The Economics of Currency Risk

IF 6.8 2区 经济学 Q1 ECONOMICS
Tarek A. Hassan,Tony Zhang
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引用次数: 0

Abstract

This article reviews the literature on currency and country risk with a focus on their macroeconomic origins and implications. A growing body of evidence shows that countries with safer currencies enjoy persistently lower interest rates and a lower required return to capital. As a result, they accumulate relatively more capital than countries with currencies that international investors perceive as risky. Whereas earlier research focused mainly on the role of currency risk in generating violations of uncovered interest parity and other financial anomalies, more recent evidence points to important implications for the allocation of capital across countries, the efficacy of exchange rate stabilization policies, the sustainability of trade deficits, and the spillovers of shocks across international borders.
货币风险经济学
本文回顾了有关货币和国家风险的文献,重点关注其宏观经济起源和影响。越来越多的证据表明,货币安全的国家享有持续较低的利率和较低的资本回报率要求。因此,相对于那些被国际投资者视为高风险货币的国家,它们积累了更多的资本。虽然早期的研究主要集中在货币风险在导致违反未发现的利率平价和其他金融异常方面的作用,但最近的证据指出了对国家间资本配置、汇率稳定政策的有效性、贸易赤字的可持续性以及跨国界冲击的溢出效应的重要影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
9.70
自引率
3.60%
发文量
34
期刊介绍: The Annual Review of Economics covers significant developments in the field of economics, including macroeconomics and money; microeconomics, including economic psychology; international economics; public finance; health economics; education; economic growth and technological change; economic development; social economics, including culture, institutions, social interaction, and networks; game theory, political economy, and social choice; and more.
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