Short-term Capital Movements
G01 Financial Crises
G15 International Financial Markets
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
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