Financial Intermediation, International Risk Sharing, and Reserve Currencies

American Economic Review - Tập 107 Số 10 - Trang 3038-3071 - 2017
Matteo Maggiori1
1Department of Economics, Harvard University, 1805 Cambridge Street, Cambridge, MA 02138, NBER, and CEPR (email: )

Tóm tắt

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)

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American Economic Review

Tập 107 Số 10

3038-3071

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