<dd id="swa4c"></dd>
  • <menu id="swa4c"><strong id="swa4c"></strong></menu>
    <xmp id="swa4c">
  • <nav id="swa4c"><strong id="swa4c"></strong></nav>
    <xmp id="swa4c"><nav id="swa4c"></nav>
  • <nav id="swa4c"><code id="swa4c"></code></nav>
    <nav id="swa4c"><code id="swa4c"></code></nav>

    新聞中心NEWS

    返回首頁

    講座:Global Safe Assets and the US Exorbitant Privilege

    發布者:經濟系    發布時間:2021-06-17

        目:Global Safe Assets and the US Exorbitant Privilege

    嘉 賓:陳澤豐 助理教授 北京大學光華管理學院

    主持人:徐   玏 助理教授 上海交通大學安泰經濟與管理學院

    時 間:2021623日(周三)14:30-16:00

    地 點:上海交通大學 徐匯校區安泰樓A507

    內容簡介:

    The US is the only large net borrower country in the world earning a positive net investment income, a phenomenon often referred as the exorbitant privilege. To rationalize this, I propose a different theory about the role of US in the international financial system being a service provider, in contrast to the conventional view of an insurance provider, which predicts the US exorbitant privilege would vanish during the financial crisis, not supported by data. I build a two-country model with financial friction to explain the dynamics of the US external balance sheet and the dollar exchange rate. In the model, world financial intermediaries demand US safe assets for their convenience value, but US intermediaries do not demand foreign safe assets. Under an aggregate symmetric financial shock, the rest of the world buys more safe assets from the US despite a rise in convenience yield, the dollar appreciates, and the US takes advantage by buying more equities from the rest of the world at a low price. I show my mechanism can quantitatively explain the data, while a real shock triggering risk-sharing dynamic cannot.

    演講人簡介:

    Zefeng Chen is an assistant professor at Guanghua School of Management, Peking University. Prior to join Guanghua, Zefeng obtained Ph.D degree in economics from Stanford University, and undergraduate degree in Mathematics from the University of Chicago. Zefeng’s research interest lies in international finance and macrofinance, particularly the dominant role of US dollars in the international financial market.

    歡迎廣大師生參加!


    日韩 国产 亚洲 欧美 综合