IDEAS home Printed from https://ideas.repec.org/f/c/pma2176.html

Matteo Maggiori

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Stefano Giglio & Matteo Maggiori & Johannes Stroebel, 2014. "Very Long-Run Discount Rates," NBER Working Papers 20133, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. How much is our distant future worth?
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2014-08-11 17:10:42
    2. Climate Finance
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2021-05-31 11:38:10
  2. Giglio, Stefano & Ströbel, Johannes & Maggiori, Matteo & Weber, Andreas, 2015. "Climate Change and Long-Run Discount Rates: Evidence from Real Estate," CEPR Discussion Papers 10958, Centre for Economic Policy Research.

    Mentioned in:

    1. Climate Finance
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2021-05-31 11:38:10

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Stefano Giglio & Matteo Maggiori & Johannes Stroebel, 2015. "Editor's Choice Very Long-Run Discount Rates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 130(1), pages 1-53.

    Mentioned in:

    1. > Environmental and Natural Resource Economics > Climate economics > Discounting
  2. Stefano Giglio & Matteo Maggiori & Johannes Stroebel & Stephen Utkus, 2020. "Inside the Mind of a Stock Market Crash," CESifo Working Paper Series 8334, CESifo.

    Mentioned in:

    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic consequences > Stock market

Working papers

  1. Stefano Giglio & Matteo Maggiori & Joachim Rillo & Johannes Stroebel & Stephen P. Utkus & Xiao Xu, 2025. "Investor Beliefs and Expectation Formation," NBER Working Papers 34446, National Bureau of Economic Research, Inc.

    Cited by:

    1. Heeb, Florian & Kölbel, Julian & Weder, Camilla, 2025. "Beliefs about the climate impact of green investing," SAFE Working Paper Series 463, Leibniz Institute for Financial Research SAFE.
    2. Giuseppe Matera, 2025. "Corporate Earnings Calls and Analyst Beliefs," Papers 2511.15214, arXiv.org, revised Nov 2025.

  2. Christopher Clayton & Antonio Coppola & Matteo Maggiori & Jesse Schreger, 2025. "Geoeconomic Pressure," NBER Working Papers 34020, National Bureau of Economic Research, Inc.

    Cited by:

    1. Konstantin Egorov & Vasily Korovkin & Alexey Makarin & Dzhamilya Nigmatulina, 2025. "Trade Sanctions," Working Papers 1516, Barcelona School of Economics.
    2. Crosignani, Matteo & Han, Lina & Macchiavelli, Marco & Silva, André F., 2026. "Securing technological leadership? The cost of export controls on firms," Journal of Financial Economics, Elsevier, vol. 175(C).
    3. Yevheniia Bondarenko & Nayeon Kang & Vivien Lewis & Matthias Rottner & Yves Schueler, 2026. "Geopolitical risk in the euro area: measurement and transmission," BIS Working Papers 1348, Bank for International Settlements.
    4. Ke Wu & Baozhong Yang & Zhenkun Ying & Dexin Zhou, 2025. "Anonymization and Information Loss," Papers 2511.15364, arXiv.org.

  3. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back Into Geoeconomics," NBER Working Papers 33681, National Bureau of Economic Research, Inc.

    Cited by:

    1. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2026. "Global Imbalances and Power Imbalances," NBER Working Papers 34717, National Bureau of Economic Research, Inc.
    2. Thierry Mayer & Isabelle Méjean & Mathias Thoenig, 2025. "The Fragmentation Paradox: De-risking Trade and Global Safety," Working Papers 2025-23, CEPII research center.
    3. Konstantin Egorov & Vasily Korovkin & Alexey Makarin & Dzhamilya Nigmatulina, 2025. "Trade Sanctions," Working Papers 1516, Barcelona School of Economics.
    4. Matteo Neri-Lainé, 2026. "Sovereign Gravity: The Military Alliance Effect on Trade," Working Papers 2026-05, CEPII research center.
    5. Pau S. Pujolas & Jack Rossbach, 2026. "Fiscal Limits to Protectionism: The 2025 U.S.Tariff Laffer Curve," Department of Economics Working Papers 2026-01, McMaster University.
    6. Guillermo Verduzco-Bustos & Francesco Zanetti, 2026. "The Effects of Geopolitical Oil Price Shocks," CESifo Working Paper Series 12606, CESifo.
    7. Philip McCann & Raquel Ortega-Argilés & Mark Thissen & Ming-Wei Hsu, 2026. "Mercantilist and protectionist shocks on innovation, growth, and economic policy in European regions," Journal of Evolutionary Economics, Springer, vol. 36(1), pages 1-27, April.
    8. Cui, Rongyu & Li, Xiang, 2025. "Geopolitical tensions and multinational brands: Evidence from China," Finance Research Letters, Elsevier, vol. 85(PE).

  4. Clayton, Christopher & Coppola, Antonio & Maggiori, Matteo & Schreger, Jesse, 2025. "Chokepoints: Identifying Economic Pressure," SocArXiv zsc4x_v1, Center for Open Science.

    Cited by:

    1. Marco Garofalo & Giovanni Rosso & Roger Vicquéry, 2025. "Sanctions and Currencies in Global Credit," Economics Series Working Papers 1079, University of Oxford, Department of Economics.

  5. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "The Political Economy of Geoeconomic Power," NBER Working Papers 33353, National Bureau of Economic Research, Inc.

    Cited by:

    1. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back into Geoeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, pages 23-87, National Bureau of Economic Research, Inc.
    2. Clayton, Christopher & Coppola, Antonio & Maggiori, Matteo & Schreger, Jesse, 2025. "Chokepoints: Identifying Economic Pressure," SocArXiv zsc4x_v1, Center for Open Science.
    3. Ben G. Li & Penglong Zhang, 2026. "A Linear Model of Geopolitics," Papers 2603.11292, arXiv.org.
    4. Wang, Rongyu & Worrall, Tim, 2025. "The (In)stability of the international monetary system without direct default costs," Finance Research Letters, Elsevier, vol. 86(PB).
    5. Lorenz Emter & Laura Kuitunen & Arnaud Mehl & Peter McQuade & Swapan-Kumar Pradhan & Goetz von Peter, 2026. "Global banking and geopolitics through time," BIS Working Papers 1338, Bank for International Settlements.

  6. Matteo Maggiori & Chris Clayton & Jesse Schreger, 2024. "A theory of economic coercion and fragmentation," BIS Working Papers 1224, Bank for International Settlements.

    Cited by:

    1. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2026. "Global Imbalances and Power Imbalances," NBER Working Papers 34717, National Bureau of Economic Research, Inc.
    2. Cong, Lin William & Mayer, Simon, 2025. "Strategic digitization in currency and payment competition," Journal of Financial Economics, Elsevier, vol. 168(C).
    3. Ralph Ossa & Stephen J. Redding, 2026. "The economics of tariffs," CEP Discussion Papers dp2155, Centre for Economic Performance, LSE.
    4. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back into Geoeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, pages 23-87, National Bureau of Economic Research, Inc.
    5. Konstantin Egorov & Vasily Korovkin & Alexey Makarin & Dzhamilya Nigmatulina, 2025. "Trade Sanctions," CESifo Working Paper Series 12341, CESifo.
      • Egorov, Konstantin & Korovkin, Vasily & Makarin, Alexey & Nigmatulina, Dzhamilya, 2025. "Trade sanctions," BOFIT Discussion Papers 11/2025, Bank of Finland Institute for Emerging Economies (BOFIT).
      • Konstantin Egorov & Vasily Korovkin & Alexey Makarin & Dzhamilya Nigmatulina, 2025. "Trade Sanctions," Working Papers 1516, Barcelona School of Economics.
      • Konstantin Egorov & Vasily Korovkin & Alexey Makarin & Dzhamilya Nigmatulina, 2025. "Trade sanctions," Economics Working Papers 1920, Department of Economics and Business, Universitat Pompeu Fabra.
    6. Bonnet Paolo & Ciani Andrea & Zaurino Elena, 2026. "Throwing sand in the chips: unintended effects of export controls," JRC Working Papers in Economics and Finance 2026-02, Joint Research Centre, European Commission.
    7. Clayton, Christopher & Maggiori, Matteo & Schreger, Jesse, 2025. "The Political Economy of Geoeconomic Power," SocArXiv j8p3m, Center for Open Science.
    8. Matteo Maggiori & Chris Clayton & Jesse Schreger, 2024. "A theory of economic coercion and fragmentation," BIS Working Papers 1224, Bank for International Settlements.
    9. Clayton, Christopher & Maggiori, Matteo & Schreger, Jesse, 2026. "The Great Game: A Model of Geoeconomic Competition," SocArXiv 4sy2k_v1, Center for Open Science.
    10. Jesús Fernández-Villaverde & Tomohide Mineyama & Dongho Song, 2026. "How Globalization Unravels: A Ricardian Model of Endogenous Trade Policy," PIER Working Paper Archive 26-001, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    11. Guillermo Verduzco-Bustos & Francesco Zanetti, 2026. "The Effects of Geopolitical Oil Price Shocks," CESifo Working Paper Series 12606, CESifo.
    12. Jesus Fernandez-Villaverde & Tomohide Mineyama & Dongho Song, 2024. "Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effects," PIER Working Paper Archive 24-015, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    13. Aiyar, Shekhar & Ohnsorge, Franziska, 2024. "Geoeconomic Fragmentation and "Connector" Countries," MPRA Paper 121726, University Library of Munich, Germany.
    14. Gopinath, Gita & Gourinchas, Pierre-Olivier & Presbitero, Andrea F. & Topalova, Petia, 2025. "Changing global linkages: A new Cold War?," Journal of International Economics, Elsevier, vol. 153(C).
    15. Aytun, Uğur & Hinz, Julian & Özgüzel, Cem, 2025. "Shooting down trade: Firm-level effects of embargoes," Journal of Economic Behavior & Organization, Elsevier, vol. 231(C).

  7. Beck, Roland & Schmitz, Martin & Coppola, Antonio & Lewis, Angus & Maggiori, Matteo & Schreger, Jesse, 2024. "The geography of capital allocation in the euro area," Working Paper Series 3007, European Central Bank.

    Cited by:

    1. Kimiko Terai, 2025. "The Sovereign Bond Issuance and Tax Competition for Portfolio Investment," Keio-IES Discussion Paper Series DP2025-024, Institute for Economics Studies, Keio University.
    2. Fernando Broner & Tatiana Didier & Sergio L. Schmukler & Goetz von Peter, 2023. "Bilateral International Investments:The Big Sur?," Mo.Fi.R. Working Papers 181, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    3. Camarero, Mariam & Muñoz, Alejandro & Tamarit, Cecilio, 2025. "Unveiling the drivers of portfolio equity and bond investment in the European Union: The interplay of tax havens and gravity factors," European Economic Review, Elsevier, vol. 179(C).
    4. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back into Geoeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, pages 23-87, National Bureau of Economic Research, Inc.
    5. Jiang, Zhengyang & Richmond, Robert J. & Zhang, Tony, 2025. "Understanding the strength of the dollar," Journal of Financial Economics, Elsevier, vol. 168(C).
    6. Albori, Marco & Anzuini, Alessio & Ferriani, Fabrizio & Rossi, Luca, 2024. "The gravity of Offshore Financial Centers: Estimating real FDIs using a binary choice model," International Economics, Elsevier, vol. 178(C).
    7. Kevin Pallara & Marcello Pericoli & Pietro Tommasino, 2025. "Issuing European safe assets: how to get the most out of Eurobonds?," Questioni di Economia e Finanza (Occasional Papers) 937, Bank of Italy, Economic Research and International Relations Area.
    8. Florez-Orrego, Sergio & Maggiori, Matteo & Schreger, Jesse & Sun, Ziwen & Tinda, Serdil, 2023. "Global Capital Allocation," SocArXiv 5s6n3, Center for Open Science.
    9. Luca Fornaro & Christoph Grosse Steffen, 2024. "Fragmented Monetary Unions," Working papers 978, Banque de France.
    10. Lambert, Claudia & Molestina Vivar, Luis & Wedow, Michael, 2024. "Is home bias biased? New evidence from the investment fund sector," Working Paper Series 2924, European Central Bank.
    11. Nenova, Tsvetelina, 2025. "Global or regional safe assets: evidence from bond substitution patterns," Working Paper Series 3159, European Central Bank.
    12. Petranov, Stefan & Zlatinov, Dimitar, 2023. "Trends of international portfolio investment flows in EU member states from Southеast Europe: To where does the money flow?," MPRA Paper 123631, University Library of Munich, Germany, revised 2023.
    13. Allen, Cían & Juvenal, Luciana, 2025. "The role of currencies in external balance sheets," Journal of International Economics, Elsevier, vol. 157(C).
    14. Cavani, Bruno & Maggiori, Matteo & Schreger, Jesse, 2025. "GCAP Public Security-Level Data on U.S. Fund Holdings," SocArXiv ex4vb_v1, Center for Open Science.
    15. Longaric, Pablo Anaya & Cera, Katharina & Georgiadis, Georgios & Kaufmann, Christoph, 2025. "Investment funds and euro disaster risk," Working Paper Series 3029, European Central Bank.
    16. Annemarie Berkhout & Martijn Boermans & Justin Dijk & Wim Goossens & Trond Husby, 2026. "Expanding carbon indicator scope by looking through investment funds - an overview of statistical methodologies," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Statistics and beyond: new data for decision making in central banks, volume 66, Bank for International Settlements.
    17. Meyer, Timothy, 2025. "Asset price changes, external wealth and global welfare," Journal of International Economics, Elsevier, vol. 157(C).
    18. Martijn Boermans, 2025. "Hedging against inflation: International evidence on investor clientele effects in the bond market," Working Papers 838, DNB.
    19. Kimiko Terai, 2025. "The Sovereign Bond Issuance and Tax Competition for Portfolio Investment: A Political Economy Approach," Keio-IES Discussion Paper Series DP2025-016, Institute for Economics Studies, Keio University.
    20. Lia Pricope (Sabou) & Sorin Nicolae Borlea, 2023. "Impact Oftax Burden Upon Tax Fraudand Tax Evasion," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(25), pages 1-22.
    21. Martín Fuentes, Natalia & Born, Alexandra & Bremus, Franziska & Kastelein, Wieger & Lambert, Claudia, 2023. "A deep dive into the capital channel of risk sharing in the euro area," Working Paper Series 2864, European Central Bank.
    22. Souleymane Faye & Sarah Godar & Carolina Moura & Gabriel Zucman, 2025. "Global Offshore Wealth, 2001–2023," Working Papers 041, EU Tax Observatory.

  8. Clayton, Christopher & Maggiori, Matteo & Schreger, Jesse, 2023. "A Framework for Geoeconomics," CEPR Discussion Papers 18576, Centre for Economic Policy Research.

    Cited by:

    1. Abdoulaye Ndiaye, 2024. "A Theory of International Boycotts," CESifo Working Paper Series 11267, CESifo.
    2. Satish Kumar & Amar Rao, 2024. "Assessing and Mitigating the Impact of Geopolitical Risk Uncertainty on the Indian Financial Sector: A Policy Perspective," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 27(3), pages 483-526, July.
    3. Broner, Fernando & Martin, Alberto & Meyer, Josefin & Trebesch, Christoph & Zhou Wu, Jiaxian, 2025. "Hegemony and international alignment," Kiel Working Papers 2289, Kiel Institute for the World Economy.
    4. Ambrocio, Gene & Hasan, Iftekhar & Li, Xiang, 2024. "Global political ties and the global financial cycle," Bank of Finland Research Discussion Papers 1/2024, Bank of Finland.
    5. Lane, Nathaniel & Barteska, Philipp & Kim, Oliver & Lee, Seung Joo, 2025. "Geopolitics and Export Miracles: Firm-Level Evidence from U.S. War Procurement in Korea," SocArXiv vxej4_v1, Center for Open Science.
    6. Giammetti, Raffaele & Wirkierman, Ariel L., 2025. "Global production scenarios: Actual unbundling, potential rebundling and geoeconomic rewiring across value chains," International Economics, Elsevier, vol. 183(C).
    7. Cong, Lin William & Mayer, Simon, 2025. "Strategic digitization in currency and payment competition," Journal of Financial Economics, Elsevier, vol. 168(C).
    8. Marijana Maksimović & Neven Cvetičanin & Ivan Nikolić, 2024. "Between Geopolitics And Geoeconomics – The Influence Of Foreign Direct Investments (Fdi) On The Economy Of Serbia," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 69(243), pages 69-92, October –.
    9. Stergios Skaperdas & Samarth Vaidya, 2025. "Guns, Lawyers, and Markets: On Economic and Political Consequences of Costly Conflict," CESifo Working Paper Series 12135, CESifo.
    10. Fiona Paine & Richard R. Townsend & Ting Xu, 2025. "Should Governments Restrict Foreign Investments in Start-Ups?," NBER Chapters, in: Entrepreneurship and Innovation Policy and the Economy, volume 5, pages 183-210, National Bureau of Economic Research, Inc.
    11. Jessie Poon, 2025. "The geoeconomics of globalization 2.0," Environment and Planning A, , vol. 57(1), pages 144-148, February.
    12. Clancy, Daragh & Lozej, Matija, 2026. "Spending on the frontline: The macroeconomic implications of rising defence expenditure," Research Technical Papers 03/RT/26, Central Bank of Ireland.
    13. Konstantin Egorov & Vasily Korovkin & Alexey Makarin & Dzhamilya Nigmatulina, 2025. "Trade Sanctions," Working Papers 1516, Barcelona School of Economics.
    14. Hanin Khawaja, 2025. "Beyond Singularity and Multipolarity: Functional Fragmentation in the International Monetary System," Working Papers 2514, New School for Social Research, Department of Economics.
    15. Dominic Rohner, 2025. "Conflict," CESifo Working Paper Series 12035, CESifo.
    16. Clayton, Christopher & Maggiori, Matteo & Schreger, Jesse, 2025. "The Political Economy of Geoeconomic Power," SocArXiv j8p3m, Center for Open Science.
    17. Matteo Maggiori & Chris Clayton & Jesse Schreger, 2024. "A theory of economic coercion and fragmentation," BIS Working Papers 1224, Bank for International Settlements.
    18. Ashani Amarasinghe & Kathryn Baragwanath, 2025. "Getting Along or Getting Ahead? The Domestic Roots of Status-Seeking in International Relations∗," Working Papers 2025-01, University of Sydney, School of Economics.
    19. Horn, Sebastian & Reinhart, Carmen M. & Trebesch, Christoph, 2025. "China's lending to developing countries: From boom to bust," Kiel Working Papers 2304, Kiel Institute for the World Economy.
    20. Pau S. Pujolas & Jack Rossbach, 2026. "Fiscal Limits to Protectionism: The 2025 U.S.Tariff Laffer Curve," Department of Economics Working Papers 2026-01, McMaster University.
    21. Yevheniia Bondarenko & Nayeon Kang & Vivien Lewis & Matthias Rottner & Yves Schueler, 2026. "Geopolitical risk in the euro area: measurement and transmission," BIS Working Papers 1348, Bank for International Settlements.
    22. Guillermo Verduzco-Bustos & Francesco Zanetti, 2026. "The Effects of Geopolitical Oil Price Shocks," CESifo Working Paper Series 12606, CESifo.
    23. Joerg Mayer, 2024. "De-dollarization: the global payment infrastructure and wholesale central bank digital currencies," FMM Working Paper 102-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    24. Aiyar, Shekhar & Malacrino, Davide & Presbitero, Andrea F., 2024. "Investing in friends: The role of geopolitical alignment in FDI flows," European Journal of Political Economy, Elsevier, vol. 83(C).
    25. Gopinath, Gita & Gourinchas, Pierre-Olivier & Presbitero, Andrea F. & Topalova, Petia, 2025. "Changing global linkages: A new Cold War?," Journal of International Economics, Elsevier, vol. 153(C).
    26. Cathrin Mohr & Christoph Trebesch, 2024. "Geoeconomics," CESifo Working Paper Series 11564, CESifo.
    27. Sébastien Laffitte & Edoardo Montagner, 2025. "Effective Tax Blacklists: Rethinking Criteria For the 21st Century," Reports 008, EU Tax Observatory.
    28. Zhuokai Huang & Benny Kleinman & Ernest Liu & Stephen J. Redding, 2025. "Accommodating emerging giants in the global economy," CEP Discussion Papers dp2136, Centre for Economic Performance, LSE.
    29. Tianyu Fan, 2025. "Measuring Geopolitical Alignment and Economic Growth," Papers 2507.04833, arXiv.org, revised Apr 2026.
    30. Lorenz Emter & Laura Kuitunen & Arnaud Mehl & Peter McQuade & Swapan-Kumar Pradhan & Goetz von Peter, 2026. "Global banking and geopolitics through time," BIS Working Papers 1338, Bank for International Settlements.
    31. Liu, Tao & Wang, Xiaosong & Woo, Wing Thye, 2025. "Invoicing currency and settlement currency: An empirical study and implications for RMB internationalization," China Economic Review, Elsevier, vol. 94(PC).

  9. Giglio, Stefano & Maggiori, Matteo & Ströbel, Johannes & Tan, Zhenhao & Utkus, Stephen & Xu, Xiao, 2023. "Four Facts about ESG Beliefs and Investor Portfolios," CEPR Discussion Papers 18052, Centre for Economic Policy Research.

    Cited by:

    1. Ali Hassan & Jean-Baptiste Hasse & Christelle Lecourt, 2025. "Is Impact Investor Behavior Different ?," AMSE Working Papers 2521, Aix-Marseille School of Economics, France.
    2. Gao, Jingzhe & Wei, Haixiao, 2025. "Impact of differentiated green incentive policies on traditional and certified green product markets," International Review of Financial Analysis, Elsevier, vol. 106(C).
    3. Campiglio, Emanuele & Lamperti, Francesco & Terranova, Roberta, 2024. "Believe me when I say green! Heterogeneous expectations and climate policy uncertainty," LSE Research Online Documents on Economics 124234, London School of Economics and Political Science, LSE Library.
    4. Horn, Matthias & Oehler, Andreas, 2024. "Constructing stock portfolios by sorting on ESG ratings: Does the rating provider matter?," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    5. Giglio, Stefano & Kuchler, Theresa & Stroebel, Johannes & Zeng, Xuran, 2023. "Biodiversity Risk," SocArXiv n7pbj, Center for Open Science.
    6. Elisa Bocchialini & Demetrio Miloslavo Bova & Ilaria Colivicchi & Federica Ielasi, 2024. "Environmental-, Social-, and Governance-Oriented Pension Funds for Young Contributors: A Win–Win Option," Sustainability, MDPI, vol. 16(24), pages 1-19, December.
    7. Zwetelina Iliewa & Elisabeth Kempf & Oliver Spalt, 2025. "Corporate Actions as Moral Issues," CRC TR 224 Discussion Paper Series crctr224_2025_649v2, University of Bonn and University of Mannheim, Germany, revised Apr 2025.
    8. Zhang, Jinlong & Qi, Fengyu & Wu, Mingyue, 2025. "Market-oriented environmental regulation and ESG rating divergence," Research in International Business and Finance, Elsevier, vol. 79(C).
    9. Wang, Mingke & Wei, Weixian, 2025. "Modeling the economic and environmental effects of ESG preferences: A general equilibrium approach," Energy Economics, Elsevier, vol. 151(C).
    10. Cahen-Fourot, Louison & Campiglio, Emanuele & Daumas, Louis & Miess, Michael Gregor & Yardley, Andrew, 2023. "Stranding ahoy? Heterogeneous transition beliefs and capital investment choices," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 535-567.
    11. Zwetelina Iliewa & Elisabeth Kempf & Oliver Spalt, 2025. "Corporate Actions as Moral Issues," CESifo Working Paper Series 11854, CESifo.
    12. Masayuki KEIDA & Yosuke TAKEDA, 2024. "How Loud is a Soft Voice? Effects of positive screening of ESG performance on the Japanese oil companies," Discussion papers 24002, Research Institute of Economy, Trade and Industry (RIETI).
    13. Ouyang, Xiaoling & Yang, Yuchuan & Du, Kerui, 2024. "Impact of CSR on stock return resilience during the 2020 public health emergency: Evidence from the Chinese financial market," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    14. Richard Bofinger & Simon Cornée & Ariane Szafarz, 2024. "When in Rome, Do as the Romans Do: Disclosure Regulation and ESG Fund Management by Social and Conventional Banks," Working Papers CEB 24-003, ULB -- Universite Libre de Bruxelles.
    15. Heeb, Florian & Kölbel, Julian & Weder, Camilla, 2025. "Beliefs about the climate impact of green investing," SAFE Working Paper Series 463, Leibniz Institute for Financial Research SAFE.
    16. Rudkin, Wanling & Cai, Charlie X. & Zhou, You, 2025. "Can we enhance investment with ESG?," International Review of Financial Analysis, Elsevier, vol. 97(C).
    17. Bucher-Koenen, Tabea & Herforth, Anna-Lena & Kirschenmann, Karolin & Ravanbakhshhabibabadi, Monireh, 2025. "Financing the green transition: The role of private capital," ZEW policy briefs 04/2025, ZEW - Leibniz Centre for European Economic Research.
    18. Valente Fernanda & Chen Yujia & Calabrese Raffaella & Cowling Marc & Alessi Lucia, 2026. "Nature-adjusted probability of default for European small and medium enterprises," JRC Working Papers in Economics and Finance 2026-01, Joint Research Centre, European Commission.
    19. Janssen, Bennet & Zhang, Youpeng, 2025. "Do retail investors care about ESG ratings?," ZEW Discussion Papers 25-074, ZEW - Leibniz Centre for European Economic Research.
    20. He, Yali & Jiang, Tianqi & Suo, Yuanlu & Wang, Zhao, 2025. "Cross-industry knowledge spillovers through shared analyst coverage: Evidence from green technologies," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    21. Chen, Shaowei & Wu, Zhiliang, 2025. "Corporate ESG performance and stock pricing efficiency," The North American Journal of Economics and Finance, Elsevier, vol. 79(C).
    22. Montagnoli, Alberto & Taylor, Karl, 2024. "Who Cares about Investing Responsibly? Attitudes and Financial Decisions," IZA Discussion Papers 16952, IZA Network @ LISER.
    23. Heeb, Florian & Kölbel, Julian & Ramelli, Stefano & Vasileva, Anna, 2024. "Green investing and political behavior," SAFE Working Paper Series 438, Leibniz Institute for Financial Research SAFE.
    24. Benuzzi, Matteo & Klaser, Klaudijo & Bax, Karoline, 2024. "Which ESG+F dimension matters most to retail investors? An experimental study on financial decisions and future generations," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    25. Mario A. Ortez & Michael Liam Smith & Nicole Olynk Widmar, 2026. "U.S. Public Perceptions of “Environmental, Social and Governance (ESG)” Investments," Journal of Consumer Policy, Springer, vol. 49(1), pages 1-26, March.
    26. Badenhoop, Nikolai & Mücke, Christian, 2025. "Do investors care about sustainable investment targets? An assessment using the sustainable finance disclosure regulation," SAFE Working Paper Series 457, Leibniz Institute for Financial Research SAFE.
    27. Dangl, Thomas & Halling, Michael & Yu, Jin & Zechner, Josef, 2025. "Social preferences and corporate investment," Journal of Financial Economics, Elsevier, vol. 172(C).
    28. Zhu, Haobo & Pan, Hongyu & Wu, Zhen-Xing & Huang, Guan-Ying, 2025. "Green Factory Certification, information asymmetry, and stock liquidity," Finance Research Letters, Elsevier, vol. 85(PA).
    29. Bachmann, Kremena & Meyer, Julia & Krauss, Annette, 2024. "Investment motives and performance expectations of impact investors," Journal of Behavioral and Experimental Finance, Elsevier, vol. 42(C).
    30. Clément Mazet-Sonilhac & Jean-Stéphane Mésonnier, 2024. "Some Don't Like it Hot: Bank Depositors and NGO Campaigns Against Brown Banks," Working papers 968, Banque de France.
    31. Candelon, Bertrand & Hasse, Jean-Baptiste, 2026. "ESG Mutual Fund Attributes and Investor Behavior," LIDAM Discussion Papers LFIN 2026001, Université catholique de Louvain, Louvain Finance (LFIN).
    32. Auzepy, Alix & Bannier, Christina E. & Gärtner, Florian, 2024. "Looking beyond ESG preferences: The role of sustainable finance literacy in sustainable investing," CFS Working Paper Series 719, Center for Financial Studies (CFS).
    33. Jacobs, Heiko & Lauber, Alexander, 2026. "Media reporting and asset pricing models," Journal of Banking & Finance, Elsevier, vol. 182(C).
    34. Li, Qianqian & Watts, Edward M. & Zhu, Christina, 2024. "Retail investors and ESG news," Journal of Accounting and Economics, Elsevier, vol. 78(2).
    35. Meyer, Julia, 2024. "Do sustainably managed pension savings foster sustainable investments? Evidence from a field experiment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 44(C).
    36. Shahriari, Hesam & Stivers, Adam & Tsang, Ming, 2025. "Bias in cryptocurrency investing: The effect of financial and moral considerations," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
    37. Wojciech Kuryłek, 2026. "Environmental Performance and Corporate Earnings Per Share: Evidence from the Warsaw Stock Exchange," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 63-74.
    38. Gormsen, Niels Joachim & Huber, Kilian & Oh, Sangmin S., 2024. "Climate capitalists," Working Paper Series 2990, European Central Bank.
    39. Chau, Le & Anh, Le & Duc, Vo, 2025. "Valuing ESG: How financial markets respond to corporate sustainability," International Business Review, Elsevier, vol. 34(3).
    40. Feng He & Lin Duan & Jing Hao, 2025. "The impact of managerial climate attention on corporate ESG performance—evidence from China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-12, December.
    41. Nagy, Attila Zoltán & Steiner, Beatrix, 2025. "Fenntarthatóság vagy hozam?. Mekkora áldozatot vállalnak a befektetők a felelős jövőért? [Sustainability or return?. How much are investors willing to sacrifice for a responsible future?]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 919-938.

  10. Florez-Orrego, Sergio & Maggiori, Matteo & Schreger, Jesse & Sun, Ziwen & Tinda, Serdil, 2023. "Global Capital Allocation," CEPR Discussion Papers 18480, Centre for Economic Policy Research.

    Cited by:

    1. Kimiko Terai, 2025. "The Sovereign Bond Issuance and Tax Competition for Portfolio Investment," Keio-IES Discussion Paper Series DP2025-024, Institute for Economics Studies, Keio University.
    2. Dos Santos, Amanda, 2026. "The Development of Domestic Bond Markets," SocArXiv 9he6d_v1, Center for Open Science.
    3. Kaufmann, Christoph & Leyva, Jaime & Storz, Manuela, 2024. "Insurance corporations’ balance sheets, financial stability and monetary policy," Working Paper Series 2892, European Central Bank.
    4. Kubitza, Christian & Sigaux, Jean-David & Vandeweyer, Quentin, 2025. "The implications of CIP deviations for international capital flows," Working Paper Series 3017, European Central Bank.
    5. Allen, Cían & Juvenal, Luciana, 2025. "The role of currencies in external balance sheets," Journal of International Economics, Elsevier, vol. 157(C).
    6. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2025. "Corporate Debt Structure with Home and International Currency Bias," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 433-456, June.
    7. Swapan-Kumar Pradhan & Eswar Prasad & Előd Takáts & Judit Temesvary, 2026. "Dollarisation waves: new evidence from a comprehensive international bond database," BIS Papers, Bank for International Settlements, number 165.
    8. Kimiko Terai, 2025. "The Sovereign Bond Issuance and Tax Competition for Portfolio Investment: A Political Economy Approach," Keio-IES Discussion Paper Series DP2025-016, Institute for Economics Studies, Keio University.
    9. Holland, Sara B. & Sarkissian, Sergei & Schill, Michael J. & Warnock, Francis E., 2024. "Nonlinearities and a pecking order in cross-border investment," Journal of Banking & Finance, Elsevier, vol. 166(C).
    10. Patrick McGuire & Goetz von Peter & Sonya Zhu, 2024. "International finance through the lens of BIS statistics: residence vs nationality," BIS Quarterly Review, Bank for International Settlements, March.

  11. Clayton, Christopher & Coppola, Antonio & Dos Santos, Amanda & Maggiori, Matteo & Schreger, Jesse, 2023. "China in Tax Havens," CEPR Discussion Papers 17844, Centre for Economic Policy Research.
    • Christopher Clayton & Antonio Coppola & Amanda Dos Santos & Matteo Maggiori & Jesse Schreger, 2023. "China in Tax Havens," NBER Working Papers 30865, National Bureau of Economic Research, Inc.
    • Clayton, Christopher & Coppola, Antonio & Santos, Amanda Dos & Maggiori, Matteo & Schreger, Jesse, 2023. "China in Tax Havens," SocArXiv bfrvn, Center for Open Science.

    Cited by:

    1. Li, Xiyuan & Wang, Ran & Zhou, Yang & Yan, Yunfeng & Xue, Jinjun & Zhao, Zhongxiu, 2026. "An optimized shared responsibility accounting framework: unveiling the big black shadows behind small emitters in global value chains," Ecological Economics, Elsevier, vol. 240(C).
    2. Marchesi, Silvia & Marcolongo, Giovanna, 2025. "Knockin’ on H(e)aven’s door. Financial crises and offshore wealth," Journal of International Economics, Elsevier, vol. 158(C).

  12. Clayton, Christopher & Dos Santos, Amanda & Maggiori, Matteo & Schreger, Jesse, 2023. "Internationalizing Like China," CEPR Discussion Papers 17781, Centre for Economic Policy Research.

    Cited by:

    1. Luca Fantacci & Lucio Gobbi & Dario Luciani, 2022. "Bene pubblico globale o arma finanziaria? L'egemonia del dollaro alla prova delle sanzioni (Global public good or financial weapon? Dollar hegemony to the test of sanctions)," Moneta e Credito, Economia civile, vol. 75(298), pages 123-147.
    2. Ying, Limeng & Bao, Mengqi & Yang, Jie, 2025. "Institutional trust as a catalyst: Government procurement and private firms’ risk-taking in China," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 2437-2457.
    3. Cheng, Feiyang & Gao, Haoyu & Pan, Xiaofei & Qian, Meijun & Zhou, Qing (Clara), 2025. "China's debt market: Evolution, regulation, and global integration," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    4. Barry Eichengreen & Camille Macaire & Arnaud Mehl & Eric Monnet & Alain Naef, 2024. "Currency internationalization with Chinese characteristics: Is capital‐account convertibility required for the renminbi to acquire reserve‐currency status?," International Finance, Wiley Blackwell, vol. 27(2), pages 102-128, August.
    5. Juan J. Cortina & Maria Soledad Martinez Peria & Sergio L. Schmukler & Jasmine Xiao, 2023. "The Internationalization of China's Equity Markets," Mo.Fi.R. Working Papers 182, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    6. Castells-Jauregui, Madalen & Kuvshinov, Dmitry & Richter, Björn & Vanasco, Victoria, 2025. "Foreign demand for safety and macroeconomic instability," Working Paper Series 3126, European Central Bank.
    7. Arvai, Kai & Coimbra, Nuno, 2025. "Privilege Lost? The Rise and Fall of a Dominant Global Currency," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325376, Verein für Socialpolitik / German Economic Association.
    8. Yang, Bohan & Wang, Bin, 2024. "The time-varying U.S. treasury bond demand elasticity," Economics Letters, Elsevier, vol. 241(C).
    9. Zucker-Marques, Marina, 2025. "Currency Internationalization, payment infrastructures and central banks: An institutional analysis of renminbi internationalization," Research in International Business and Finance, Elsevier, vol. 73(PA).
    10. Gelpern, Anna & Haddad, Omar & Horn, Sebastian & Kintzinger, Paulina & Parks, Bradley & Trebesch, Christoph, 2025. "How China collateralizes," Kiel Working Papers 2293, Kiel Institute for the World Economy.
    11. Colin Weiss, 2022. "Geopolitics and the U.S. Dollar's Future as a Reserve Currency," International Finance Discussion Papers 1359, Board of Governors of the Federal Reserve System (U.S.).
    12. Ma, Chang & Rebucci, Alessandro & Zhou, Sili, 2025. "A nascent international financial channel of China's monetary policy transmission," BOFIT Discussion Papers 10/2025, Bank of Finland Institute for Emerging Economies (BOFIT).
    13. Gerding, Felix & Hartley, Jonathan S., 2024. "De-dollarization? Not so fast," Economics Letters, Elsevier, vol. 238(C).
    14. Lirong Wang & Jinnan Zhou & C. James Hueng, 2025. "Is Chinaʼs Capital Liberalisation Policy Effective?," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 12(1), January.
    15. Liu, Tao & Wang, Xiaosong & Woo, Wing Thye, 2025. "Invoicing currency and settlement currency: An empirical study and implications for RMB internationalization," China Economic Review, Elsevier, vol. 94(PC).

  13. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2023. "Corporate Debt Structure with Home and International Currency Bias," NBER Working Papers 31891, National Bureau of Economic Research, Inc.

    Cited by:

    1. Qiu, Yancheng, 2024. "Monetary policy spillovers through debt currencies," Economics Letters, Elsevier, vol. 236(C).

  14. Maggiori, Matteo, 2022. "International Macroeconomics With Imperfect Financial Markets," CEPR Discussion Papers 17197, Centre for Economic Policy Research.

    Cited by:

    1. Xing Guo & Pablo Ottonello & Diego Perez, 2022. "Monetary Policy and Redistribution in Open Economies," Staff Working Papers 22-6, Bank of Canada.
    2. Aldasoro, Iñaki & Ehlers, Torsten & Eren, Egemen, 2022. "Global banks, dollar funding, and regulation," Journal of International Economics, Elsevier, vol. 137(C).
    3. Djeutem, Edouard & Dunbar, Geoffrey R., 2022. "Uncovered return parity: Equity returns and currency returns," Journal of International Money and Finance, Elsevier, vol. 128(C).
    4. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    5. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    6. Jin, Jing & Liao, Rose C. & Loureiro, Gilberto, 2021. "The diverse effects of currency crises on multinational and local firms: The use of foreign currency debt," Journal of Multinational Financial Management, Elsevier, vol. 62(C).
    7. Matteo Maggiori, 2021. "FX policy when financial markets are imperfect," BIS Working Papers 942, Bank for International Settlements.
    8. Claeys, Grégory & Papioti, Chara & Tryphonides, Andreas, 2023. "Liquidity risk, market power and the informational effects of policy," Journal of International Economics, Elsevier, vol. 142(C).

  15. Maggiori, Matteo & Coppola, Antonio & Neiman, Brent & Schreger, Jesse, 2020. "Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens," CEPR Discussion Papers 14508, Centre for Economic Policy Research.

    Cited by:

    1. Kimiko Terai, 2025. "The Sovereign Bond Issuance and Tax Competition for Portfolio Investment," Keio-IES Discussion Paper Series DP2025-024, Institute for Economics Studies, Keio University.
    2. Fernando Broner & Tatiana Didier & Sergio L. Schmukler & Goetz von Peter, 2023. "Bilateral International Investments:The Big Sur?," Mo.Fi.R. Working Papers 181, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    3. Agustin Benetrix & Hayley Pallan & Ugo Panizza, 2022. "The Elusive Link Between FDI and Economic Growth," IHEID Working Papers 26-2022, Economics Section, The Graduate Institute of International Studies.
    4. Kempf, Elisabeth & Luo, Mancy & Schafer, Larissa & Tsoutsoura, Margarita, 2022. "Does Political Partisanship Cross Borders? Evidence from International Capital Flows," Working Papers 316, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    5. Ambrocio, Gene & Hasan, Iftekhar & Li, Xiang, 2024. "Global political ties and the global financial cycle," Bank of Finland Research Discussion Papers 1/2024, Bank of Finland.
    6. Hou, Ai Jun & Sarno, Lucio & Ye, Xiaoxia, 2025. "The trade imbalance network and currency returns," Journal of Financial Economics, Elsevier, vol. 172(C).
    7. Shahar Rotberg & Joseph B. Steinberg, 2024. "Tax Evasion and Capital Taxation," Journal of Political Economy, University of Chicago Press, vol. 132(7), pages 2488-2529.
    8. Franziska Hünnekes & Maximilian Konradt & Moritz Schularick & Christoph Trebesch & Julian Wingenbach, 2025. "Exportweltmeister: Germany’s Foreign Investment Returns in International Comparison," Post-Print hal-05448425, HAL.
    9. Chen, Yilan & Lei, Shaohai, 2025. "Tax avoidance opportunity for multinational enterprises: effects of digitalized tax administration in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 102(C).
    10. Richard Schmidt & Pinar Yesin, 2022. "The growing importance of investment funds in capital flows," Working Papers 2022-13, Swiss National Bank.
    11. Toledo, Katia & Alvarado, Alfredo, 2023. "Tackling BEPS in the Global South: Evidence from Peru’s tax reform," Economic Systems, Elsevier, vol. 47(3).
    12. Katarzyna Bilicka & Evgeniya Dubinina & Petr Janský, 2023. "Fiscal Consequences of Corporate Tax Avoidance," Working Papers 018, EU Tax Observatory.
    13. Damgaard, Jannick & Elkjaer, Thomas & Johannesen, Niels, 2024. "What is real and what is not in the global FDI network?," Journal of International Money and Finance, Elsevier, vol. 140(C).
    14. Camarero, Mariam & Muñoz, Alejandro & Tamarit, Cecilio, 2025. "Unveiling the drivers of portfolio equity and bond investment in the European Union: The interplay of tax havens and gravity factors," European Economic Review, Elsevier, vol. 179(C).
    15. Wang, Xichen & Duan, Xiaomei, 2024. "What leads some countries to experience larger decreases in foreign flows during low-flow episodes? Evidence from international portfolio flows," Journal of International Money and Finance, Elsevier, vol. 148(C).
    16. Barry Eichengreen & Camille Macaire & Arnaud Mehl & Eric Monnet & Alain Naef, 2024. "Currency internationalization with Chinese characteristics: Is capital‐account convertibility required for the renminbi to acquire reserve‐currency status?," International Finance, Wiley Blackwell, vol. 27(2), pages 102-128, August.
    17. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back into Geoeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, pages 23-87, National Bureau of Economic Research, Inc.
    18. Adrien Auclert & Hannes Malmberg & Frederic Martenet & Matthew Rognlie, 2021. "Demographics, Wealth, and Global Imbalances in the Twenty-First Century," NBER Working Papers 29161, National Bureau of Economic Research, Inc.
    19. Olbert, Marcel & Spengel, Christoph & Weck, Stefan, 2023. "Multinational firms in tax havens: Corporate motives, regulatory countermeasures, and recent statistics," ZEW Discussion Papers 23-036, ZEW - Leibniz Centre for European Economic Research.
    20. Stefan Avdjiev & Patrick McGuire & Goetz von Peter, 2020. "International dimensions of EME corporate debt," BIS Quarterly Review, Bank for International Settlements, June.
    21. Beck, Roland & Schmitz, Martin & Coppola, Antonio & Lewis, Angus & Maggiori, Matteo & Schreger, Jesse, 2024. "The geography of capital allocation in the euro area," Working Paper Series 3007, European Central Bank.
    22. Etienne Lepers, 2024. "Cross-border real estate investment: a different animal? Comparative evidence from bilateral flow data," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 160(2), pages 481-508, May.
    23. Kleinman, Benny & Liu, Ernest & Redding, Stephen J. & Yogo, Motohiro, 2023. "Neoclassical growth in an interdependent world," LSE Research Online Documents on Economics 121381, London School of Economics and Political Science, LSE Library.
    24. Jiang, Zhengyang & Richmond, Robert J. & Zhang, Tony, 2025. "Understanding the strength of the dollar," Journal of Financial Economics, Elsevier, vol. 168(C).
    25. Cole,Shawn Allen & Melecky,Martin & Molders,Florian & Reed,Tristan, 2020. "Long-run Returns to Impact Investing in Emerging Market and Developing Economies," Policy Research Working Paper Series 9366, The World Bank.
    26. Tsvetelina Nenova, 2025. "Global or Regional Safe Assets: Evidence from Bond Substitution Patterns," BIS Working Papers 1254, Bank for International Settlements.
    27. Annette Alstadsæter & Matthew Collin & Bluebery Planterose & Gabriel Zucman & Andreas Økland, 2025. "Who Owns Offshore Real Estate? Evidence from Dubai," Working Papers 001, EU Tax Observatory.
    28. Sergio Rebelo & Neng Wang & Jinqiang Yang, 2022. "Rare Disasters, Financial Development, and Sovereign Debt," Journal of Finance, American Finance Association, vol. 77(5), pages 2719-2764, October.
    29. Liu Kerry, 2023. "The Effects of Foreign Participation on Chinese Government Bond Yields," Folia Oeconomica Stetinensia, Sciendo, vol. 23(2), pages 222-240, December.
    30. Chen, Linda H. & Jiang, George J. & Wang, Weiwei & Zhang, Joseph H., 2025. "The impact of profitability pressure and capital market valuation on tax haven engagement," Advances in accounting, Elsevier, vol. 68(C).
    31. Florencia Airaudo & Francois de Soyres & Keith Richards & Ana Maria Santacreu, 2025. "Measuring Geopolitical Fragmentation: Implications for Trade, Financial Flows, and Economic Policy," International Finance Discussion Papers 1408, Board of Governors of the Federal Reserve System (U.S.).
    32. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    33. Clemens Graf von Luckner & Carmen M. Reinhart & Kenneth S. Rogoff, 2021. "Decrypting New Age International Capital Flows," NBER Working Papers 29337, National Bureau of Economic Research, Inc.
    34. Anne-Laure Delatte & Amelie Guillin & Vincent Vicard, 2022. "Grey zones in global finance: The distorted geography of cross-border investments," Post-Print hal-03670567, HAL.
    35. Raphael Auer & Ulf Lewrick & Jan Paulick, 2025. "DeFiying gravity? An empirical analysis of cross-border Bitcoin, Ether and stablecoin flows," BIS Working Papers 1265, Bank for International Settlements.
    36. Eugenio Cerutti & Catherine Koch & Swapan-Kumar Pradhan, 2020. "Banking across borders: Are Chinese banks different?," BIS Working Papers 892, Bank for International Settlements.
    37. Mariano Croce & Mohammad R. Jahan-Parvar & Samuel Rosen, 2022. "SONOMA: a Small Open ecoNOmy for MAcrofinance," International Finance Discussion Papers 1349, Board of Governors of the Federal Reserve System (U.S.).
    38. Gaies, Brahim & Nakhli, Mohamed Sahbi & Sahut, Jean-Michel, 2024. "Unravelling the complex interactions between sentiment of uncertainty and foreign capital flows: Evidence from Brazil and South Korea," Economic Modelling, Elsevier, vol. 141(C).
    39. Minnis, Michael, 2022. "Does greater private firm disclosure affect public equity markets? A discussion of Kim and Olbert (2022)," Journal of Accounting and Economics, Elsevier, vol. 74(2).
    40. Sanchez Pacheco, André, 2022. "A consolidated-by-nationality approach to Irish foreign exposure," International Economics, Elsevier, vol. 170(C), pages 235-247.
    41. Gian Maria Milesi-Ferretti, 2024. "Many Creditors, One Large Debtor: Understanding the Buildup of Global Stock Imbalances After the Global Financial Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(2), pages 509-553, June.
    42. Albori, Marco & Anzuini, Alessio & Ferriani, Fabrizio & Rossi, Luca, 2024. "The gravity of Offshore Financial Centers: Estimating real FDIs using a binary choice model," International Economics, Elsevier, vol. 178(C).
    43. Fourné, Marius & Li, Xiang, 2025. "Climate policy and international capital reallocation," IWH Discussion Papers 20/2024, Halle Institute for Economic Research (IWH), revised 2025.
    44. Raphael Müller & Johannes Voget & Jan Zental, 2024. "The Effects of Mandatory Private Disclosure On Public Disclosure—Evidence from CbCR," Schmalenbach Journal of Business Research, Springer, vol. 76(4), pages 533-571, December.
    45. Dos Santos, Amanda, 2026. "The Development of Domestic Bond Markets," SocArXiv 9he6d_v1, Center for Open Science.
    46. Juan M. Morelli & Pablo Ottonello & Diego J. Perez, 2022. "Global Banks and Systemic Debt Crises," Econometrica, Econometric Society, vol. 90(2), pages 749-798, March.
    47. Li, Xiyuan & Wang, Ran & Zhou, Yang & Yan, Yunfeng & Xue, Jinjun & Zhao, Zhongxiu, 2026. "An optimized shared responsibility accounting framework: unveiling the big black shadows behind small emitters in global value chains," Ecological Economics, Elsevier, vol. 240(C).
    48. Fonseca, Luís & Nikalexi, Katerina & Papaioannou, Elias, 2023. "The globalization of corporate control," Journal of International Economics, Elsevier, vol. 146(C).
    49. Emter, Lorenz & McQuade, Peter & Pradhan, Swapan-Kumar & Schmitz, Martin, 2024. "Determinants of currency choice in cross-border bank loans," Working Paper Series 2918, European Central Bank.
    50. Konstantin M. Wacker & Bruno Casella & Maria Borga, 2025. "Measuring multinational production with foreign direct investment statistics: A survey of challenges and recent developments," Journal of Economic Surveys, Wiley Blackwell, vol. 39(4), pages 1462-1487, September.
    51. Arrigoni, Simone, 2024. "Who gets the flow? Financial globalisation and wealth inequality," Journal of Macroeconomics, Elsevier, vol. 81(C).
    52. Yan, Yunfeng & Li, Xiyuan & Wang, Ran & Meng, Bo & Zhao, Zhongxiu & Li, Xuemeng, 2024. "Visible carbon emissions vs. invisible value-added: Re-evaluating the emissions responsibility of multinational enterprises in global value chains," Ecological Economics, Elsevier, vol. 224(C).
    53. Kacperczyk, Marcin & Nosal, Jaromir & Wang, Tianyu, 2025. "Global volatility and firm-level capital flows," Journal of Financial Economics, Elsevier, vol. 169(C).
    54. Andrews, Spencer & Colacito, Riccardo & Croce, Mariano M. & Gavazzoni, Federico, 2024. "Concealed carry," Journal of Financial Economics, Elsevier, vol. 159(C).
    55. Gelpern, Anna & Haddad, Omar & Horn, Sebastian & Kintzinger, Paulina & Parks, Bradley & Trebesch, Christoph, 2025. "How China collateralizes," Kiel Working Papers 2293, Kiel Institute for the World Economy.
    56. Raoul Minetti & Giacomo Romanini & Oren Ziv, 2025. "Banking complexity in the global economy," Temi di discussione (Economic working papers) 1485, Bank of Italy, Economic Research and International Relations Area.
    57. Tomoo Kikuchi & Satoshi Tobe, 2023. "Singapore's Role for ASEAN's Portfolio Investment," Papers 2301.05443, arXiv.org, revised Mar 2025.
    58. Bortz, Pablo Gabriel & Toftum, Nicole, 2020. "Climate Change and Green Finance in Emerging Market Economies: The Open Economy Dimension," MPRA Paper 101722, University Library of Munich, Germany.
    59. Rémi Pierre Viné & Astrit Sulstarova & Bruno Casella & Claudia Trentini, . "International project finance deals as indicators of productive cross-border investment: UNCTAD’s approach," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.
    60. Chun Guo & Jingbo Luo & Jing Shi, 2026. "Navigating Ethical Waters: Trade Credit Provisions for Related-Party Customers," Journal of Business Ethics, Springer, vol. 204(2), pages 479-504, March.
    61. Kox, Henk L.M., 2025. "Repairing a historical mistake in bilateral FDI statistics: A new dataset covering 2001-2022," MPRA Paper 124812, University Library of Munich, Germany, revised 18 May 2025.
    62. Pellegrino, Bruno & Spolaore, Enrico & Wacziarg, Romain, 2024. "Barriers to global capital allocation," Working Papers 346, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    63. Herkenhoff, Philipp & Sauré, Philip, 2021. "How expected inflation distorts the current account and the valuation effect," European Economic Review, Elsevier, vol. 135(C).
    64. Schroth, Josef, 2023. "Capital flows and growth across developing countries," Journal of International Money and Finance, Elsevier, vol. 137(C).
    65. Leonie Bräuer & Harald Hau, 2022. "Can Time-Varying Currency Risk Hedging Explain Exchange Rates?," CESifo Working Paper Series 10065, CESifo.
    66. Mateane, Lebogang, 2020. "Risk preferences, global market conditions and foreign debt: Is there any role for the currency composition of FX reserves?," EconStor Preprints 227484, ZBW - Leibniz Information Centre for Economics.
    67. William Barcelona & Nathan Converse & Anna Wong, 2021. "U.S. Housing as a Global Safe Asset: Evidence from China Shocks," International Finance Discussion Papers 1332, Board of Governors of the Federal Reserve System (U.S.).
    68. Andre Sanchez Pacheco, 2023. "Consolidated Foreign Wealth of Nations: Nationality-based measures of international exposure," Trinity Economics Papers tep0623, Trinity College Dublin, Department of Economics.
    69. Garcia, Márcio & Guillen, Diogo & Ribeiro, Bernardo & Velloso, João, 2024. "International macroeconomic vulnerability," Journal of International Money and Finance, Elsevier, vol. 146(C).
    70. Chokri Zehri, 2023. "Macro‐management policies: A supporting role to company' capital expenditure," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 3846-3864, October.
    71. Christopher Clayton & Amanda Dos Santos & Matteo Maggiori & Jesse Schreger, 2025. "Internationalizing Like China," American Economic Review, American Economic Association, vol. 115(3), pages 864-902, March.
    72. Shawn Cole & Martin Melecky & Florian Mölders & Tristan Reed, 2026. "Long-Run Returns to Private Equity in Emerging Markets," Management Science, INFORMS, vol. 72(3), pages 2041-2063, March.
    73. Aizenman, Joshua & Ito, Hiro & Pasricha, Gurnain Kaur, 2022. "Central bank swap arrangements in the COVID-19 crisis," Journal of International Money and Finance, Elsevier, vol. 122(C).
    74. Linda S. Goldberg, 2023. "Global Liquidity: Drivers, Volatility and Toolkits," Staff Reports 1064, Federal Reserve Bank of New York.
    75. Ma, Chang & Rebucci, Alessandro & Zhou, Sili, 2025. "A nascent international financial channel of China's monetary policy transmission," BOFIT Discussion Papers 10/2025, Bank of Finland Institute for Emerging Economies (BOFIT).
    76. Bank for International Settlements, 2021. "Changing patterns of capital flows," CGFS Papers, Bank for International Settlements, number 66.
    77. Allen, Cían & Juvenal, Luciana, 2025. "The role of currencies in external balance sheets," Journal of International Economics, Elsevier, vol. 157(C).
    78. Onur ÖZDEMIR, 2022. "High-Income Countries and Feldstein-Horioka Puzzle: Econometric Evidence from Dynamic Common-Correlated Effects Model," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 45-67, April.
    79. Kempf, Elisabeth & Luo, Mancy & Schäfer, Larissa & Tsoutsoura, Margarita, 2023. "Political ideology and international capital allocation," Journal of Financial Economics, Elsevier, vol. 148(2), pages 150-173.
    80. Sánchez Serrano, Antonio, 2026. "Sectoral interconnectedness in the euro area economies: insights from network analysis," Working Paper Series 3223, European Central Bank.
    81. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2025. "Corporate Debt Structure with Home and International Currency Bias," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 433-456, June.
    82. Zixiang Qi & Bicong Wang & Yaxin Wang, 2025. "Income inequality and economic growth," American Journal of Economics and Sociology, Wiley Blackwell, vol. 84(2), pages 387-426, March.
    83. Kim, Jinhwan & Olbert, Marcel, 2022. "How does private firm disclosure affect demand for public firm equity? Evidence from the global equity market," Journal of Accounting and Economics, Elsevier, vol. 74(2).
    84. D’Avino, Carmela, 2024. "Global banks and the picking order in internal capital markets: Do locational activity patterns matter?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 97(C).
    85. Swapan-Kumar Pradhan & Eswar Prasad & Előd Takáts & Judit Temesvary, 2026. "Dollarisation waves: new evidence from a comprehensive international bond database," BIS Papers, Bank for International Settlements, number 165.
    86. Goldberg,Pinelopi Koujianou & Reed,Tristan, 2023. "Is the Global Economy Deglobalizing ? And If So, Why? And What Is Next?," Policy Research Working Paper Series 10392, The World Bank.
    87. Nugent, Jeffrey B. & Lu, Jiaxuan, 2021. "China's outward foreign direct investment in the Belt and Road Initiative: What are the motives for Chinese firms to invest?," China Economic Review, Elsevier, vol. 68(C).
    88. Kox, Henk L.M., 2024. "Towards time-consistent bilateral FDI statistics: A new dataset covering 2001-2022," MPRA Paper 122883, University Library of Munich, Germany.
    89. Nina Boyarchenko & Leonardo Elias, 2023. "Corporate Credit Conditions Around the World: Novel Facts Through Holistic Data," Staff Reports 1074, Federal Reserve Bank of New York.
    90. Kern, Andreas & Nosrati, Elias & Reinsberg, Bernhard & Sevinc, Dilek, 2023. "Crash for cash: Offshore financial destinations and IMF programs," European Journal of Political Economy, Elsevier, vol. 78(C).
    91. Nick Sander, 2023. "The Macroeconomic Effects of Portfolio Equity Inflows," Staff Working Papers 23-31, Bank of Canada.
    92. Iñaki Aldasoro & Bryan Hardy & Goetz von Peter & Philip Wooldridge, 2026. "International finance through the lens of BIS statistics: offshore activity," BIS Quarterly Review, Bank for International Settlements, March.
    93. Boermans, Martijn A. & Burger, John D., 2023. "Fickle emerging market flows, stable euros, and the dollar risk factor," Journal of International Economics, Elsevier, vol. 142(C).
    94. Viktor Koval & Nadiia Shmygol & Sandra Đurović & Đorđije Pavićević & Iryna Honcharova, 2025. "Analysis of Innovative Electromobility Development and the Advancement of Eco-Friendly Transport Infrastructure," Sustainability, MDPI, vol. 17(3), pages 1-23, January.
    95. Meyer, Timothy, 2025. "Asset price changes, external wealth and global welfare," Journal of International Economics, Elsevier, vol. 157(C).
    96. Katarzyna Bilicka & Michael Devereux & İrem Güçeri & Katarzyna Anna Bilicka & Michael P. Devereux & Irem Guceri, 2024. "Tax Policy, Investment and Profit Shifting," CESifo Working Paper Series 11458, CESifo.
    97. Matteo Maggiori, 2021. "FX policy when financial markets are imperfect," BIS Working Papers 942, Bank for International Settlements.
    98. Andrew Atkeson & Jonathan Heathcote & Fabrizio Perri, 2025. "The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States," American Economic Review, American Economic Association, vol. 115(7), pages 2151-2206, July.
    99. Barry Eichengreen & Camille Macaire & Arnaud Mehl & Eric Monnet & Alain Naef, 2022. "Is Capital Account Convertibility Required for the Renminbi to Acquire Reserve Currency Status?," Working papers 892, Banque de France.
    100. Yasumasa Morito & Kenichi Ueda, 2024. "Bilateral Lucas Paradox," CARF F-Series CARF-F-581, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    101. Ambrogio Cesa-Bianchi & Robert Czech & Fernando Eguren-Martin, 2023. "Dash for Dollars," Discussion Papers 2314, Centre for Macroeconomics (CFM).
    102. Meng, Bo & Gao, Yuning & Ye, Jiabai & Zhang, Meichen & Xing, Yuqing, 2022. "Trade in factor income and the US-China trade balance," China Economic Review, Elsevier, vol. 73(C).
    103. Clayton, Christopher & Coppola, Antonio & Santos, Amanda Dos & Maggiori, Matteo & Schreger, Jesse, 2023. "China in Tax Havens," SocArXiv bfrvn, Center for Open Science.
    104. Pamela Pogliani & Goetz von Peter & Philip Wooldridge, 2022. "The outsize role of cross-border financial centres," BIS Quarterly Review, Bank for International Settlements, June.
    105. Kimiko Terai, 2025. "The Sovereign Bond Issuance and Tax Competition for Portfolio Investment: A Political Economy Approach," Keio-IES Discussion Paper Series DP2025-016, Institute for Economics Studies, Keio University.
    106. Bush, Georgia & Cañón, Carlos, 2025. "Capital flows: The role of investment fund portfolio managers," Journal of International Economics, Elsevier, vol. 154(C).
    107. Katarzyna Bilicka & Michael Devereux & Irem Güçeri, 2022. "Tax Avoidance Networks and the Push for a "Historic" Global Tax Reform," NBER Chapters, in: Tax Policy and the Economy, Volume 37, pages 57-108, National Bureau of Economic Research, Inc.
    108. Katarzyna A. Bilicka & André Seidel, 2022. "Measuring Firm Activity from Outer Space," NBER Working Papers 29945, National Bureau of Economic Research, Inc.
    109. Nicolas Véron & Tianlei Huang, 2022. "The private sector advances in China- The evolving ownership structures of the largest companies in the Xi Jinping era," Bruegel Working Papers 47856, Bruegel.
    110. Martijn Boermans, 2022. "A literature review of securities holdings statistics research and a practitioner’s guide," Working Papers 757, DNB.
    111. De Haas, Ralph & Popov, Alexander & Mamonov, Mikhail & Shala, Iliriana, 2025. "Violent conflict and cross-border lending," Working Paper Series 3073, European Central Bank.
    112. Alessandro Moro & Alessandro Schiavone, 2022. "The role of non-bank financial institutions in the intermediation of capital flows to emerging markets," Temi di discussione (Economic working papers) 1367, Bank of Italy, Economic Research and International Relations Area.
    113. Holland, Sara B. & Sarkissian, Sergei & Schill, Michael J. & Warnock, Francis E., 2024. "Nonlinearities and a pecking order in cross-border investment," Journal of Banking & Finance, Elsevier, vol. 166(C).
    114. Marco Albori & Flavia Corneli & Valerio Nispi Landi & Alessandro Schiavone, 2021. "The impact of restrictions on FDI," Questioni di Economia e Finanza (Occasional Papers) 656, Bank of Italy, Economic Research and International Relations Area.
    115. Hassan, Tarek & Zhang, Tony, 2020. "The Economics of Currency Risk," CEPR Discussion Papers 15313, Centre for Economic Policy Research.
    116. Mark J. Flannery & Claire Yurong Hong & Baolian Wang, 2023. "The Effect of Government Reference Bonds on Corporate Borrowing Costs: Evidence from a Natural Experiment," Management Science, INFORMS, vol. 69(7), pages 4051-4077, July.
    117. Patrick McGuire & Goetz von Peter & Sonya Zhu, 2024. "International finance through the lens of BIS statistics: residence vs nationality," BIS Quarterly Review, Bank for International Settlements, March.
    118. Mariam Camarero & Joan Crespo & Cecilio Tamarit, 2025. "FDI and the evolution of the comparative advantage of nations," Working Papers 2511, Department of Applied Economics II, Universidad de Valencia.

  16. Maggiori, Matteo & Lilley, Andrew & Neiman, Brent & Schreger, Jesse, 2020. "Exchange Rate Reconnect," CEPR Discussion Papers 13869, Centre for Economic Policy Research.

    Cited by:

    1. Dainauskas, Justas, 2023. "Time-varying exchange rate pass-through into terms of trade," LSE Research Online Documents on Economics 120000, London School of Economics and Political Science, LSE Library.
    2. Iwanaga, Yasuhiro & Sakemoto, Ryuta, 2025. "Conditional currency momentum portfolios," International Review of Financial Analysis, Elsevier, vol. 99(C).
    3. Javier Bianchi & Saki Bigio & Charles Engel, 2022. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," Working Papers 182, Peruvian Economic Association.
    4. Gordon Y. Liao & Tony Zhang, 2020. "The Hedging Channel of Exchange Rate Determination," International Finance Discussion Papers 1283, Board of Governors of the Federal Reserve System (U.S.).
    5. Oleg Itskhoki & Dmitry Mukhin, 2025. "What Drives the Exchange Rate?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(1), pages 86-117, March.
    6. Corbo, Vesna & Di Casola, Paola, 2020. "Drivers of consumer prices and exchange rates in small open economies," Working Paper Series 387, Sveriges Riksbank (Central Bank of Sweden).
    7. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    8. Yin-Wong Cheung & Wenhao Wang & Frank Westermann, 2025. "An In-Sample Evaluation of Exchange Rate Models: In Search of Scapegoats," CESifo Working Paper Series 11852, CESifo.
    9. Adrian, Tobias & Xie, Peichu, 2020. "The Non-U.S. Bank Demand for U.S. Dollar Assets," CEPR Discussion Papers 14437, Centre for Economic Policy Research.
    10. Albagli, Elias & Ceballos, Luis & Claro, Sebastian & Romero, Damian, 2024. "UIP deviations: Insights from event studies," Journal of International Economics, Elsevier, vol. 148(C).
    11. Kerstin Bernoth & Helmut Herwartz & Lasse Trienens, 2024. "Interest Rates, Convenience Yields, and Inflation Expectations: Drivers of US Dollar Exchange Rates," Discussion Papers of DIW Berlin 2100, DIW Berlin, German Institute for Economic Research.
    12. Martin McCarthy, Stephen Snudden, 2024. "Forecasts of Period-Average Exchange Rates: New Insights from Real-Time Daily Data," LCERPA Working Papers jc0148, Laurier Centre for Economic Research and Policy Analysis, revised Oct 2024.
    13. Kerstin Bernoth & Helmut Herwartz & Lasse Trienens, 2023. "The Impacts of Global Risk and US Monetary Policy on US Dollar Exchange Rates and Excess Currency Returns," Discussion Papers of DIW Berlin 2037, DIW Berlin, German Institute for Economic Research.
    14. Laura Alfaro & Ester Faia & Ruth Judson & Tim Schmidt-Eisenlohr, 2020. "Elusive Safety: The New Geography of Capital Flows and Risk," CESifo Working Paper Series 8249, CESifo.
    15. Marco Pinchetti & Andrzej Szczepaniak, 2021. "Global spillovers of the Fed information effect," Bank of England working papers 952, Bank of England.
    16. Ralf R. Meisenzahl & Friederike Niepmann & Tim Schmidt-Eisenlohr, 2025. "The Dollar Channel of Monetary Policy Transmission," Finance and Economics Discussion Series 2025-046, Board of Governors of the Federal Reserve System (U.S.).
    17. Martijn A. Boermans & John D. Burger, 2020. "Fickle Emerging Market Flows, Stable Euros, and the Dollar Risk Factor," Working Papers 676, DNB.
    18. Jiang, Zhengyang & Richmond, Robert J. & Zhang, Tony, 2025. "Understanding the strength of the dollar," Journal of Financial Economics, Elsevier, vol. 168(C).
    19. J. Scott Davis & Andrei Zlate, 2024. "Real Exchange Rates and the Global Financial Cycle," Working Papers 2416, Federal Reserve Bank of Dallas, revised 20 May 2025.
    20. Qiu, Yue & Wang, Kaixin & Xie, Wenjing & Zheng, Xiangzhong, 2025. "The power of policy words: PBC communications and their impact on capital flows amidst global crises," China Economic Review, Elsevier, vol. 93(C).
    21. Dainauskas, Justas, 2023. "Time-varying exchange rate pass-through into terms of trade," Journal of International Money and Finance, Elsevier, vol. 137(C).
    22. Robin Greenwood & Samuel G. Hanson & Jeremy C. Stein & Adi Sunderam, 2020. "A Quantity-Driven Theory of Term Premia and Exchange Rates," NBER Working Papers 27615, National Bureau of Economic Research, Inc.
    23. Niepmann, Friederike & Schmidt-Eisenlohr, Tim, 2023. "Institutional investors, the dollar, and U.S. credit conditions," Journal of Financial Economics, Elsevier, vol. 147(1), pages 198-220.
    24. Maggiori, Matteo & Coppola, Antonio & Neiman, Brent & Schreger, Jesse, 2020. "Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens," CEPR Discussion Papers 14508, Centre for Economic Policy Research.
    25. Venditti, Fabrizio & Veronese, Giovanni, 2020. "Global financial markets and oil price shocks in real time," Working Paper Series 2472, European Central Bank.
    26. Hsuan Fu & Shu-Fu Lee & Jui-Chung Yang, 2026. "Time-varying betas in foreign exchange returns: An IPCA approach," Review of Quantitative Finance and Accounting, Springer, vol. 66(3), pages 1253-1281, April.
    27. Karau, Sören, 2024. "Relative monetary policy and exchange rates," Discussion Papers 40/2024, Deutsche Bundesbank.
    28. Samer Shousha, 2019. "The Dollar and Emerging Market Economies: Financial Vulnerabilities Meet the International Trade System," International Finance Discussion Papers 1258, Board of Governors of the Federal Reserve System (U.S.).
    29. Hassan, Ramin & Loualiche, Erik & Pecora, Alexandre R. & Ward, Colin, 2023. "International trade and the risk in bilateral exchange rates," Journal of Financial Economics, Elsevier, vol. 150(2).
    30. Fredy Gamboa-Estrada & Jose Vicente Romero, 2021. "Common and idiosyncratic movements in Latin-American Exchange Rates," Borradores de Economia 1158, Banco de la Republica de Colombia.
    31. Andrews, Spencer & Colacito, Riccardo & Croce, Mariano M. & Gavazzoni, Federico, 2024. "Concealed carry," Journal of Financial Economics, Elsevier, vol. 159(C).
    32. Zhengyang Jiang & Arvind Krishnamurthy & Hanno Lustig, 2021. "Foreign Safe Asset Demand and the Dollar Exchange Rate," Journal of Finance, American Finance Association, vol. 76(3), pages 1049-1089, June.
    33. Correa, Ricardo & DeMarco, Laurie, 2025. "Dealer leverage and exchange rates: Heterogeneity across intermediaries," Journal of Banking & Finance, Elsevier, vol. 174(C).
    34. Wataru Miyamoto & Thuy Lan Nguyen & Hyunseung Oh, 2023. "In Search of Dominant Drivers of the Real Exchange Rate," International Finance Discussion Papers 1373, Board of Governors of the Federal Reserve System (U.S.).
    35. Janus, Jakub, 2025. "Global financial risk and uncovered interest parity premia in Central and Eastern Europe," Economic Modelling, Elsevier, vol. 148(C).
    36. Khorrami, Paymon & Zentefis, Alexander K., 2025. "Segmentation and beliefs: A theory of self-fulfilling idiosyncratic risk," Journal of Economic Theory, Elsevier, vol. 223(C).
    37. Leonie Bräuer & Harald Hau, 2022. "Can Time-Varying Currency Risk Hedging Explain Exchange Rates?," CESifo Working Paper Series 10065, CESifo.
    38. Choi, Yoonho & Choi, E. Kwan, 2022. "Why exchange rate pass-through matters in forward exchange markets," Economic Modelling, Elsevier, vol. 110(C).
    39. Nathan, Daniel & Ben Zeev, Nadav, 2022. "Shorting the Dollar When Global Stock Markets Roar: The Equity Hedging Channel of Exchange Rate Determination," MPRA Paper 112909, University Library of Munich, Germany.
    40. Engel, Charles & Wu, Steve Pak Yeung, 2021. "Forecasting the U.S. Dollar in the 21st Century," CEPR Discussion Papers 15915, Centre for Economic Policy Research.
    41. Cerutti, Eugenio M. & Obstfeld, Maurice & Zhou, Haonan, 2021. "Covered interest parity deviations: Macrofinancial determinants," Journal of International Economics, Elsevier, vol. 130(C).
    42. Liu, Mengyue & Wei, Jiajia & Gao, Wang & Jiang, Yuanyuan & Sun, Yadong, 2025. "Multiscale dynamic linkages of China's financial markets under exchange rate shocks: An MJMD approach," International Review of Financial Analysis, Elsevier, vol. 108(PA).
    43. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2025. "Corporate Debt Structure with Home and International Currency Bias," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 433-456, June.
    44. Kim, Jinhwan & Olbert, Marcel, 2022. "How does private firm disclosure affect demand for public firm equity? Evidence from the global equity market," Journal of Accounting and Economics, Elsevier, vol. 74(2).
    45. Swapan-Kumar Pradhan & Eswar Prasad & Előd Takáts & Judit Temesvary, 2026. "Dollarisation waves: new evidence from a comprehensive international bond database," BIS Papers, Bank for International Settlements, number 165.
    46. Georgios Georgiadis & Gernot J. Müller & Ben Schumann, 2023. "Dollar Trinity and the Global Financial Cycle," Discussion Papers of DIW Berlin 2058, DIW Berlin, German Institute for Economic Research.
    47. Byrne, Joseph P. & Sakemoto, Ryuta, 2021. "The conditional volatility premium on currency portfolios," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    48. Sai Ma & Tim Schmidt-Eisenlohr, 2023. "The Financial Channel of the Exchange Rate and Global Trade," CESifo Working Paper Series 10495, CESifo.
    49. Federico Favaretto, 2023. "Exchange Rates and Government Debt," BAFFI CAREFIN Working Papers 23198, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    50. Georgiadis, Georgios & Müller, Gernot J. & Schumann, Ben, 2024. "Global risk and the dollar," Journal of Monetary Economics, Elsevier, vol. 144(C).
    51. Du, Wenxin & Keerati, Ritt & Schreger, Jesse, 2025. "Decoupling Dollar and Treasury Privilege," SocArXiv 7u9kn_v1, Center for Open Science.
    52. Jarociński, Marek, 2020. "Central bank information effects and transatlantic spillovers," Working Paper Series 2482, European Central Bank.
    53. Sai Ma & Tim Schmidt-Eisenlohr & Shaojun Zhang, 2020. "The Effect of the Dollar on Trade Prices," CESifo Working Paper Series 8727, CESifo.
    54. Stein, Hillary, 2025. "Got milk? The effect of export price shocks on exchange rates," Journal of International Economics, Elsevier, vol. 155(C).
    55. Kalemli-Özcan, Sebnem, 2019. "US Monetary Policy and International Risk Spillovers," CEPR Discussion Papers 14053, Centre for Economic Policy Research.
    56. Oliver Holtemöller & Alexander Kriwoluzky & Boreum Kwak, 2024. "Is There an Information Channel of Monetary Policy?," Discussion Papers of DIW Berlin 2084, DIW Berlin, German Institute for Economic Research.
    57. Park, Cheolbeom, 2025. "Liquidity returns, global risk, and exchange rates: An explanation based on scapegoat theory," Economic Modelling, Elsevier, vol. 153(C).

  17. Stefano Giglio & Matteo Maggiori & Johannes Stroebel & Stephen Utkus, 2020. "Inside the Mind of a Stock Market Crash," Papers 2004.01831, arXiv.org, revised May 2020.

    Cited by:

    1. Coskun, Yener & Akinsomi, Omokolade & Gil-Alana, Luis A. & Yaya, OlaOIuwa S., 2021. "Stock Market Responses to COVID-19: Mean Reversion, Dependence and Persistence Behaviours," MPRA Paper 109827, University Library of Munich, Germany.
    2. Zhifeng Liu & Toan Luu Duc Huynh & Peng-Fei Dai, 2020. "The impact of COVID-19 on the stock market crash risk in China," Papers 2009.08030, arXiv.org, revised Aug 2021.
    3. Liu, Zhifeng & Huynh, Toan Luu Duc & Dai, Peng-Fei, 2021. "The impact of COVID-19 on the stock market crash risk in China," Research in International Business and Finance, Elsevier, vol. 57(C).
    4. Saito, Yuta & Sakamoto, Jun, 2021. "Asset pricing during pandemic lockdown," Research in International Business and Finance, Elsevier, vol. 58(C).
    5. Giglio, Stefano & Maggiori, Matteo & Stroebel, Johannes & Tan, Zhenhao & Utkus, Stephen & Xu, Xiao, 2023. "Four Facts About Esg Beliefs And Investor Portfolios," SocArXiv dcb93, Center for Open Science.
    6. Bazzana, Davide & Colturato, Michele & Savona, Roberto, "undated". "Learning about Unprecedented Events: Agent-Based Modelling and the Stock Market Impact of COVID-19," FEEM Working Papers 314928, Fondazione Eni Enrico Mattei (FEEM).
    7. Hasan Fallahgoul, 2020. "Inside the Mind of Investors During the COVID-19 Pandemic: Evidence from the StockTwits Data," Papers 2004.11686, arXiv.org, revised May 2020.
    8. Lukas Buchheim & Carla Krolage & Sebastian Link, 2020. "Sudden Stop: When Did Firms Anticipate the Potential Consequences of Covid-19?," CESifo Working Paper Series 8429, CESifo.
    9. Pagano, Michael S. & Sedunov, John & Velthuis, Raisa, 2021. "How did retail investors respond to the COVID-19 pandemic? The effect of Robinhood brokerage customers on market quality," Finance Research Letters, Elsevier, vol. 43(C).
    10. Feng, Chao & Ma, Shiqun & Xiang, Lijin & Xiao, Zumian, 2025. "The dynamic impact of cryptocurrency implied exchange rates on stock market returns: An empirical study of G7 countries," Research in International Business and Finance, Elsevier, vol. 76(C).
    11. Francke, Marc & Korevaar, Matthijs, 2021. "Housing markets in a pandemic: Evidence from historical outbreaks," Journal of Urban Economics, Elsevier, vol. 123(C).
    12. Chin, Alycia & VanEpps, Eric M. & Scholl, Brian & Nash, Steven, 2025. "How should I know? Lack of confidence biases stock market expectations toward zero," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    13. Forrest V. Morgeson & Udit Sharma & Xiaoxu Wu Schultz & Anita Pansari & Ayalla Ruvio & G. Tomas M. Hult, 2024. "Weathering the crash: Do customer-company relationships pay off during economic crises?," Journal of the Academy of Marketing Science, Springer, vol. 52(2), pages 489-511, March.
    14. Harrison Hong & Jeffrey D. Kubik & Neng Wang & Xiao Xu & Jinqiang Yang, 2020. "Pandemics, Vaccines and an Earnings Damage Function," NBER Working Papers 27829, National Bureau of Economic Research, Inc.
    15. Davide Bazzana & Michele Colturato & Roberto Savona, 2021. "Learning about Unprecedented Events: Agent-Based Modelling and the Stock Market Impact of COVID-19," Working Papers 2021.26, Fondazione Eni Enrico Mattei.
    16. Anna Cororaton & Samuel Rosen, 2021. "Public Firm Borrowers of the U.S. Paycheck Protection Program [The risk of being a fallen angel and the corporate dash for cash in the midst of COVID]," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 10(4), pages 641-693.
    17. Toufique, M. M. K., 2020. "Why do some countries have more COVID-19 cases than others? Evidence from 70 most affected countries sans China," EconStor Preprints 222456, ZBW - Leibniz Information Centre for Economics.
    18. Buncic, Daniel, 2020. "Econometric issues with Laubach and Williams’ estimates of the natural rate of interest," Working Paper Series 397, Sveriges Riksbank (Central Bank of Sweden).
    19. Hetzel, Robert, 2020. "COVID-19 and the Fed’s Credit Policy," Working Papers 10689, George Mason University, Mercatus Center.
    20. Glossner, Simon & Matos, Pedro Pinto & Ramelli, Stefano & Wagner, Alexander F., 2022. "Do institutional investors stabilize equity markets in crisis periods? Evidence from COVID-19," CEPR Discussion Papers 15070, Centre for Economic Policy Research.
    21. Croce, Mariano & Farroni, Paolo & Wolfskeil, Isabella, 2020. "When the Markets Get COVID: COntagion, Viruses, and Information Diffusion," CEPR Discussion Papers 14674, Centre for Economic Policy Research.
    22. Georgij Alekseev & Safaa Amer & Manasa Gopal & Theresa Kuchler & J. W. Schneider & Johannes Stroebel & Nils Wernerfelt, 2023. "The Effects of COVID-19 on U.S. Small Businesses: Evidence from Owners, Managers, and Employees," Management Science, INFORMS, vol. 69(1), pages 7-24, January.
    23. Bu, Di & Hanspal, Tobin & Liao, Yin & Liu, Yong, 2021. "Risk taking, preferences, and beliefs: Evidence from Wuhan," SAFE Working Paper Series 301, Leibniz Institute for Financial Research SAFE.
    24. Sourish Das, 2025. "Predicting Stock Market Crash with Bayesian Generalised Pareto Regression," Papers 2506.17549, arXiv.org.
    25. Jinyong Kim & Yongsik Kim, 2022. "Market‐wide shocks and the predictive power for the real economy in the Korean stock market," Pacific Economic Review, Wiley Blackwell, vol. 27(4), pages 380-399, October.
    26. Arteaga-Garavito, Maria Jose & Croce, Mariano M. & Farroni, Paolo & Wolfskeil, Isabella, 2024. "When the markets get CO.V.I.D: COntagion, Viruses, and Information Diffusion," Journal of Financial Economics, Elsevier, vol. 157(C).
    27. Payzan-LeNestour, Elise & Woodford, Michael, 2022. "Outlier blindness: A neurobiological foundation for neglect of financial risk," Journal of Financial Economics, Elsevier, vol. 143(3), pages 1316-1343.

  18. Stefano Giglio & Matteo Maggiori & Johannes Stroebel & Stephen Utkus, 2019. "Five facts about beliefs and portfolios," CESifo Working Paper Series 7666, CESifo.

    Cited by:

    1. Chien-Chiang Lee & Fuhao Wang & Chi-Chuan Lee, 2025. "How does education promote green digital finance? Evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-29, December.
    2. Carlos Alós-Ferrer & Michele Garagnani, 2022. "Who likes it more? Using response times to elicit group preferences in surveys," ECON - Working Papers 422, Department of Economics - University of Zurich.
    3. Marianne Andries & Milo Bianchi & Karen Huynh & Sébastien Pouget, 2024. "Return Predictability, Expectations, and Investment: Experimental Evidence," Post-Print hal-04680777, HAL.
    4. Hong, Claire Yurong & Lu, Xiaomeng & Pan, Jun, 2021. "FinTech adoption and household risk-taking," BOFIT Discussion Papers 14/2021, Bank of Finland Institute for Emerging Economies (BOFIT).
    5. Alex Chinco & Samuel M. Hartzmark & Abigail B. Sussman, 2022. "A New Test of Risk Factor Relevance," Journal of Finance, American Finance Association, vol. 77(4), pages 2183-2238, August.
    6. Francesco Capozza & Ingar Haaland & Christopher Roth & Johannes Wohlfart, 2021. "Studying Information Acquisition in the Field: A Practical Guide and Review," ECONtribute Discussion Papers Series 124, University of Bonn and University of Cologne, Germany.
    7. Arnold, Marc & Pelster, Matthias & Subrahmanyam, Marti G., 2022. "Attention triggers and investors’ risk-taking," Journal of Financial Economics, Elsevier, vol. 143(2), pages 846-875.
    8. Zhifeng Liu & Toan Luu Duc Huynh & Peng-Fei Dai, 2020. "The impact of COVID-19 on the stock market crash risk in China," Papers 2009.08030, arXiv.org, revised Aug 2021.
    9. Pietro Dindo & Filippo Massari, 2025. "Learning Models from Prices," Working Papers 2025: 17, Department of Economics, University of Venice "Ca' Foscari".
    10. Arrondel, Luc & Calvo Pardo, Héctor & Giannitsarou, Chryssi & Haliassos, Michael, 2022. "Informative Social Interactions," CEPR Discussion Papers 14840, Centre for Economic Policy Research.
    11. Sui, Pengfei & Wang, Baolian, 2025. "Stakes and investor behaviors," Journal of Financial Economics, Elsevier, vol. 172(C).
    12. Cassella, Stefano & Chen, Te-Feng & Gulen, Huseyin & Liu, Yan, 2025. "Extracting extrapolative beliefs from market prices: An augmented present-value approach," Journal of Financial Economics, Elsevier, vol. 164(C).
    13. Barrero, Jose Maria, 2022. "The micro and macro of managerial beliefs," Journal of Financial Economics, Elsevier, vol. 143(2), pages 640-667.
    14. Shumiao Ouyang & Pengfei Sui, 2026. "Dissecting AI Trading: Behavioral Finance and Market Bubbles," Papers 2604.18373, arXiv.org.
    15. Xing Guo & Pablo Ottonello & Diego Perez, 2022. "Monetary Policy and Redistribution in Open Economies," Staff Working Papers 22-6, Bank of Canada.
    16. Jūra Liaukonytė & Alminas Žaldokas, 2022. "Background Noise? TV Advertising Affects Real-Time Investor Behavior," Management Science, INFORMS, vol. 68(4), pages 2465-2484, April.
    17. Liu, Zhifeng & Huynh, Toan Luu Duc & Dai, Peng-Fei, 2021. "The impact of COVID-19 on the stock market crash risk in China," Research in International Business and Finance, Elsevier, vol. 57(C).
    18. Peter Andre & Carlo Pizzinelli & Christopher Roth & Johannes Wohlfart, 2021. "Subjective Models of the Macroeconomy: Evidence From Experts and Representative Samples," ECONtribute Discussion Papers Series 119, University of Bonn and University of Cologne, Germany.
    19. Scott R. Baker & Robert A Farrokhnia & Steffen Meyer & Michaela Pagel & Constantine Yannelis, 2023. "Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments," Review of Finance, European Finance Association, vol. 27(6), pages 2271-2304.
    20. Lansing, Kevin J., 2024. "Replicating business cycles and asset returns with sentiment and low risk aversion," Journal of Economic Dynamics and Control, Elsevier, vol. 167(C).
    21. Sarah Kiesl-Reiter & Melanie Lührmann & Jonathan Shaw & Joachim Winter, 2025. "The formation of subjective house price expectations: the role of perceptions and local economic conditions," IFS Working Papers W25/58, Institute for Fiscal Studies.
    22. Buchanan, Bonnie & Silvola, Hanna & Vähämaa, Emilia, 2023. "Sustainability and private investors," Bank of Finland Research Discussion Papers 14/2023, Bank of Finland.
    23. Johannes Schmidt, 2025. "The influence of short-term subjective expectations on stock price movements," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 39(3), pages 303-333, September.
    24. Schnorpfeil, Philip & Weber, Michael & Hackethal, Andreas, 2025. "Inflation and Trading," Journal of Financial Economics, Elsevier, vol. 173(C).
    25. Goldfayn-Frank, Olga & Wohlfart, Johannes, 2020. "Expectation formation in a new environment: Evidence from the German reunification," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 301-320.
    26. Muñoz, Manuel A. & Soons, Oscar, 2023. "Public money as a store of value, heterogeneous beliefs, and banks: implications of CBDC," Working Paper Series 2801, European Central Bank.
    27. Petkova, Ralitsa, 2023. "Extrapolative beliefs about Bitcoin returns," Finance Research Letters, Elsevier, vol. 56(C).
    28. Despina Gavresi & Anastasia Litina & Christos A. Makridis, 2021. "Split Personalities? Behavioral Effects of Temperature on Financial Decision-making," Discussion Paper Series 2021_16, Department of Economics, University of Macedonia, revised Nov 2021.
    29. Anders Anderson & David T Robinson, 2022. "Financial Literacy in the Age of Green Investment [Evaluating behaviorally motivated policy: experimental evidence from the lightbulb market]," Review of Finance, European Finance Association, vol. 26(6), pages 1551-1584.
    30. Dmitri V. Vinogradov & Michael J. Lamla & Yousef Makhlouf, 2024. "Survey-based expectations and uncertainty attitudes," Working Papers 2024_02, Business School - Economics, University of Glasgow.
    31. Soroush Ghazi & Mark Schneider & Jack Strauss, 2025. "Market Ambiguity Attitude Restores the Risk-Return Trade-Off," Management Science, INFORMS, vol. 71(10), pages 8430-8451, October.
    32. Cassella, Stefano & Chen, Te-Feng & Gulen, Huseyin & Liu, Yan, 2025. "Extracting extrapolative beliefs from market prices : An augmented present-value approac," Other publications TiSEM a19ca154-f344-4cd5-b2e5-c, Tilburg University, School of Economics and Management.
    33. Sarantis Tsiaplias & Qi Zeng & Guay C. Lim, 2023. "Retail Investor Trading Intentions: New Evidence from Australia," The Economic Record, The Economic Society of Australia, vol. 99(327), pages 512-535, December.
    34. Robin Musolff & Florian Zimmermann, 2025. "Model Uncertainty," ECONtribute Discussion Papers Series 369, University of Bonn and University of Cologne, Germany.
    35. Alexander M. Chinco & Samuel M. Hartzmark & Abigail B. Sussman, 2020. "Necessary Evidence For A Risk Factor’s Relevance," NBER Working Papers 27227, National Bureau of Economic Research, Inc.
    36. Kiesl-Reiter, Sarah, 2024. "Subjective Expectations about Joint Return Distributions," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302423, Verein für Socialpolitik / German Economic Association.
    37. Jessica A. Wachter, 2020. "Comment on "Imperfect Expectations: Theory and Evidence"," NBER Chapters, in: NBER Macroeconomics Annual 2020, volume 35, pages 87-98, National Bureau of Economic Research, Inc.
    38. Beutel, Johannes & Metiu, Norbert & Stockerl, Valentin, 2021. "Toothless tiger with claws? Financial stability communication, expectations, and risk-taking," Discussion Papers 05/2021, Deutsche Bundesbank.
    39. Cueva, Carlos & Iturbe-Ormaetxe, Iñigo, 2025. "Motivated beliefs about stock returns," Journal of Banking & Finance, Elsevier, vol. 178(C).
    40. Bacchetta, Philippe & van Wincoop, Eric, 2021. "Puzzling exchange rate dynamics and delayed portfolio adjustment," Journal of International Economics, Elsevier, vol. 131(C).
    41. Gopalakrishna, Goutham & Lee, Seung Joo & Papamichalis, Theofanis, 2025. "Beliefs and the net worth trap," Journal of Economic Theory, Elsevier, vol. 227(C).
    42. Sofía Gallardo & Carlos Madeira, 2022. "The role of financial surveys for economic research and policy making in emerging markets," Working Papers Central Bank of Chile 948, Central Bank of Chile.
    43. John R. Graham, 2022. "Presidential Address: Corporate Finance and Reality," Journal of Finance, American Finance Association, vol. 77(4), pages 1975-2049, August.
    44. Matteo Benetton & Giovanni Compiani, 2024. "Investors’ Beliefs and Cryptocurrency Prices," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 14(2), pages 197-236.
    45. Alex Kontoghiorghes, 2022. "Do personal taxes affect investment decisions and stock returns?," Bank of England working papers 988, Bank of England.
    46. Ben-Rephael, Azi & Cookson, J. Anthony & izhakian, yehuda, 2022. "Trading, Ambiguity and Information in the Options Market," SocArXiv ewunv, Center for Open Science.
    47. Junjun Ma & Xindan Li & Lei Lu & Weixing Wu & Xiong Xiong, 2022. "Individual investors' dispersion in beliefs and stock returns," Financial Management, Financial Management Association International, vol. 51(3), pages 929-953, September.
    48. Enke, Benjamin & Schwerter, Frederik & Zimmermann, Florian, 2024. "Associative memory, beliefs and market interactions," Journal of Financial Economics, Elsevier, vol. 157(C).
    49. Schmeling, Maik & Schrimpf, Andreas & Steffensen, Sigurd A.M., 2022. "Monetary policy expectation errors," Journal of Financial Economics, Elsevier, vol. 146(3), pages 841-858.
    50. Asmaa Hamdy Abdelaziz Mohamed Elmahdy & Menna Talla Khaled Mohamed Abdelkader & Mina Ayman Mikhaeel Shaker, 2025. "Bridging the nexus between Fintech, operational efficiency and banks profitability: the moderating role of bank size," Future Business Journal, Springer, vol. 11(1), pages 1-14, December.
    51. Chin, Alycia & VanEpps, Eric M. & Scholl, Brian & Nash, Steven, 2025. "How should I know? Lack of confidence biases stock market expectations toward zero," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    52. Peter Andre & Ingar Haaland & Christopher Roth & Johannes Wohlfart, 2021. "Narratives about the Macroeconomy," CEBI working paper series 21-18, University of Copenhagen. Department of Economics. The Center for Economic Behavior and Inequality (CEBI).
    53. Dong, Ding & Liu, Zheng & Wang, Pengfei & Zha, Tao, 2022. "A theory of housing demand shocks," Journal of Economic Theory, Elsevier, vol. 203(C).
    54. Yueran Ma & Tiziano Ropele & David Sraer & David Thesmar, 2020. "A Quantitative Analysis of Distortions in Managerial Forecasts," NBER Working Papers 26830, National Bureau of Economic Research, Inc.
    55. Liu, Hongqi & Peng, Cameron & Xiong, Wei A. & Xiong, Wei, 2022. "Taming the bias zoo," Journal of Financial Economics, Elsevier, vol. 143(2), pages 716-741.
    56. Bender, Svetlana & Choi, James J. & Dyson, Danielle & Robertson, Adriana Z., 2022. "Millionaires speak: What drives their personal investment decisions?," Journal of Financial Economics, Elsevier, vol. 146(1), pages 305-330.
    57. ÅžimÅŸek, Alp & Caballero, Ricardo, 2019. "A Risk-centric Model of Demand Recessions and Speculation," CEPR Discussion Papers 13815, Centre for Economic Policy Research.
    58. Kogan, Shimon & Makarov, Igor & Niessner, Marina & Schoar, Antoinette, 2024. "Are cryptos different? Evidence from retail trading," Journal of Financial Economics, Elsevier, vol. 159(C).
    59. Pei Kuang & Li Tang & Renbin Zhang & Tongbin Zhang, 2025. "Are survey stock price forecasts anchored by fundamental forecasts? A long-run perspective," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 79(2), pages 657-685, March.
    60. Michele Cascarano & Laura Sigalotti & Francesco Stradi, 2025. "EU views and household investments: evidence from the Brexit referendum," Temi di discussione (Economic working papers) 1504, Bank of Italy, Economic Research and International Relations Area.
    61. Chaudhry, Aditya, 2025. "The impact of prices on analyst cash flow expectations: Reconciling subjective beliefs data with rational discount rate variation," Journal of Financial Economics, Elsevier, vol. 171(C).
    62. Son, Dong-Hoon, 2023. "On-demand ride-sourcing markets with cryptocurrency-based fare-reward scheme," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 171(C).
    63. Fos, Vyacheslav & Kempf, Elisabeth & Tsoutsoura, Margarita, 2021. "The Political Polarization of Corporate America," Working Papers 313, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    64. Lee, Kiryoung, 2023. "Geopolitical risk and household stock market participation," Finance Research Letters, Elsevier, vol. 51(C).
    65. Andreas Fuster & Ricardo Perez-Truglia & Mirko Wiederholt & Basit Zafar, 2022. "Expectations with Endogenous Information Acquisition: An Experimental Investigation," Post-Print hal-03878688, HAL.
    66. Leland Bybee, 2023. "Surveying Generative AI's Economic Expectations," Papers 2305.02823, arXiv.org, revised May 2023.
    67. Alistair Macaulay & Chenchuan Shi, 2025. "Ambiguity Aversion, Portfolio Choice, and Life Expectancy," School of Economics Discussion Papers 0425, School of Economics, University of Surrey.
    68. Bocar A. Ba & Abdoulaye Ndiaye & Roman G. Rivera & Alexander Whitefield, 2024. "Mispricing Narratives after Social Unrest," CESifo Working Paper Series 11264, CESifo.
    69. João F. Cocco & Francisco Gomes & Paula Lopes, 2025. "Evidence on Expectations of Household Finances," Management Science, INFORMS, vol. 71(11), pages 9548-9568, November.
    70. Merkoulova, Yulia & Veld, Chris, 2022. "Does it pay to invest? The personal equity risk premium and stock market participation," Journal of Banking & Finance, Elsevier, vol. 136(C).
    71. Fioriti Andrés & Hernández Chanto Allan & Ordóñez Calafi Guillem, 2025. "Decision rights, capital structure, and efficiency," Asociación Argentina de Economía Política: Working Papers 4801, Asociación Argentina de Economía Política.
    72. Cocco, João F. & Gomes, Francisco & Lopes, Paula, 2025. "Evidence on expectations of household finances," LSE Research Online Documents on Economics 125547, London School of Economics and Political Science, LSE Library.
    73. Hu, Duni & Wang, Hailong, 2024. "Heterogeneous beliefs with preference interdependence and asset pricing," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1-37.
    74. Bacchetta, Philippe & Davenport, Margaret & van Wincoop, Eric, 2022. "Can sticky portfolios explain international capital flows and asset prices?," Journal of International Economics, Elsevier, vol. 136(C).
    75. Laudenbach, Christine & Loos, Benjamin & Pirschel, Jenny & Wohlfart, Johannes, 2021. "The trading response of individual investors to local bankruptcies," Journal of Financial Economics, Elsevier, vol. 142(2), pages 928-953.
    76. Giuseppe Matera, 2025. "Corporate Earnings Calls and Analyst Beliefs," Papers 2511.15214, arXiv.org, revised Nov 2025.
    77. Yang, Keer, 2025. "Trust as an entry barrier: Evidence from FinTech adoption," Journal of Financial Economics, Elsevier, vol. 169(C).
    78. Maarten Meeuwis & Jonathan A. Parker & Antoinette Schoar & Duncan Simester, 2022. "Belief Disagreement and Portfolio Choice," Journal of Finance, American Finance Association, vol. 77(6), pages 3191-3247, December.
    79. Coibion, Olivier & Gorodnichenko, Yuriy & Weber, Michael, 2020. "The Cost of the COVID-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending," IZA Discussion Papers 13224, IZA Network @ LISER.
    80. Tilman H. Drerup & Matthias Wibral & Christian Zimpelmann, 2023. "Skewness expectations and portfolio choice," Experimental Economics, Springer;Economic Science Association, vol. 26(1), pages 107-144, March.
    81. Link, Sebastian & Peichl, Andreas & Roth, Christopher & Wohlfart, Johannes, 2023. "Information frictions among firms and households," Journal of Monetary Economics, Elsevier, vol. 135(C), pages 99-115.
    82. Jiang, Zhengyang & Peng, Cameron & Yan, Hongjun, 2024. "Personality differences and investment decision-making," LSE Research Online Documents on Economics 121634, London School of Economics and Political Science, LSE Library.
    83. Theresa Kuchler & Monika Piazzesi & Johannes Stroebel, 2022. "Housing Market Expectations," CESifo Working Paper Series 9665, CESifo.
    84. Yan, Yu & Tong, Yan & Wang, Yiming, 2025. "Momentum mechanisms under heterogeneous beliefs," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
    85. Francesco D'Acunto & Ulrike M. Malmendier & Juan Ospina & Michael Weber & Michael Weber, 2019. "Exposure to Daily Price Changes and Inflation Expectations," CESifo Working Paper Series 7798, CESifo.
    86. Sonsino, Doron & Roth, Yefim, 2025. "The decrease in confidence with forecast extremity," International Journal of Forecasting, Elsevier, vol. 41(3), pages 877-893.
    87. Hans-Martin von Gaudecker & Axel Wogrolly & Hans-Martin von Gaudecker, 2019. "The dynamics of households' stock market beliefs," CESifo Working Paper Series 7602, CESifo.
    88. Shin, Michael, 2021. "Subjective expectations, experiences, and stock market participation: Evidence from the lab," Journal of Economic Behavior & Organization, Elsevier, vol. 186(C), pages 672-689.
    89. Carlos Alos Ferrer & Michele Garagnani, 2025. "Who Likes It More?," Working Papers 424225030, Lancaster University Management School, Economics Department.
    90. Benjamin Moll, 2025. "The Trouble with Rational Expectations in Heterogeneous Agent Models: A Challenge for Macroeconomics," Papers 2508.20571, arXiv.org.
    91. Li, Ye & Wang, Chen, 2025. "The Information Cliff," SocArXiv bf8cx_v1, Center for Open Science.
    92. Adam, Klaus & Matveev, Dmitry & Nagel, Stefan, 2021. "Do survey expectations of stock returns reflect risk adjustments?," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 723-740.
    93. Matteo Benetton & Giovanni Compiani, 2020. "Investors’ Beliefs and Asset Prices: A Structural Model of Cryptocurrency Demand," Working Papers 2020-107, Becker Friedman Institute for Research In Economics.
    94. Stefano Giglio & Matteo Maggiori & Johannes Stroebel & Stephen Utkus, 2020. "Inside the Mind of a Stock Market Crash," NBER Working Papers 27272, National Bureau of Economic Research, Inc.
    95. Sarah Kiesl-Reiter & Melanie Lührmann & Jonathan Shaw & Joachim Winter, 2024. "The Formation of Subjective House Price Expectations," Rationality and Competition Discussion Paper Series 491, CRC TRR 190 Rationality and Competition.
    96. Bing Han & Haoyang Liu & Pengfei Sui, 2026. "Social Network and Sentiment Contagion: Evidence from the Bitcoin Market," Working Papers 2605, Federal Reserve Bank of Dallas.
    97. Lu, Xiaomeng & Zhang, Xianjun & Guo, Fusen & Li, Feng, 2024. "Evaluating ESG Investment Profitability: From the Perspective of Sophistication in Investment Decision-Making," Finance Research Letters, Elsevier, vol. 69(PA).
    98. Pei Kuang & Renbin Zhang & Tongbin Zhang, 2019. "New Tests of Expectation Formation with Applications to Asset Pricing Models," Discussion Papers 19-05, Department of Economics, University of Birmingham.
    99. Gomes, Francisco & Peng, Cameron & Smirnova, Oksana & Zhu, Ning, 2025. "Reaching for yield: Evidence from households," Journal of Financial Economics, Elsevier, vol. 168(C).
    100. Bruno Pellegrino & Geoffery Zheng, 2023. "Quantifying the Impact of Red Tape on Investment: A Survey Data Approach," CESifo Working Paper Series 10447, CESifo.
    101. D'Acunto, Francesco & Fuster, Andreas & Weber, Michael, 2021. "Diverse Policy Committees Can Reach Underrepresented Groups," LawFin Working Paper Series 21, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    102. Hervé Roche & Juan Sotes-Paladino, 2022. "Sentiment, Mispricing and Excess Volatility in Presence of Institutional Investors," Working Papers 205, Red Nacional de Investigadores en Economía (RedNIE).
    103. Brückbauer, Frank, 2022. "Do financial market experts know their theory? New evidence from survey data," ZEW Discussion Papers 20-092, ZEW - Leibniz Centre for European Economic Research, revised 2022.
    104. Jacobs, Heiko & Lauber, Alexander, 2026. "Media reporting and asset pricing models," Journal of Banking & Finance, Elsevier, vol. 182(C).
    105. Magnus Dahlquist & Markus Ibert, 2024. "Equity Return Expectations and Portfolios: Evidence from Large Asset Managers," The Review of Financial Studies, Society for Financial Studies, vol. 37(6), pages 1887-1928.
    106. Liu, Haoyang & Palmer, Christopher, 2026. "Implicit extrapolation and the beliefs channel of investment demand," Journal of Financial Economics, Elsevier, vol. 175(C).
    107. Thomas W. L. Norman, 2026. "Ambiguity-Averse Aggregation under Heterogeneous Beliefs," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(1), pages 1-20, June.
    108. Nathan Converse & Eduardo Levy Yeyati & Tomás Williams, 2020. "How ETFs Amplify the Global Financial Cycle in Emerging Markets," International Finance Discussion Papers 1268, Board of Governors of the Federal Reserve System (U.S.).
    109. Sias, Richard & Starks, Laura T. & Turtle, H.J., 2023. "The negativity bias and perceived return distributions: Evidence from a pandemic," Journal of Financial Economics, Elsevier, vol. 147(3), pages 627-657.
    110. Bu, Di & Hanspal, Tobin & Liao, Yin & Liu, Yong, 2021. "Risk taking, preferences, and beliefs: Evidence from Wuhan," SAFE Working Paper Series 301, Leibniz Institute for Financial Research SAFE.
    111. Liu, Hongqi & Peng, Cameron & Xiong, Wei A. & Xiong, Wei, 2020. "Resolving the excessive trading puzzle: an integrated approach based on surveys and transactions," LSE Research Online Documents on Economics 118870, London School of Economics and Political Science, LSE Library.
    112. Ben-Rephael, Azi & Cookson, J. Anthony & izhakian, yehuda, 2022. "Do I Really Want to Hear The News? Public Information Arrival and Investor Beliefs," SocArXiv ud7yw, Center for Open Science.
    113. Giglio, Stefano & Maggiori, Matteo & Stroebel, Johannes & Tan, Zhenhao & Utkus, Stephen & Xu, Xiao, 2025. "Four facts about ESG beliefs and investor portfolios," Journal of Financial Economics, Elsevier, vol. 164(C).
    114. Hongqi Liu & Cameron Peng & Wei A. Xiong & Wei Xiong, 2020. "Taming the Bias Zoo," NBER Working Papers 26911, National Bureau of Economic Research, Inc.
    115. Yang, Jing & Shi, Jianxun & Xu, Ling, 2025. "Effect of digital finance on household financial asset allocation: a social psychology perspective," The North American Journal of Economics and Finance, Elsevier, vol. 78(C).
    116. Ori Heffetz & Guy Ishai, 2021. "Which Beliefs? Behavior-Predictive Beliefs are Inconsistent with Information-Based Beliefs: Evidence from COVID-19," NBER Working Papers 29452, National Bureau of Economic Research, Inc.
    117. Liu, Jie & Chen, Zhenshan & Lin, Gengyan & Zhu, Yinglun, 2024. "Riding the geopolitical storm or dodging bullets: Geopolitical risk timing of mutual funds," Global Finance Journal, Elsevier, vol. 63(C).
    118. Anmol Bhandari & Jaroslav Borovicka & Paul Ho, 2019. "Survey Data and Subjective Beliefs in Business Cycle Models," Working Paper 19-14, Federal Reserve Bank of Richmond.
    119. Altan Pazarbaşı & Paul Schneider & Grigory Vilkov, 2024. "Dispersion of Beliefs Bounds: Sentimental Recovery," Management Science, INFORMS, vol. 70(12), pages 8284-8300, December.
    120. Nicolas L. Bottan & Ricardo Perez-Truglia, 2020. "Betting on the House: Subjective Expectations and Market Choices," NBER Working Papers 27412, National Bureau of Economic Research, Inc.
    121. Lin, Wenlian & Cao, Jerry & Li, Yong, 2025. "Risk concerns and market liquidity: A regression discontinuity design," Journal of Financial Markets, Elsevier, vol. 76(C).
    122. Civelli, Andrea & Jackson, Laura E., 2025. "Cryptocurrencies, stocks, and economic policy uncertainty: A FAVAR analysis," The North American Journal of Economics and Finance, Elsevier, vol. 78(C).
    123. Le Blanc, Julia & Slacalek, Jiri & White, Matthew N., 2025. "Housing wealth across countries: the role of expectations, institutions and preferences," Working Paper Series 3021, European Central Bank.
    124. Li Lin, 2024. "Quantum Probability Theoretic Asset Return Modeling: A Novel Schr\"odinger-Like Trading Equation and Multimodal Distribution," Papers 2401.05823, arXiv.org.
    125. Gomes, Francisco & Peng, Cameron & Smirnova, Oksana & Zhu, Ning, 2025. "Reaching for yield: evidence from households," LSE Research Online Documents on Economics 125397, London School of Economics and Political Science, LSE Library.
    126. Kaniel, Ron & Lin, Zihan & Pelger, Markus & Van Nieuwerburgh, Stijn, 2023. "Machine-learning the skill of mutual fund managers," Journal of Financial Economics, Elsevier, vol. 150(1), pages 94-138.
    127. Kogana, Shimon & Makarov, Igor & Niessnerc, Marina & Schoar, Antoinette, 2024. "Are cryptos different? Evidence from retail trading," LSE Research Online Documents on Economics 122266, London School of Economics and Political Science, LSE Library.
    128. Ambrocio, Gene, 2022. "Inflationary household uncertainty shocks," Bank of Finland Research Discussion Papers 5/2022, Bank of Finland.
    129. von Gaudecker, Hans-Martin & Wogrolly, Axel, 2022. "Heterogeneity in households’ stock market beliefs," Journal of Econometrics, Elsevier, vol. 231(1), pages 232-247.
    130. Dahlquist, Magnus & Ibert, Markus, 2026. "Institutions’ return expectations across assets and time," Journal of Financial Economics, Elsevier, vol. 175(C).
    131. Zhou, Ye & Huang, Difang & Chen, Muzi & Wang, Yunlong & Yang, Xiaoguang, 2024. "How did small business respond to unexpected shocks? Evidence from a natural experiment in China," Journal of Corporate Finance, Elsevier, vol. 84(C).
    132. Chen, Guodong & Lee, Minjoon & Nam, Tong-yob, 2020. "Forced retirement risk and portfolio choice," Journal of Empirical Finance, Elsevier, vol. 58(C), pages 293-315.
    133. Luz, Valentin & Schauer, Victor & Viehweger, Martin, 2024. "Beyond preferences: Beliefs in sustainable investing," Journal of Economic Behavior & Organization, Elsevier, vol. 220(C), pages 584-607.
    134. Francesco D'Acunto & Janet Gao & Lu Liu & Kai Lu & Zhengwei Wang & Jun Yang, 2025. "Subjective Expectations and Financial Intermediation," CESifo Working Paper Series 11780, CESifo.
    135. Lars A. Lochstoer & Tyler Muir, 2022. "Volatility Expectations and Returns," Journal of Finance, American Finance Association, vol. 77(2), pages 1055-1096, April.
    136. Ghaderi, Mohammad & Kilic, Mete & Seo, Sang Byung, 2024. "Why do rational investors like variance at the peak of a crisis? A learning-based explanation," Journal of Monetary Economics, Elsevier, vol. 142(C).
    137. Peisong Han & Liang Li & Mengjie Xu & Yujia Tian & Zekun Wang, 2026. "The impact of people’s perception of livelihood risks on household consumption in China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-15, December.
    138. Charles-Cadogan, G., 2021. "Market Instability, Investor Sentiment, And Probability Judgment Error in Index Option Prices," CRETA Online Discussion Paper Series 71, Centre for Research in Economic Theory and its Applications CRETA.

  19. Maggiori, Matteo & Neiman, Brent & Schreger, Jesse, 2018. "The Rise of the Dollar and Fall of the Euro as International Currencies," CEPR Discussion Papers 13410, Centre for Economic Policy Research.

    Cited by:

    1. Ethan Ilzetzki & Carmen M. Reinhart & Kenneth S. Rogoff, 2020. "Why Is the Euro Punching Below Its Weight?," NBER Working Papers 26760, National Bureau of Economic Research, Inc.
    2. Iwanaga, Yasuhiro & Sakemoto, Ryuta, 2025. "Conditional currency momentum portfolios," International Review of Financial Analysis, Elsevier, vol. 99(C).
    3. Christian Balcells, 2022. "Determinants of firm boundaries and organizational performance: an empirical investigation of the Chilean truck market," Journal of Evolutionary Economics, Springer, vol. 32(2), pages 423-461, April.
    4. Byrne, Joseph P. & Ibrahim, Boulis Maher & Sakemoto, Ryuta, 2022. "The time-varying risk price of currency portfolios," Journal of International Money and Finance, Elsevier, vol. 124(C).
    5. Christopher J. Waller, 2024. "The Dollar's International Role: A speech at Climate, Currency, and Central Banking," a conference sponsored by the Global Interdependence Center and the University of the Bahamas, Nassau, Bahamas., February 15, 2024," Speech 97770, Board of Governors of the Federal Reserve System (U.S.).
    6. Goswami, Mangal & Pontines, Victor & Mohammed, Yassier, 2023. "Portfolio capital flows and the US dollar exchange rate: Viewed from the lens of time and frequency dynamics of connectedness," International Review of Financial Analysis, Elsevier, vol. 89(C).
    7. Ahmed, Rashad, 2021. "Monetary policy spillovers under intermediate exchange rate regimes," Journal of International Money and Finance, Elsevier, vol. 112(C).
    8. Jonas Becker & Maik Schmeling & Andreas Schrimpf, 2024. "Global Bank Lending and Exchange Rates," BIS Working Papers 1161, Bank for International Settlements.
    9. Asano, Takao & Cai, Xiaojing & Sakemoto, Ryuta, 2025. "Global foreign exchange volatility, ambiguity, and currency carry trades," Journal of Banking & Finance, Elsevier, vol. 178(C).
    10. Andra Coman & Simon Lloyd, 2019. "In the face of spillovers: prudential policies in emerging economies," Bank of England working papers 828, Bank of England.
    11. Falk Hendrik Laser & Jan Weidner, 2022. "Currency Compositions of International Reserves and the Euro Crisis," Open Economies Review, Springer, vol. 33(5), pages 917-944, November.
    12. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    13. Casabianca, Elizabeth Jane & Catalano, Michele & Forni, Lorenzo & Giarda, Elena & Passeri, Simone, 2022. "A machine learning approach to rank the determinants of banking crises over time and across countries," Journal of International Money and Finance, Elsevier, vol. 129(C).
    14. Barry Eichengreen, 2019. "Two Views of the International Monetary System," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 54(4), pages 233-236, July.
    15. Joscha Beckmann & Mariarosaria Comunale, 2020. "Exchange rate fluctuations and the financial channel in emerging economies," Bank of Lithuania Working Paper Series 83, Bank of Lithuania.
    16. Michele Ca’ Zorzi & Luca Dedola & Georgios Georgiadis & Marek Jarocinski & Livio Stracca & Georg Strasser, 2023. "Making Waves: Monetary Policy and Its Asymmetric Transmission in a Globalized World," International Journal of Central Banking, International Journal of Central Banking, vol. 19(2), pages 95-144, June.
    17. Maggiori, Matteo & Coppola, Antonio & Neiman, Brent & Schreger, Jesse, 2020. "Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens," CEPR Discussion Papers 14508, Centre for Economic Policy Research.
    18. Florez-Orrego, Sergio & Maggiori, Matteo & Schreger, Jesse & Sun, Ziwen & Tinda, Serdil, 2023. "Global Capital Allocation," SocArXiv 5s6n3, Center for Open Science.
    19. Emter, Lorenz & McQuade, Peter & Pradhan, Swapan-Kumar & Schmitz, Martin, 2024. "Determinants of currency choice in cross-border bank loans," Working Paper Series 2918, European Central Bank.
    20. Riccardo Degasperi & Seokki Simon Hong & Giovanni Ricco, 2024. "The global transmission of U.S. monetary policy," Temi di discussione (Economic working papers) 1466, Bank of Italy, Economic Research and International Relations Area.
    21. Sergio Florez-Orrego, 2021. "Money Matters: Global banks, safe assets and monetary autonomy," Documentos CEDE 19153, Universidad de los Andes, Facultad de Economía, CEDE.
    22. Kohler, Karsten & Bonizzi, Bruno & Kaltenbrunner, Annina, 2023. "Global financial uncertainty shocks and external monetary vulnerability: The role of dominance, exposure, and history," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    23. Chmielewska Anna & Sławiński Andrzej, 2021. "Climate crisis, central banks and the IMF reform," Economics and Business Review, Sciendo, vol. 7(4), pages 7-27, December.
    24. Gergely Hudecz & Edmund Moshammer & Alexander Raabe & Gong Cheng, 2021. "The euro in the world," Discussion Papers 16, European Stability Mechanism, revised 27 Oct 2021.
    25. Boz, Emine & Casas, Camila & Georgiadis, Georgios & Gopinath, Gita & Le Mezo, Helena & Mehl, Arnaud & Nguyen, Tra, 2022. "Patterns of invoicing currency in global trade: New evidence," Journal of International Economics, Elsevier, vol. 136(C).
    26. Laser, Falk Hendrik & Weidner, Jan, 2020. "Currency compositions of international reserves and the euro crisis," Darmstadt Discussion Papers in Economics 238, Darmstadt University of Technology, Department of Law and Economics.
    27. Cong, Lin William & Mayer, Simon, "undated". "The Coming Battle of Digital Currencies," Applied Economics and Policy Working Paper Series 320020, Cornell University, Department of Applied Economics and Management.
    28. Chiara Alvisi, 2025. "Cooperation, competition, or conflict? A review of the multiple international sides of money," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 9(2), pages 23-28, December.
    29. Allen, Cían & Juvenal, Luciana, 2025. "The role of currencies in external balance sheets," Journal of International Economics, Elsevier, vol. 157(C).
    30. Omar Barbiero, 2021. "The Valuation Effects of Trade," Working Papers 21-11, Federal Reserve Bank of Boston.
    31. Swapan-Kumar Pradhan & Eswar Prasad & Előd Takáts & Judit Temesvary, 2026. "Dollarisation waves: new evidence from a comprehensive international bond database," BIS Papers, Bank for International Settlements, number 165.
    32. Cathrin Mohr & Christoph Trebesch, 2024. "Geoeconomics," CESifo Working Paper Series 11564, CESifo.
    33. Yining Geng, 2020. "Impact of Family Planning Policy on Gender Inequality: Evidence from China," Working Papers 202009, University of Liverpool, Department of Economics.
    34. Gerding, Felix & Hartley, Jonathan S., 2024. "De-dollarization? Not so fast," Economics Letters, Elsevier, vol. 238(C).
    35. Marco Garofalo & Giovanni Rosso & Roger Vicquery, 2024. "Dominant Currency Pricing Transition," Discussion Papers 2419, Centre for Macroeconomics (CFM).
    36. Ahmed Mehedi Nizam, 2023. "An analysis of transnational transfer of wealth through cross-border financial transactions," SN Business & Economics, Springer, vol. 3(1), pages 1-31, January.
    37. Ambrogio Cesa-Bianchi & Fernando Eguren-Martin, 2021. "Dash for dollars," Bank of England working papers 932, Bank of England.
    38. Matteo Maggiori, 2021. "FX policy when financial markets are imperfect," BIS Working Papers 942, Bank for International Settlements.
    39. Alina Iancu & Gareth Anderson & Sakai Ando & Ethan Boswell & Andrea Gamba & Shushanik Hakobyan & Lusine Lusinyan & Neil Meads & Yiqun Wu, 2022. "Reserve Currencies in an Evolving International Monetary System," Open Economies Review, Springer, vol. 33(5), pages 879-915, November.
    40. Nizam, Ahmed Mehedi, 2021. "Redistribution of wealth through cross border financial transactions: A closer look," MPRA Paper 109374, University Library of Munich, Germany.
    41. Avdjiev, Stefan & Binder, Stephan & Sousa, Ricardo, 2021. "External debt composition and domestic credit cycles," Journal of International Money and Finance, Elsevier, vol. 115(C).
    42. Giancarlo Corsetti & Meredith Crowley & Lu Han, 2020. "Invoicing and Pricing-to-market: Evidence on international pricing by UK exporters," Working Papers 202007, University of Liverpool, Department of Economics.
    43. Benigno, Pierpaolo & Schilling, Linda M. & Uhlig, Harald, 2022. "Cryptocurrencies, currency competition, and the impossible trinity," Journal of International Economics, Elsevier, vol. 136(C).
    44. Daniel Fried, 2023. "The U.S. Dollar as an International Currency and Its Economic Effects: Working Paper 2023-04," Working Papers 58764, Congressional Budget Office.

  20. Maggiori, Matteo & Neiman, Brent & Schreger, Jesse, 2018. "International Currencies and Capital Allocation," CEPR Discussion Papers 12973, Centre for Economic Policy Research.

    Cited by:

    1. Iwanaga, Yasuhiro & Sakemoto, Ryuta, 2025. "Conditional currency momentum portfolios," International Review of Financial Analysis, Elsevier, vol. 99(C).
    2. Montoro, Carlos & Ortiz, Marco, 2023. "The portfolio balance channel of capital flows and foreign exchange intervention in a small open economy," Journal of International Money and Finance, Elsevier, vol. 133(C).
    3. Ibrahim D. Raheem & Xuan Vinh Vo, 2022. "A new approach to exchange rate forecast: The role of global financial cycle and time‐varying parameters," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 2836-2848, July.
    4. Converse, Nathan & Mallucci, Enrico, 2023. "Differential treatment in the bond market: Sovereign risk and mutual fund portfolios," Journal of International Economics, Elsevier, vol. 145(C).
    5. Drenik, Andrés & Perez, Diego J., 2021. "Domestic price dollarization in emerging economies," Journal of Monetary Economics, Elsevier, vol. 122(C), pages 38-55.
    6. Dirk Broeders & Kristy Jansen, 2021. "Pension Funds and Drivers of Heterogeneous Investment Strategies," Working Papers 712, DNB.
    7. Byrne, Joseph P. & Ibrahim, Boulis Maher & Sakemoto, Ryuta, 2022. "The time-varying risk price of currency portfolios," Journal of International Money and Finance, Elsevier, vol. 124(C).
    8. Gajdosikova Dominika & Valaskova Katarina, 2022. "The Impact of Firm Size on Corporate Indebtedness: A Case Study of Slovak Enterprises," Folia Oeconomica Stetinensia, Sciendo, vol. 22(1), pages 63-84, June.
    9. Bekaert, Geert & De Santis, Roberto A., 2021. "Risk and return in international corporate bond markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    10. Franziska Hünnekes & Maximilian Konradt & Moritz Schularick & Christoph Trebesch & Julian Wingenbach, 2025. "Exportweltmeister: Germany’s Foreign Investment Returns in International Comparison," Post-Print hal-05448425, HAL.
    11. Galvez, Julio & Gambacorta, Leonardo & Mayordomo, Sergio & Serena, Jose Maria, 2021. "Dollar borrowing, firm credit risk, and FX-hedged funding opportunities," Journal of Corporate Finance, Elsevier, vol. 68(C).
    12. Rey, Hélène & Camanho, Nelson & Hau, Harald, 2020. "Global Portfolio Rebalancing and Exchange Rates," CEPR Discussion Papers 15617, Centre for Economic Policy Research.
    13. Anatoli Colicev & Joris Hoste & Jozef Konings, 2019. "Exchange Rate Pass-through after a Large Depreciation," Working Papers 201914, University of Liverpool, Department of Economics.
    14. Goswami, Mangal & Pontines, Victor & Mohammed, Yassier, 2023. "Portfolio capital flows and the US dollar exchange rate: Viewed from the lens of time and frequency dynamics of connectedness," International Review of Financial Analysis, Elsevier, vol. 89(C).
    15. Redouane Elkamhi & Chanik Jo & Yoshio Nozawa, 2024. "A One-Factor Model of Corporate Bond Premia," Management Science, INFORMS, vol. 70(3), pages 1875-1900, March.
    16. Wang, Luqi & Urga, Giovanni, 2025. "Optimal N-state endogenous Markov-switching model for currency liquidity timing," Journal of Economic Dynamics and Control, Elsevier, vol. 177(C).
    17. Bacchetta, Philippe & Cordonier, Rachel & Merrouche, Ouarda, 2020. "The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls," CEPR Discussion Papers 14928, Centre for Economic Policy Research.
    18. Avdjiev, Stefan & Burger, John & Hardy, Bryan, 2025. "New spare tires: local currency credit as a global shock absorber," Journal of International Money and Finance, Elsevier, vol. 158(C).
    19. Martijn A. Boermans & John D. Burger, 2020. "Fickle Emerging Market Flows, Stable Euros, and the Dollar Risk Factor," Working Papers 676, DNB.
    20. Asano, Takao & Cai, Xiaojing & Sakemoto, Ryuta, 2025. "Global foreign exchange volatility, ambiguity, and currency carry trades," Journal of Banking & Finance, Elsevier, vol. 178(C).
    21. Jiang, Zhengyang & Richmond, Robert J. & Zhang, Tony, 2025. "Understanding the strength of the dollar," Journal of Financial Economics, Elsevier, vol. 168(C).
    22. Wenxin Du & Carolin E. Pflueger & Jesse Schreger, 2020. "Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy," Journal of Finance, American Finance Association, vol. 75(6), pages 3097-3138, December.
    23. Ethan Ilzetzki & Keyu Jin, 2020. "The Puzzling Change In The International Transmission Of U.S. Macroeconomic Policy Shocks," Discussion Papers 2103, Centre for Macroeconomics (CFM).
    24. Robin Greenwood & Annette Vissing-Jorgensen, 2018. "The Impact of Pensions and Insurance on Global Yield Curves," Harvard Business School Working Papers 18-109, Harvard Business School, revised Dec 2018.
    25. Meyer, Josefin & Reinhart, Carmen & Trebesch, Christoph, 2022. "Sovereign Bonds since Waterloo," CEPR Discussion Papers 13514, Centre for Economic Policy Research.
    26. Baker, Scott R. & Bloom, Nicholas & Davis, Steven J. & Sammo, Marco C., 2021. "What triggers stock market jumps?," LSE Research Online Documents on Economics 113913, London School of Economics and Political Science, LSE Library.
    27. Samuel Duku Yeboah & Peterson Owusu Junior & Anthony Adu-Asare Idun & Patrick Kwashie Akorsu & Michael Provide Fumey, 2025. "Dynamic interdependence of major currencies and the US dollar: a wavelet coherence approach," Future Business Journal, Springer, vol. 11(1), pages 1-19, December.
    28. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    29. Inaki Aldasoro & Wenqian Huang & Esti Kemp, 2020. "Cross-border links between banks and non-bank financial institutions," BIS Quarterly Review, Bank for International Settlements, September.
    30. Agustin S. Benetrix & Beren Demirolmez & Martin Schmitz, 2021. "The shock absorbing role of cross-border investments: net positions versus currency composition," Trinity Economics Papers tep0421, Trinity College Dublin, Department of Economics.
    31. Ramon Moreno & José María Serena Garralda, 2018. "Firms' credit risk and the onshore transmission of the global financial cycle," BIS Working Papers 712, Bank for International Settlements.
    32. de Haan, Leo & Vermeulen, Robert, 2021. "Sovereign debt ratings and the country composition of cross-border holdings of euro area sovereign debt," Journal of International Money and Finance, Elsevier, vol. 119(C).
    33. Kenneth Rogoff, 2022. "Emerging Market Sovereign Debt in the Aftermath of the Pandemic," Journal of Economic Perspectives, American Economic Association, vol. 36(4), pages 147-166, Fall.
    34. Zhengyang Jiang & Arvind Krishnamurthy & Hanno Lustig, 2024. "The Rest of the World’s Dollar-Weighted Return on U.S. Treasurys," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(4), pages 1320-1346, December.
    35. Guillermo Hausmann-Guil, 2025. "Solving DSGE models with incomplete markets by perturbation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 57, July.
    36. Beck, Roland & Coppola, Antonio & Lewis, Angus & Maggiori, Matteo & Schmitz, Martin & Schreger, Jesse, 2023. "The Geography of Capital Allocation in the Euro Area," SocArXiv rzwd2, Center for Open Science.
    37. Bruno, Valentina & Shin, Hyun Song, 2018. "Currency depreciation and emerging market corporate distress," CEPR Discussion Papers 13298, Centre for Economic Policy Research.
    38. Zhengyang Jiang & Arvind Krishnamurthy & Hanno Lustig, 2018. "Foreign Safe Asset Demand and the Dollar Exchange Rate," NBER Working Papers 24439, National Bureau of Economic Research, Inc.
    39. Olivier Accominotti & Thilo N. H. Albers & Kim Oosterlinck, 2023. "Selective Default Expectations," Rationality and Competition Discussion Paper Series 425, CRC TRR 190 Rationality and Competition.
    40. Egemen Eren & Philip Wooldridge, 2022. "The role of non-bank financial institutions in cross-border spillovers," BIS Papers, Bank for International Settlements, number 129.
    41. Iñaki Aldasoro & Torsten Ehlers, 2018. "The geography of dollar funding of non-US banks," BIS Quarterly Review, Bank for International Settlements, December.
    42. Salomao, Juliana & Varela, Liliana, 2018. "Exchange Rate Exposure and Firm Dynamics," CAGE Online Working Paper Series 364, Competitive Advantage in the Global Economy (CAGE).
    43. Carol Bertaut & Valentina Bruno & Hyun Song Shin, 2023. "Original sin redux: role of duration risk," BIS Working Papers 1109, Bank for International Settlements.
    44. Emter, Lorenz & McQuade, Peter & Pradhan, Swapan-Kumar & Schmitz, Martin, 2024. "Determinants of currency choice in cross-border bank loans," Working Paper Series 2918, European Central Bank.
    45. Malamud, Semyon & Eren, Egemen, 2018. "Dominant Currency Debt," CEPR Discussion Papers 13391, Centre for Economic Policy Research.
    46. Maggiori, Matteo & Neiman, Brent & Schreger, Jesse, 2018. "The Rise of the Dollar and Fall of the Euro as International Currencies," CEPR Discussion Papers 13410, Centre for Economic Policy Research.
    47. Goldberg, Linda S. & Krogstrup, Signe, 2023. "International capital flow pressures and global factors," Journal of International Economics, Elsevier, vol. 146(C).
    48. Kacperczyk, Marcin & Nosal, Jaromir & Wang, Tianyu, 2025. "Global volatility and firm-level capital flows," Journal of Financial Economics, Elsevier, vol. 169(C).
    49. Hyunju Lee, 2018. "Gross Capital Flows and International Diversification," 2018 Meeting Papers 51, Society for Economic Dynamics.
    50. Andrews, Spencer & Colacito, Riccardo & Croce, Mariano M. & Gavazzoni, Federico, 2024. "Concealed carry," Journal of Financial Economics, Elsevier, vol. 159(C).
    51. Nihar Shah, 2022. "Doubly heterogeneous monetary spillovers," International Finance, Wiley Blackwell, vol. 25(2), pages 126-150, August.
    52. Rosen Valchev, 2019. "Beyond Home Bias: Portfolio Holdings and Information Heterogeneity," 2019 Meeting Papers 1439, Society for Economic Dynamics.
    53. Tracy Chan & Goetz von Peter & Philip Wooldridge, 2025. "International finance through the lens of BIS statistics: bond markets, domestic and international," BIS Quarterly Review, Bank for International Settlements, September.
    54. Agustin S. Benetrix & Beren Demirolmez, 2025. "Mapping Global Debt: A New Measure of Currency Dominance and Uncertainty Shock Effects," Trinity Economics Papers tep0925, Trinity College Dublin, Department of Economics.
    55. Uroš Herman & Tobias Krahnke, 2022. "Determinants and Effects of Countries’ External Capital Structure: A Firm-Level Analysis," IMF Working Papers 2022/038, International Monetary Fund.
    56. Benny Kleinman & Ernest Liu & Stephen J. Redding & Motohiro Yogo, 2023. "Neoclassical Growth in an Interdependent World," Working Papers 2023-02, Princeton University. Economics Department..
    57. Jin, Jing & Liao, Rose C. & Loureiro, Gilberto, 2021. "The diverse effects of currency crises on multinational and local firms: The use of foreign currency debt," Journal of Multinational Financial Management, Elsevier, vol. 62(C).
    58. Kox, Henk L.M., 2025. "Repairing a historical mistake in bilateral FDI statistics: A new dataset covering 2001-2022," MPRA Paper 124812, University Library of Munich, Germany, revised 18 May 2025.
    59. Zheng, Huanhuan, 2023. "Sovereign debt responses to the COVID-19 pandemic," Journal of International Economics, Elsevier, vol. 143(C).
    60. Gergely Hudecz & Edmund Moshammer & Alexander Raabe & Gong Cheng, 2021. "The euro in the world," Discussion Papers 16, European Stability Mechanism, revised 27 Oct 2021.
    61. Rakowski, David, 2023. "Disentangling domiciles and investor locations in European mutual fund data," Finance Research Letters, Elsevier, vol. 52(C).
    62. Herkenhoff, Philipp & Sauré, Philip, 2021. "How expected inflation distorts the current account and the valuation effect," European Economic Review, Elsevier, vol. 135(C).
    63. Colacito, Riccardo & Qian, Yan & Stathopoulos, Andreas, 2025. "Global sales, international currencies, and the currency denomination of debt," Journal of Financial Economics, Elsevier, vol. 174(C).
    64. Schroth, Josef, 2023. "Capital flows and growth across developing countries," Journal of International Money and Finance, Elsevier, vol. 137(C).
    65. Ambrocio, Gene & Hasan, Iftekhar & Li, Xiang, 2023. "Global political ties and the global financial cycle," IWH Discussion Papers 23/2023, Halle Institute for Economic Research (IWH).
    66. Cong, Lin William & Mayer, Simon, "undated". "The Coming Battle of Digital Currencies," Applied Economics and Policy Working Paper Series 320020, Cornell University, Department of Applied Economics and Management.
    67. Rey, Hélène & Gourinchas, Pierre-Olivier & Sauzet, Maxime, 2019. "The International Monetary and Financial System," CEPR Discussion Papers 13714, Centre for Economic Policy Research.
    68. Hale, Galina B. & Jones, Peter C. & Spiegel, Mark M., 2020. "Home currency issuance in international bond markets," Journal of International Economics, Elsevier, vol. 122(C).
    69. Ortiz, Marco & Miyahara, Ken, 2022. "Portfolio shocks and the financial accelerator in a small open economy," MPRA Paper 114224, University Library of Munich, Germany.
    70. Anna Burova & Konstantin Egorov & Dmitry Mukhin, 2022. "Foreign Currency Debt and Exchange Rate Pass-Through," Bank of Russia Working Paper Series wps93, Bank of Russia.
    71. Cortina, Juan J. & Didier, Tatiana & Schmukler, Sergio L., 2021. "Global corporate debt during crises: Implications of switching borrowing across markets," Journal of International Economics, Elsevier, vol. 131(C).
    72. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    73. Mert Onen & Hyun Song Shin & Goetz von Peter, 2023. "Overcoming original sin: insights from a new dataset," BIS Working Papers 1075, Bank for International Settlements.
    74. Silvia Miranda-Agrippino & Tsvetelina Nenova, 2021. "A Tale of Two Global Monetary Policies," Discussion Papers 2117, Centre for Macroeconomics (CFM).
    75. Konstantin Egorov & Dmitry Mukhin, 2020. "Optimal Policy under Dollar Pricing," CESifo Working Paper Series 8272, CESifo.
    76. Leslie Sheng Shen, 2021. "Global Banking and Firm Financing: A Double Adverse Selection Channel of International Transmission," International Finance Discussion Papers 1325, Board of Governors of the Federal Reserve System (U.S.).
    77. Abraham, Facundo & Cortina, Juan J. & Schmukler, Sergio L., 2021. "The rise of domestic capital markets for corporate financing: Lessons from East Asia," Journal of Banking & Finance, Elsevier, vol. 122(C).
    78. Zuzana Rowland & George Lazaroiu & Ivana Podhorská, 2020. "Use of Neural Networks to Accommodate Seasonal Fluctuations When Equalizing Time Series for the CZK/RMB Exchange Rate," Risks, MDPI, vol. 9(1), pages 1-21, December.
    79. Allen, Cían & Juvenal, Luciana, 2025. "The role of currencies in external balance sheets," Journal of International Economics, Elsevier, vol. 157(C).
    80. Kempf, Elisabeth & Luo, Mancy & Schäfer, Larissa & Tsoutsoura, Margarita, 2023. "Political ideology and international capital allocation," Journal of Financial Economics, Elsevier, vol. 148(2), pages 150-173.
    81. Yannis Dafermos & Daniela Gabor & Jo Michell, 2023. "FX swaps, shadow banks and the global dollar footprint," Environment and Planning A, , vol. 55(4), pages 949-968, June.
    82. Sebnem Kalemli-Ozcan & Xiaoxi Liu & Ilhyock Shim, 2021. "Exchange Rate Fluctuations and Firm Leverage," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 90-121, March.
    83. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2025. "Corporate Debt Structure with Home and International Currency Bias," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 433-456, June.
    84. Nadav Ben Zeev & Daniel Nathan, 2023. "Shorting the Dollar When Global Stock Markets Roar: The Equity Hedging Channel of Exchange Rate Determination," Working Papers 2315, Ben-Gurion University of the Negev, Department of Economics.
    85. Gambacorta, Leonardo & Mayordomo, Sergio & Serena Garralda, Jose-Maria, 2020. "Dollar borrowing, firm-characteristics, and FX-hedged funding opportunities," CEPR Discussion Papers 14419, Centre for Economic Policy Research.
    86. Kim, Jinhwan & Olbert, Marcel, 2022. "How does private firm disclosure affect demand for public firm equity? Evidence from the global equity market," Journal of Accounting and Economics, Elsevier, vol. 74(2).
    87. Ogrokhina, Olena & Rodriguez, Cesar M., 2019. "The effect of inflation targeting and financial openness on currency composition of sovereign international debt," Journal of International Money and Finance, Elsevier, vol. 97(C), pages 1-18.
    88. John Ammer & Alexandra Tabova & Caleb Wroblewski, 2018. "Searching for yield abroad: risk-taking through foreign investment in U.S. bonds," BIS Working Papers 687, Bank for International Settlements.
    89. Clayton, Christopher & Santos, Amanda Dos & Maggiori, Matteo & Schreger, Jesse, 2022. "Internationalizing Like China," SocArXiv r2msa, Center for Open Science.
    90. Kox, Henk L.M., 2024. "Towards time-consistent bilateral FDI statistics: A new dataset covering 2001-2022," MPRA Paper 122883, University Library of Munich, Germany.
    91. Tao Liu & Dong Lu & Liang Wang, 2025. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202504, University of Hawaii at Manoa, Department of Economics.
    92. Chernov, Mikhail & Dahlquist, Magnus & Lochstoer, Lars, 2020. "Pricing Currency Risks," CEPR Discussion Papers 15571, Centre for Economic Policy Research.
    93. Han, Han & Liu, Tao & Lu, Dong, 2026. "The announcement effect on international currency choices: Theory and evidence," Journal of International Money and Finance, Elsevier, vol. 160(C).
    94. Longaric, Pablo Anaya & Cera, Katharina & Georgiadis, Georgios & Kaufmann, Christoph, 2025. "Investment funds and euro disaster risk," Working Paper Series 3029, European Central Bank.
    95. Swapan-Kumar Pradhan & Eswar S. Prasad & Judit Temesvary, 2025. "Dollarization Waves: New Evidence from a Comprehensive International Bond Database," International Finance Discussion Papers 1429, Board of Governors of the Federal Reserve System (U.S.).
    96. Patrick McGuire & Goetz von Peter & Sonya Zhu, 2024. "International finance through the lens of BIS statistics: the global reach of currencies," BIS Quarterly Review, Bank for International Settlements, June.
    97. Du, Wenxin & Keerati, Ritt & Schreger, Jesse, 2025. "Decoupling Dollar and Treasury Privilege," SocArXiv 7u9kn_v1, Center for Open Science.
    98. Vanessa Olakemi Dovonou, 2023. "Trilemma revisited with dollar dominance in trade and finance," Working Papers 2023.05, International Network for Economic Research - INFER.
    99. Bush Georgia & Cañón Salazar Carlos Iván & Gray Daniel, 2021. "Emerging market capital flows the role of fund manager portfolio allocation," Working Papers 2021-13, Banco de México.
    100. Ahmed Mehedi Nizam, 2023. "An analysis of transnational transfer of wealth through cross-border financial transactions," SN Business & Economics, Springer, vol. 3(1), pages 1-31, January.
    101. Clemens Sialm & Qifei Zhu, 2024. "Currency Management by International Fixed‐Income Mutual Funds," Journal of Finance, American Finance Association, vol. 79(6), pages 4037-4081, December.
    102. Meyer, Timothy, 2025. "Asset price changes, external wealth and global welfare," Journal of International Economics, Elsevier, vol. 157(C).
    103. Matteo Maggiori, 2021. "FX policy when financial markets are imperfect," BIS Working Papers 942, Bank for International Settlements.
    104. Linda S. Goldberg, 2024. "Global Liquidity: Drivers, Volatility and Toolkits," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(1), pages 1-31, March.
    105. Yasumasa Morito & Kenichi Ueda, 2024. "Bilateral Lucas Paradox," CARF F-Series CARF-F-581, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    106. Vedolin, Andrea & Korsaye, Sofonias Alemu & Trojani, Fabio, 2020. "The Global Factor Structure of Exchange Rates," CEPR Discussion Papers 15337, Centre for Economic Policy Research.
    107. Ciccone, Julien & Marchiori, Luca & Morhs, Romuald, 2022. "The flow-performance relationship of global investment funds," Journal of International Money and Finance, Elsevier, vol. 127(C).
    108. Zheng, Huanhuan, 2023. "Original sin redux and deviations from covered interest parity," Journal of International Money and Finance, Elsevier, vol. 139(C).
    109. Burger, John D. & Warnock, Francis E. & Warnock, Veronica Cacdac, 2018. "Currency matters: Analyzing international bond portfolios," Journal of International Economics, Elsevier, vol. 114(C), pages 376-388.
    110. Pierpaolo Benigno, 2025. "The International Supply of Reserve Currency," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 393-432, June.
    111. Clayton, Christopher & Coppola, Antonio & Santos, Amanda Dos & Maggiori, Matteo & Schreger, Jesse, 2023. "China in Tax Havens," SocArXiv bfrvn, Center for Open Science.
    112. Bush, Georgia & Cañón, Carlos, 2025. "Capital flows: The role of investment fund portfolio managers," Journal of International Economics, Elsevier, vol. 154(C).
    113. Bada Han, 2025. "Original Sin Dissipation and Currency Exposures in Emerging Markets," Open Economies Review, Springer, vol. 36(1), pages 281-327, February.
    114. Itskhoki, Oleg & Amiti, Mary & Konings, Jozef, 2020. "Dominant Currencies: How firms choose currency invoicing and why it matters," CEPR Discussion Papers 15339, Centre for Economic Policy Research.
    115. Lugo, Stefano, 2025. "Inequality and capital structure," Journal of Banking & Finance, Elsevier, vol. 174(C).
    116. Bryan Hardy & Goetz von Peter, 2023. "Global liquidity: a new phase?," BIS Quarterly Review, Bank for International Settlements, December.
    117. Han, Bo, 2022. "Currency denomination and borrowing cost: Evidence from global bonds," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
    118. Wenxin Du & Ritt Keerati & Jesse Schreger, 2025. "Decoupling Dollar and Treasury Privilege," International Finance Discussion Papers 1427, Board of Governors of the Federal Reserve System (U.S.).
    119. Jansen, Kristy, 2021. "Essays on institutional investors, portfolio choice, and asset prices," Other publications TiSEM fd998408-d282-4e0f-b542-4, Tilburg University, School of Economics and Management.
    120. Nizam, Ahmed Mehedi, 2021. "Redistribution of wealth through cross border financial transactions: A closer look," MPRA Paper 109374, University Library of Munich, Germany.
    121. Wenli Cheng, 2025. "The Euro, The Bancor and The Dollar: A Ricardian Model," Monash Economics Working Papers 2025-19, Monash University, Department of Economics.
    122. Ricardo Sabbadini, 2018. "Overcoming the Original Sin: gains from local currency external debt," Working Papers Series 484, Central Bank of Brazil, Research Department.
    123. Aldunate, Felipe & Da, Zhi & Larrain, Borja & Sialm, Clemens, 2025. "Pension fund flows, exchange rates, and covered interest rate parity," Journal of Financial Economics, Elsevier, vol. 170(C).
    124. Hardy, Bryan, 2023. "Foreign currency borrowing, balance sheet shocks, and real outcomes," Journal of International Money and Finance, Elsevier, vol. 139(C).
    125. Holland, Sara B. & Sarkissian, Sergei & Schill, Michael J. & Warnock, Francis E., 2024. "Nonlinearities and a pecking order in cross-border investment," Journal of Banking & Finance, Elsevier, vol. 166(C).
    126. Hassan, Tarek & Zhang, Tony, 2020. "The Economics of Currency Risk," CEPR Discussion Papers 15313, Centre for Economic Policy Research.
    127. Caccioli, Fabio & Ferrara, Gerardo & Ramadiah, Amanah, 2024. "Modelling fire sale contagion across banks and non-banks," Journal of Financial Stability, Elsevier, vol. 71(C).
    128. Liu, Tao & Wang, Xiaosong & Woo, Wing Thye, 2025. "Invoicing currency and settlement currency: An empirical study and implications for RMB internationalization," China Economic Review, Elsevier, vol. 94(PC).
    129. Xiang Fang & Bryan Hardy & Karen Lewis, 2023. "Who holds sovereign debt and why it matters," BIS Working Papers 1099, Bank for International Settlements.
    130. Liu, Ziheng & Zhang, Jiahui & Gu, Ran & Hu, Qizheng & He, Shouchao, 2025. "Driving effects of U.S. monetary policy and geopolitical risks on gold reserve share," International Review of Financial Analysis, Elsevier, vol. 105(C).

  21. Jesse Schreger & Brent Neiman & Matteo Maggiori, 2017. "Unpacking Global Capital Flows," 2017 Meeting Papers 502, Society for Economic Dynamics.

    Cited by:

    1. Luigi Bocola & Guido Lorenzoni, 2017. "Financial Crises, Dollarization, and Lending of Last Resort in Open Economies," NBER Working Papers 23984, National Bureau of Economic Research, Inc.

  22. Maggiori, Matteo & Farhi, Emmanuel, 2016. "A Model of the International Monetary System," CEPR Discussion Papers 11297, Centre for Economic Policy Research.

    Cited by:

    1. Javier Bianchi & Saki Bigio & Charles Engel, 2022. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," Working Papers 182, Peruvian Economic Association.
    2. Marco Garofalo & Giovanni Rosso & Roger Vicquéry, 2024. "Dominant currency pricing transition," Bank of England working papers 1074, Bank of England.
    3. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2026. "Global Imbalances and Power Imbalances," NBER Working Papers 34717, National Bureau of Economic Research, Inc.
    4. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    5. Lu, Dong & Qian, Xingwang & Zhu, Wenyu, 2024. "External debt currency denomination and the currency composition of foreign exchange reserves," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    6. Mateane, Lebogang, 2023. "Risk preferences, global market conditions and foreign debt: Is there any role for the currency composition of FX reserves?," Research in Economics, Elsevier, vol. 77(3), pages 402-418.
    7. Harsha Paranavithana & Rod Tyers & Leandro Magnusson & Florian Schiffmann, 2022. "Monetary policy regimes: A global assessment," The World Economy, Wiley Blackwell, vol. 45(6), pages 1737-1772, June.
    8. Ostry, D. A., 2023. "Tails of Foreign Exchange-at-Risk (FEaR)," Cambridge Working Papers in Economics 2343, Faculty of Economics, University of Cambridge.
    9. Adrian, Tobias & Xie, Peichu, 2020. "The Non-U.S. Bank Demand for U.S. Dollar Assets," CEPR Discussion Papers 14437, Centre for Economic Policy Research.
    10. Galvez, Julio & Gambacorta, Leonardo & Mayordomo, Sergio & Serena, Jose Maria, 2021. "Dollar borrowing, firm credit risk, and FX-hedged funding opportunities," Journal of Corporate Finance, Elsevier, vol. 68(C).
    11. Cong, Lin William & Mayer, Simon, 2025. "Strategic digitization in currency and payment competition," Journal of Financial Economics, Elsevier, vol. 168(C).
    12. Sushant Acharya & Keshav Dogra, 2018. "The side effects of safe asset creation," Staff Reports 842, Federal Reserve Bank of New York.
    13. Barry Eichengreen & Camille Macaire & Arnaud Mehl & Eric Monnet & Alain Naef, 2024. "Currency internationalization with Chinese characteristics: Is capital‐account convertibility required for the renminbi to acquire reserve‐currency status?," International Finance, Wiley Blackwell, vol. 27(2), pages 102-128, August.
    14. Javier Bianchi & César Sosa-Padilla, 2023. "International Sanctions and Dollar Dominance," Working Papers 227, Red Nacional de Investigadores en Economía (RedNIE).
    15. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back into Geoeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, pages 23-87, National Bureau of Economic Research, Inc.
    16. Jesús Fernández-Villaverde & Daniel R. Sanches, 2024. "Price-Level Determination Under the Gold Standard," Working Papers 24-06, Federal Reserve Bank of Philadelphia.
    17. MĂRGINEAN Silvia Cristina & ORĂȘTEAN Ramona, 2020. "The Challenges Of Reforming The International Monetary System In The Post Covid-19 World," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 15(3), pages 61-73, December.
    18. Martijn A. Boermans & John D. Burger, 2020. "Fickle Emerging Market Flows, Stable Euros, and the Dollar Risk Factor," Working Papers 676, DNB.
    19. Ca' Zorzi, Michele & Dedola, Luca & Georgiadis, Georgios & Jarociński, Marek & Stracca, Livio & Strasser, Georg, 2020. "Monetary policy and its transmission in a globalised world," Working Paper Series 2407, European Central Bank.
    20. Pierre-Olivier Gourinchas & Hélène Rey, 2016. "Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound," NBER Working Papers 22618, National Bureau of Economic Research, Inc.
    21. Arvai, Kai & Coimbra, Nuno, 2025. "Privilege Lost? The Rise and Fall of a Dominant Global Currency," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325376, Verein für Socialpolitik / German Economic Association.
    22. Murau, Steffen & Rini, Joe & Haas, Armin, 2020. "The evolution of the Offshore US-Dollar System: past, present and four possible futures," Journal of Institutional Economics, Cambridge University Press, vol. 16(6), pages 767-783, December.
    23. Cecilia Carvalho & Daniel Monte & Emanuel Ornelas, 2025. "Equilibrium trade regimes: power- vs. rules-based," CEP Discussion Papers dp2128, Centre for Economic Performance, LSE.
    24. Guillaume Bazot & Eric Monnet & Matthias Morys, 2024. "Central banks and the absorption of international shocks (1891-2019)," PSE Working Papers halshs-04778323, HAL.
    25. Le Grand, François & Ragot, Xavier, 2021. "Sovereign default and liquidity: The case for a world safe asset," Journal of International Economics, Elsevier, vol. 131(C).
    26. Zhengyang Jiang & Arvind Krishnamurthy & Hanno Lustig, 2024. "The Rest of the World’s Dollar-Weighted Return on U.S. Treasurys," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(4), pages 1320-1346, December.
    27. Kumhof, Michael, 2018. "On the theory of international currency portfolios," European Economic Review, Elsevier, vol. 101(C), pages 376-396.
    28. Casabianca, Elizabeth Jane & Catalano, Michele & Forni, Lorenzo & Giarda, Elena & Passeri, Simone, 2022. "A machine learning approach to rank the determinants of banking crises over time and across countries," Journal of International Money and Finance, Elsevier, vol. 129(C).
    29. Ly Dai Hung & Hai Anh Bui Thi & Thanh Vo Tri, 2021. "International Debts Flows," Working Papers hal-03129122, HAL.
    30. Niepmann, Friederike & Schmidt-Eisenlohr, Tim, 2023. "Institutional investors, the dollar, and U.S. credit conditions," Journal of Financial Economics, Elsevier, vol. 147(1), pages 198-220.
    31. Leonardo Martinez & Francisco Roch & Francisco Roldan & Jeromin Zettelmeyer, 2022. "Sovereign Debt," Working Papers 167, Red Nacional de Investigadores en Economía (RedNIE).
    32. Jörg Mayer, 2021. "The “exorbitant privilege” and “exorbitant duty” of the United States in the international monetary system: implications for developing countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 157(4), pages 927-964, November.
    33. Ryan Chahrour & Rosen Valchev, 2017. "International Medium of Exchange: Privilege and Duty," Boston College Working Papers in Economics 934, Boston College Department of Economics.
    34. Jiang, Zhengyang, 2021. "US Fiscal cycle and the dollar," Journal of Monetary Economics, Elsevier, vol. 124(C), pages 91-106.
    35. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    36. Dos Santos, Amanda, 2026. "The Development of Domestic Bond Markets," SocArXiv 9he6d_v1, Center for Open Science.
    37. Luo, Yuwei & Mei, Dongzhou, 2023. "The shortage of safe assets and China's housing boom," Economic Modelling, Elsevier, vol. 119(C).
    38. Joseph Abadi & Jesús Fernández-Villaverde & Daniel Sanches, 2026. "International Currency Dominance," PIER Working Paper Archive 26-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    39. Gita Gopinath & Jeremy C. Stein, 2018. "Banking, Trade, and the making of a Dominant Currency," NBER Working Papers 24485, National Bureau of Economic Research, Inc.
    40. Ms. Natasha X Che & Alexander Copestake & Davide Furceri & Tammaro Terracciano, 2023. "The Crypto Cycle and US Monetary Policy," IMF Working Papers 2023/163, International Monetary Fund.
    41. de Boer, Jantke, 2024. "Global portfolio network and currency risk premia," Ruhr Economic Papers 1133, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    42. Maggiori, Matteo & Neiman, Brent & Schreger, Jesse, 2018. "The Rise of the Dollar and Fall of the Euro as International Currencies," CEPR Discussion Papers 13410, Centre for Economic Policy Research.
    43. Ly Dai Hung, 2019. "Exchange Rate Risk Premium in Vietnam," Working Papers hal-03126494, HAL.
    44. Zhengyang Jiang & Arvind Krishnamurthy & Hanno Lustig, 2021. "Foreign Safe Asset Demand and the Dollar Exchange Rate," Journal of Finance, American Finance Association, vol. 76(3), pages 1049-1089, June.
    45. Ly Dai Hung, 2020. "International Public Capital Flows," Working Papers hal-03090656, HAL.
    46. Ly Dai Hung, 2020. "Safe Assets at Financial Globalization," Working Papers hal-03413541, HAL.
    47. Stangebye, Zachary R., 2020. "Beliefs and long-maturity sovereign debt," Journal of International Economics, Elsevier, vol. 127(C).
    48. Dimic, Nebojsa & Piljak, Vanja & Swinkels, Laurens & Vulanovic, Milos, 2021. "The structure and degree of dependence in government bond markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    49. Eren, Egemen & Malamud, Semyon, 2022. "Dominant currency debt," Journal of Financial Economics, Elsevier, vol. 144(2), pages 571-589.
    50. Hanno Lustig, 2021. "Matteo Maggiori: Winner of the 2021 Fischer Black Prize," Journal of Finance, American Finance Association, vol. 76(5), pages 2087-2091, October.
    51. Mark Gertler & Nobuhiro Kiyotaki & Andrea Prestipino, 2020. "Credit Booms, Financial Crises and Macroprudential Policy," Working Papers 2020-62, Princeton University. Economics Department..
    52. Robert N. McCauley, 2020. "The Global Domain of the Dollar: Eight Questions," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 48(4), pages 421-429, December.
    53. Colacito, Riccardo & Qian, Yan & Stathopoulos, Andreas, 2025. "Global sales, international currencies, and the currency denomination of debt," Journal of Financial Economics, Elsevier, vol. 174(C).
    54. Fernández-Villaverde, Jesús & Sanches, Daniel, 2023. "A model of the gold standard," Journal of Economic Theory, Elsevier, vol. 214(C).
    55. Leonie Bräuer & Harald Hau, 2022. "Can Time-Varying Currency Risk Hedging Explain Exchange Rates?," CESifo Working Paper Series 10065, CESifo.
    56. Ly Dai Hung, 2021. "External Debts and Economic Growth when Debts Rating Matters," Working Papers hal-03277527, HAL.
    57. Bartels, Bernhard & Eichengreen, Barry & Schumacher, Julian & Weder di Mauro, Beatrice, 2025. "Central bank independence and risk-taking at the zero lower bound," Working Paper Series 3079, European Central Bank.
    58. Vessela Todorova, 2020. "Safe Haven Currencies," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 579-591, December.
    59. Michael Bordo & Eric Monnet & Alain Naef, 2017. "The Gold Pool (1961-1968) and the Fall of the Bretton Woods System. Lessons for Central Bank Cooperation," NBER Working Papers 24016, National Bureau of Economic Research, Inc.
    60. Atif Mian & Ludwig Straub & Amir Sufi, 2021. "A Goldilocks Theory of Fiscal Policy," Working Papers 2021-37, Princeton University. Economics Department..
    61. Shi, Lei & Xu, Jia, 2023. "Capital accumulation and sustainable development in developing economies; role of natural resources development," Resources Policy, Elsevier, vol. 86(PA).
    62. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    63. Chiara Alvisi, 2025. "Cooperation, competition, or conflict? A review of the multiple international sides of money," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 9(2), pages 23-28, December.
    64. Rogoff, Kenneth, 2020. "Falling real interest rates, rising debt: A free lunch?," Journal of Policy Modeling, Elsevier, vol. 42(4), pages 778-790.
    65. Wenni Lei & Dongzhou Mei & Mi Zhang, 2024. "Global Spillovers of China's Monetary Policy," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 32(3), pages 1-30, May.
    66. Du, Wenxin & Im, Joanne & Schreger, Jesse, 2018. "The U.S. Treasury Premium," Journal of International Economics, Elsevier, vol. 112(C), pages 167-181.
    67. Gourinchas, Pierre-Olivier & Rey, Hélène & Sauzet, Maxime, 2019. "The International Monetary and Financial System," Department of Economics, Working Paper Series qt19n967tz, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    68. Michael D. Bordo & Cécile Bastidon, 2025. "Eras of Monetary and Financial Dominance: A Copernican-Type Model of Multilayered Network with Endogenous Regimes," Open Economies Review, Springer, vol. 36(5), pages 1309-1344, November.
    69. Clayton, Christopher & Santos, Amanda Dos & Maggiori, Matteo & Schreger, Jesse, 2022. "Internationalizing Like China," SocArXiv r2msa, Center for Open Science.
    70. Tao Liu & Dong Lu & Liang Wang, 2025. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202504, University of Hawaii at Manoa, Department of Economics.
    71. Han, Han & Liu, Tao & Lu, Dong, 2026. "The announcement effect on international currency choices: Theory and evidence," Journal of International Money and Finance, Elsevier, vol. 160(C).
    72. Gerding, Felix & Hartley, Jonathan S., 2024. "De-dollarization? Not so fast," Economics Letters, Elsevier, vol. 238(C).
    73. Du, Wenxin & Keerati, Ritt & Schreger, Jesse, 2025. "Decoupling Dollar and Treasury Privilege," SocArXiv 7u9kn_v1, Center for Open Science.
    74. Matthieu Bellon & Matthias Gnewuch, 2024. "Dangerous liaisons? Debt supply and convenience yield spillovers in the euro area," Working Papers 63, European Stability Mechanism, revised 06 Nov 2024.
    75. Jiang, Zhengyang & Richmond, Robert J., 2023. "Origins of international factor structures," Journal of Financial Economics, Elsevier, vol. 147(1), pages 1-26.
    76. Wang, Rongyu & Worrall, Tim, 2025. "The (In)stability of the international monetary system without direct default costs," Finance Research Letters, Elsevier, vol. 86(PB).
    77. Ly Dai Hung, 2020. "A Macro-Finance Model of Government Bonds Yields in Vietnam," Working Papers hal-03133807, HAL.
    78. Chinn, Menzie D. & Frankel, Jeffrey A. & Ito, Hiro, 2024. "The dollar versus the euro as international reserve currencies," Journal of International Money and Finance, Elsevier, vol. 146(C).
    79. Iveta Polaskova & Lubos Komarek & Michal Skoda, 2019. "The Contemporary Role of Gold in Central Banks' Balance Sheets," Research and Policy Notes 2019/01, Czech National Bank, Research and Statistics Department.
    80. Barry Eichengreen & Camille Macaire & Arnaud Mehl & Eric Monnet & Alain Naef, 2022. "Is Capital Account Convertibility Required for the Renminbi to Acquire Reserve Currency Status?," Working papers 892, Banque de France.
    81. John Geanakoplos & Kieran Haobin Wang, 2018. "Quantitative Easing, Collateral Constraints, and Financial Spillovers," Cowles Foundation Discussion Papers 2154, Cowles Foundation for Research in Economics, Yale University.
    82. Ly Dai Hung, 2022. "External Debts and Trade Balance: An International Evidence," Working Papers hal-03863192, HAL.
    83. Roger Vicquéry, 2022. "The Rise and Fall of Global Currencies over Two Centuries," Working papers 882, Banque de France.
    84. Nicolas M. Burotto, 2025. "A Model of External Debt Sustainability and Monetary Hierarchy," Economics Working Paper Archive wp_1087, Levy Economics Institute.
    85. Vincent Bignon & Benoit Mojon & Miguel Ortiz Serrano, 2026. "The Trafalgar squeeze of global liquidity," BIS Working Papers 1347, Bank for International Settlements.
    86. Iveta Polášková & Luboš Komárek, 2021. "Novodobá pozice zlata v bilancích centrálních bank [The Contemporary Role of Gold in Central Banks' Balance Sheets]," Politická ekonomie, Prague University of Economics and Business, vol. 2021(4), pages 413-434.
    87. Han, Bo, 2022. "Currency denomination and borrowing cost: Evidence from global bonds," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
    88. Wenxin Du & Ritt Keerati & Jesse Schreger, 2025. "Decoupling Dollar and Treasury Privilege," International Finance Discussion Papers 1427, Board of Governors of the Federal Reserve System (U.S.).
    89. Rogoff, Kenneth, 2021. "Fiscal sustainability in the aftermath of the great pause," Journal of Policy Modeling, Elsevier, vol. 43(4), pages 783-793.
    90. Golec, Pascal & Perotti, Enrico, 2017. "Safe assets: a review," Working Paper Series 2035, European Central Bank.
    91. Liu, Yang & Wang, Aihua & Tan, Rong, 2025. "The intersection of security attributes of national debt and socially responsible investment objectives," Journal of International Money and Finance, Elsevier, vol. 152(C).

  23. Stefano Giglio & Matteo Maggiori & Johannes Ströbel & Andreas Weber, 2015. "Climate Change and Long-Run Discount Rates: Evidence from Real Estate," CESifo Working Paper Series 5608, CESifo.

    Cited by:

    1. Afees A. Salisu & Ahamuefula E. Ogbonna & Elie Bouri & Rangan Gupta, 2024. "Climate Risks and Prediction of Sectoral REITs Volatility: International Evidence," Working Papers 202434, University of Pretoria, Department of Economics.
    2. Massimo Guidolin, Serena Ionta, 2026. "Uncertain Climate Policy as a Source of Macro-Financial Shocks: Evidence from Carbon Futures Volatility," BAFFI CAREFIN Working Papers 26262, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    3. Riccardo Colacito & Bridget Hoffman & Toan Phan, 2018. "Temperature and Growth: A Panel Analysis of the United States," Working Paper 18-9, Federal Reserve Bank of Richmond.
    4. Miriam Breitenstein & Duc Khuong Nguyen & Thomas Walther, 2019. "Environmental Hazards and Risk Management in the Financial Sector: A Systematic Literature Review," Working Papers on Finance 1910, University of St. Gallen, School of Finance.
    5. Ge, Xiaowen & Xue, Minggao & Cao, Ruiyi, 2024. "Do Chinese carbon-intensive stocks overreact to climate transition risk? Evidence from the COP26 news," International Review of Financial Analysis, Elsevier, vol. 94(C).
    6. Lu, Hengzhen & Wang, Xinran, 2025. "Climate change news sensitivity and expected stock returns: Evidence from China," Finance Research Letters, Elsevier, vol. 81(C).
    7. Tamma Carleton & Michael Greenstone, 2021. "Updating the United States Government's Social Cost of Carbon," Working Papers 2021-04, Becker Friedman Institute for Research In Economics.
    8. Alpino, Matteo & Citino, Luca & Zeni, Federica, 2023. "Costs and benefits of the green transitionenvisaged in the Italian NRRP - An evaluation using the social cost of carbon," Energy Policy, Elsevier, vol. 182(C).
    9. Johannes Stroebel, 2016. "EconomicDynamics Interview: Johannes Stroebel on real estate dynamics," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 17(2), November.
    10. Gouriéroux, C. & Monfort, A. & Renne, J.-P., 2022. "Required Capital for Long-Run Risks," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
    11. Elie Bouri & Rangan Gupta & Asingamaanda Liphadzi & Christian Pierdzioch, 2024. "Forecasting Stock Returns Volatility of the G7 Over Centuries: The Role of Climate Risks," Working Papers 202424, University of Pretoria, Department of Economics.
    12. Colesanti Senni, Chiara & Goel, Skand & von Jagow, Adrian, 2024. "Economic and financial consequences of water risks: The case of hydropower," Ecological Economics, Elsevier, vol. 218(C).
    13. He, Mengxi & Zhang, Yaojie, 2022. "Climate policy uncertainty and the stock return predictability of the oil industry," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    14. Crispino, Marta & Loberto, Michele, 2024. "Do people pay attention to climate change? Evidence from Italy," Journal of Economic Behavior & Organization, Elsevier, vol. 219(C), pages 434-449.
    15. Ren, Yi-Shuai & Klein, Tony & Jiang, Yong, 2025. "Corporate investment decisions amid climate risks: Relocate or stay?," Journal of International Money and Finance, Elsevier, vol. 157(C).
    16. Chen, Yiyang & Mamon, Rogemar & Spagnolo, Fabio & Spagnolo, Nicola, 2025. "Stock market returns and climate risk in the U.S," Journal of Multinational Financial Management, Elsevier, vol. 77(C).
    17. Justin Contat & Carrie Hopkins & Luis Mejia & Matthew Suandi, 2024. "When climate meets real estate: A survey of the literature," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 618-659, May.
    18. Benjamin Collier & Sabrina T. Howell & Lea Rendell, 2024. "After the Storm: How Emergency Liquidity Helps Small Businesses Following Natural Disasters," Working Papers 24-20, Center for Economic Studies, U.S. Census Bureau.
    19. Huong Le & Oanh Thi Kim Nguyen & Thuy Anh Thi Tran & Bao Trung Phan & Nguyen Trong Tran, 2025. "Firm-level Climate Change Exposure and Corporate Cash Holdings: Evidence from Asian Countries," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 24(3), pages 306-330, September.
    20. Chatjuthamard, Pattanaporn & Singh, Simran & Jiraporn, Pornsit & Lee, Sang Mook, 2024. "Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach," International Review of Financial Analysis, Elsevier, vol. 94(C).
    21. Zhou, Mingtao & Ma, Yong, 2025. "Climate risk and predictability of global stock market volatility," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 101(C).
    22. Kuchler, Theresa & Pagel, Michaela, 2021. "Sticking to your plan: The role of present bias for credit card paydown," Journal of Financial Economics, Elsevier, vol. 139(2), pages 359-388.
    23. Trinh, Vu Quang & Trinh, Hai Hong & Li, Teng & Vo, Xuan Vinh, 2024. "Climate change exposure, financial development, and the cost of debt: Evidence from EU countries," Journal of Financial Stability, Elsevier, vol. 74(C).
    24. Kryzanowski, Lawrence & Wu, Tingting & Wu, Yanting, 2025. "Impact of carbon prices on household behaviors in housing transactions," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    25. Bernstein, Asaf & Billings, Stephen B. & Gustafson, Matthew T. & Lewis, Ryan, 2022. "Partisan residential sorting on climate change risk," Journal of Financial Economics, Elsevier, vol. 146(3), pages 989-1015.
    26. Koster, Hans R. A. & Pinchbeck, Edward W., 2018. "How do households value the future? Evidence from property taxes," LSE Research Online Documents on Economics 91693, London School of Economics and Political Science, LSE Library.
    27. Dominik Svoboda & Jan Hanousek, Jr. & Velma Zahirovic-Herbert, 2025. "Beyond the Flood: Media Coverage of Flood Events and Property Valuation," MENDELU Working Papers in Business and Economics 2025-103, Mendel University in Brno, Faculty of Business and Economics.
    28. Karla Hernández & Facundo Luna & Carlos Madeira, 2024. "Climate change’s impact on real estate prices in Chile," Working Papers Central Bank of Chile 1030, Central Bank of Chile.
    29. Lu, Xinjie & Zeng, Qing & Huang, Yisu & Wu, Hanlin, 2025. "Management climate risk concern and corporate bond credit spread," Journal of International Money and Finance, Elsevier, vol. 153(C).
    30. Renee van Eyden & Geoffrey Ngene & Oguzhan Cepni & Rangan Gupta, 2022. "The Heterogeneous Impact of Temperature Growth on Real House Price Returns across the US States," Working Papers 202236, University of Pretoria, Department of Economics.
    31. Kopits, Elizabeth & Kraynak, Daniel & Parthum, Bryan & Rennels, Lisa & Smith, David & Spink, Elizabeth & Griffiths, Charles & Perla, Joseph & Burns, Nshan & Howerton, Michael, 2025. "Economic Damages from Climate Change to U.S. Populations: Integrating Evidence from Recent Studies," National Center for Environmental Economics-NCEE Working Papers 368258, United States Environmental Protection Agency (EPA).
    32. Gollier, Christian, 2017. "Valuation of natural capital under uncertain substitutability," IDEI Working Papers 871, Institut d'Économie Industrielle (IDEI), Toulouse, revised 10 Jun 2026.
    33. Michael Bailey & Drew M. Johnston & Theresa Kuchler & Johannes Stroebel & Arlene Wong, 2019. "Peer Effects in Product Adoption," NBER Working Papers 25843, National Bureau of Economic Research, Inc.
    34. René Bernard & Panagiota Tzamourani & Michael Weber, 2022. "Climate change and individual behavior," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242592, Verein für Socialpolitik / German Economic Association, revised 2022.
    35. Katz, Yuri A., 2017. "Value of the distant future: Model-independent results," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 466(C), pages 269-276.
    36. Gu, Qinen & Li, Shaofang & Tian, Sihua & Wang, Yuyouting, 2024. "Impact of climate risk on energy market risk spillover: Evidence from dynamic heterogeneous network analysis," Energy Economics, Elsevier, vol. 137(C).
    37. Manthos D. Delis & Kathrin de Greiff & Maria Iosifidi & Steven Ongena, 2024. "Being stranded with fossil fuel reserves? Climate policy risk and the pricing of bank loans," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 33(3), pages 239-265, August.
    38. Michael Bailey & Abhinav Gupta & Sebastian Hillenbrand & Theresa Kuchler & Robert Richmond & Johannes Stroebel, 2020. "International Trade and Social Connectedness," CESifo Working Paper Series 8248, CESifo.
    39. Tristan Jourde & Arthur Stalla-Bourdillon, 2026. "Environmental preferences and sector valuations," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 162(1), pages 45-85, February.
    40. Donato Masciandaro & Romano Vincenzo Tarsia, 2021. "Society, Politicians, Climate Change and Central Banks: An Index of Green Activism," BAFFI CAREFIN Working Papers 21167, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    41. Christopher J. Amante & Jacob Dice & David Rodziewicz & Eugene Wahl, 2020. "Housing Market Value Impairment from Future Sea-level Rise Inundation," Research Working Paper RWP 20-05, Federal Reserve Bank of Kansas City.
    42. Elie Bouri & Rangan Gupta & Asingamaanda Liphadzi & Christian Pierdzioch, 2026. "Forecasting the volatility of stock returns in the G7 countries over centuries: the role of climate risks," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 50(1), pages 1-32, December.
    43. Matteo Benetton & Simone Emiliozzi & Elisa Guglielminetti & Michele Loberto & Alessandro Mistretta, 2022. "Do house prices reflect climate change adaptation? Evidence from the city on the water," Questioni di Economia e Finanza (Occasional Papers) 735, Bank of Italy, Economic Research and International Relations Area.
    44. Giuzio, Margherita & Kahraman, Bige & Knyphausen, Jasper, 2026. "Climate change, bank liquidity and systemic risk," Working Paper Series 3168, European Central Bank.
    45. Mense, Andreas, 2023. "Secondary housing supply," LSE Research Online Documents on Economics 118645, London School of Economics and Political Science, LSE Library.
    46. Wang, Qiao, 2024. "Carbon pricing and the commodity risk premium," Journal of Commodity Markets, Elsevier, vol. 36(C).
    47. Döttling, Robin & Rola-Janicka, Magdalena, 2025. "Too Levered for Pigou: Carbon pricing, financial constraints, and leverage regulation," Journal of Financial Economics, Elsevier, vol. 172(C).
    48. Huang, Bihong & Punzi, Maria Teresa & Wu, Yu, 2021. "Do banks price environmental transition risks? Evidence from a quasi-natural experiment in China," Journal of Corporate Finance, Elsevier, vol. 69(C).
    49. Huang, Xiaowei & Cheng, Ge & Zhang, Man, 2025. "Climate change risk and real estate prices—Micro evidence from coastal cities in China," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    50. Hu, Zhongchen, 2022. "Social interactions and households’ flood insurance decisions," Journal of Financial Economics, Elsevier, vol. 144(2), pages 414-432.
    51. Naseer, Mirza Muhammad & Guo, Yongsheng & Zhu, Xiaoxian, 2025. "The dynamics of corporate climate risk and market volatility: International evidence," The North American Journal of Economics and Finance, Elsevier, vol. 78(C).
    52. Lukas Hofmann & Martijn Dröes & Marc Francke, 2025. "Sinking Land, Sinking Prices? Land Subsidence, Flood Risk, and Property Prices," Tinbergen Institute Discussion Papers 25-040/IV, Tinbergen Institute.
    53. Li, Jie & Han, Yingwei, 2025. "Nonlinear hedging climate policy uncertainty: A dynamic mixed copula approach," Economic Modelling, Elsevier, vol. 151(C).
    54. Lu Fang & Lingxiao Li & Abdullah Yavas, 2023. "The Impact of Distant Hurricane on Local Housing Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 327-372, February.
    55. Andrea Ugolini & Juan C. Reboredo & Javier Ojea-Ferreiro, 2023. "Is Climate Transition Risk Priced into Corporate Credit Risk? Evidence from Credit Default Swaps," Working Papers 2023.04, Fondazione Eni Enrico Mattei.
    56. Fontana, Adele & Jarmulska, Barbara & Schwarz, Claudia & Scheid, Benedikt & Scheins, Christopher, 2025. "From flood to fire: is physical climate risk taken into account in banks’ residential mortgage rates?," Working Paper Series 3036, European Central Bank.
    57. Francis, Bill B. & Hasan, Iftekhar & Jiang, Chunxia & Sharma, Zenu & Zhu, Yun, 2025. "Climate risks and debt structure," The British Accounting Review, Elsevier, vol. 57(5).
    58. Vassilios Babalos & Xolani Sibande & Elie Bouri & Rangan Gupta, 2025. "Do Investors in Clean Energy ETFs Herd? The Role of Climate Risks," Working Papers 202512, University of Pretoria, Department of Economics.
    59. Islam, Emdad & Singh, Mandeep, 2025. "Geographic diversification, climate risk, and bank lending: Evidence from farm loans," Journal of Financial Intermediation, Elsevier, vol. 63(C).
    60. Elizabeth Kopits & Daniel Kraynak & Bryan Parthum & Lisa Rennels & David Smith & Elizabeth Spink & Joseph Perla & Nshan Burns, 2025. "Economic Impacts of Climate Change in the United States: Integrating and Harmonizing Evidence from Recent Studies," Papers 2509.00212, arXiv.org.
    61. Li, Jialong & Li, Jiao & Ouyang, Congrong, 2025. "Physical climate risk and household saving behavior: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 2508-2519.
    62. Ren, Xiaohang & Fu, Chenjia & Jin, Yi, 2025. "Climate risk perception and oil financialization in China: Evidence from a time-varying Granger model," Research in International Business and Finance, Elsevier, vol. 74(C).
    63. Tristan Jourde & Arthur Stalla-Bourdillon, 2024. "PEnvironmental Preferences and Sector Valuations," Working papers 964, Banque de France.
    64. Laeven, Luc & Popov, Alexander, 2022. "Carbon taxes and the geography of fossil lending," Working Paper Series 2762, European Central Bank.
    65. Kräussl, Roman & Tugnetti, Alessandro, 2023. "Non-fungible tokens (NFTs): A review of pricing determinants, applications and opportunities," CFS Working Paper Series 693, Center for Financial Studies (CFS).
    66. Martinsson, Gustav & Sajtos, László & Strömberg, Per & Thomann, Christian, 2022. "Carbon Pricing and Firm-Level CO2 Abatement: Evidence from a Quarter of a Century-Long Panel," HoSS Working Paper Series 2022-10, Stockholm School of Economics, House of Sustainable Society (HoSS).
    67. Skouralis, Alexandros & Lux, Nicole & Andrew, Mark, 2024. "Does flood risk affect property prices? Evidence from a property-level flood score," Journal of Housing Economics, Elsevier, vol. 66(C).
    68. Döttling, Robin & Lam, Adrian, 2023. "Does Monetary Policy Shape the Path to Carbon Neutrality?," OSF Preprints kqdar, Center for Open Science.
    69. Dong, Xiyong & Yoon, Seong-Min, 2023. "Effect of weather and environmental attentions on financial system risks: Evidence from Chinese high- and low-carbon assets," Energy Economics, Elsevier, vol. 121(C).
    70. Chen, Zhuo & Liu, Jinyu & Lu, Andrea & Tao, Libin, 2024. "Carbon dioxide and asset pricing: Evidence from international stock markets," Journal of Empirical Finance, Elsevier, vol. 75(C).
    71. Yang, Lu & Hamori, Shigeyuki, 2023. "Modeling the global sovereign credit network under climate change," International Review of Financial Analysis, Elsevier, vol. 87(C).
    72. Ma, Yong & Zhou, Mingtao & Li, Shuaibing, 2024. "Weathering market swings: Does climate risk matter for agricultural commodity price predictability?," Journal of Commodity Markets, Elsevier, vol. 36(C).
    73. Chircop, Justin & Nguyen, Nhat Q. & Nguyen, Tri T., 2025. "Climate news and accounting comparability," Advances in accounting, Elsevier, vol. 69(C).
    74. Iverson , Terrence & Karp, Larry, 2017. "Carbon taxes and climate commitment with non-constant time preference," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt3hw6s14v, Department of Agricultural & Resource Economics, UC Berkeley.
    75. Nguyen, Quyen & Diaz-Rainey, Ivan & Kuruppuarachchi, Duminda, 2023. "In search of climate distress risk," International Review of Financial Analysis, Elsevier, vol. 85(C).
    76. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    77. Alam, Zinat & Hossain, Miran & Wang, Lingling, 2025. "The economic and cultural motives of green price premium," The British Accounting Review, Elsevier, vol. 57(5).
    78. Yin, Libo & Cao, Hong, 2024. "The propagation effect of climate risks on global stock markets: Evidence from the time and space domains," Energy Economics, Elsevier, vol. 132(C).
    79. Bihong Huang & Maria Teresa Punzi & Yu Wu, 2019. "Do Banks Price Environmental Risk? Evidence from a Quasi Natural Experiment in the People’s Republic of China," ADBI Working Papers 974, Asian Development Bank Institute.
    80. Harrison Hong & Frank Weikai Li & Jiangmin Xu, 2016. "Climate Risks and Market Efficiency," NBER Working Papers 22890, National Bureau of Economic Research, Inc.
    81. Stefano Giglio & Bryan Kelly & Serhiy Kozak, 2024. "Equity Term Structures without Dividend Strips Data," Journal of Finance, American Finance Association, vol. 79(6), pages 4143-4196, December.
    82. Satya Narayana Panda & Aishworzo Saha, 2026. "Climate Risk Stress Testing in California: A Geospatial Framework for Banking and Climate-Exposed Sectors," Papers 2604.16716, arXiv.org.
    83. Larry Karp & Armon Rezai, 2018. "Asset Prices and Climate Policy," 2018 Meeting Papers 595, Society for Economic Dynamics.
    84. Shen, Jie & Zheng, Haitao & Zhu, Lei, 2025. "Quantifying firm-level carbon risk: A novel emission reduction stress factor," Economic Modelling, Elsevier, vol. 151(C).
    85. Zhao, Rui & Zhang, Dayong & Guo, Mengmeng, 2024. "Do natural disasters affect stock price crash risk? Evidence from emerging markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    86. Guo, Kun & Li, Yichong & Zhang, Yunhan & Chen, Yingtong & Ma, Yanran, 2024. "Cross-country risk spillovers of ESG stock indices: Dynamic patterns and the role of climate transition risks," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    87. Johannes Stroebel & Jeffrey Wurgler, 2021. "What Do You Think about Climate Finance?," CESifo Working Paper Series 9350, CESifo.
    88. Mingyu Shu & Jieli Wang & Menglong Chen & Hanru Wang, 2025. "Multi-scale Dynamic Correlation Between Climate Shock and China's Stock Market: Evidence Based on High Frequency Data," Computational Economics, Springer;Society for Computational Economics, vol. 66(3), pages 2265-2304, September.
    89. Laborda, Juan & Suárez, Cristina & Fernández, Alejandro & Wang, Haoran & Cerdá, Emilio & Ricci, Liana & Quiroga, Sonia, 2026. "Unveiling how financial markets could intensify climate change risks," Ecological Economics, Elsevier, vol. 239(C).
    90. David Rodziewicz & Christopher J. Amante & Jacob Dice & Eugene Wahl, 2022. "Housing market impairment from future sea-level rise inundation," Environment Systems and Decisions, Springer, vol. 42(4), pages 637-656, December.
    91. Jonah Coste, 2024. "Capitalization of Property Tax Incentives: Evidence From Philadelphia," FHFA Staff Working Papers 24-01, Federal Housing Finance Agency.
    92. Qingjie Du & Albert Tsang & Yang Wang, 2024. "Flood risk and corporate future orientation: Evidence from sea level rise risk," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(1-2), pages 555-594, January.
    93. Shan Ge & Stephanie Johnson & Nitzan Tzur-Ilan, 2025. "Climate Risk, Insurance Premiums and the Effects on Mortgage and Credit Outcomes," Working Papers 2505, Federal Reserve Bank of Dallas.
    94. George C. Galster & Joshua Galster & Karl Vachuska, 2024. "The color of water: Racial and income differences in exposure to floods across US neighborhoods," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 753-793, May.
    95. Simon Dietz & Bruno Lanz, 2019. "Growth and adaptation to climate change in the long run," IRENE Working Papers 19-09, IRENE Institute of Economic Research.
    96. Dimitris Georgarakos & Geoff Kenny & Justus Meyer & Maarten van Rooij, 2025. "How do rising temperatures affect inflation expectations?," Working Papers 843, DNB.
    97. Gollier, Christian, 2016. "Evaluation of long-dated assets: The role of parameter uncertainty," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 66-83.
    98. Duan, Tinghua & Li, Frank Weikai, 2024. "Climate change concerns and mortgage lending," Journal of Empirical Finance, Elsevier, vol. 75(C).
    99. Fesselmeyer, Eric & Liu, Haoming & Salvo, Alberto, 2016. "How Do Households Discount over Centuries? Evidence from Singapore's Private Housing Market," IZA Discussion Papers 9862, IZA Network @ LISER.
    100. Yang, Junqi & Geng, Jiang-Bo, 2025. "Dissecting the financial impact of climate risk," Energy Economics, Elsevier, vol. 143(C).
    101. Yuk Ying Chang & Sudipto Dasgupta, 2023. "Escaping Air Pollution: Immigrants, Students, and Spillover Effects on Property Prices Abroad," Review of Finance, European Finance Association, vol. 27(5), pages 1699-1741.
    102. Bilgehan Tekin & Sadik Aden Dirir & Kadir Aden, 2025. "Integrating sustainable finance into energy policies: A comprehensive study on the influence of green investments on energy performance in OECD nations," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 2883-2911, July.
    103. Gustav Martinsson & László Sajtos & Per Strömberg & Christian Thomann, 2024. "The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax," The Review of Financial Studies, Society for Financial Studies, vol. 37(6), pages 1848-1886.
    104. Venky Nagar & Jordan Schoenfeld, 2024. "Measuring weather exposure with annual reports," Review of Accounting Studies, Springer, vol. 29(1), pages 1-32, March.
    105. Gong, Xu & Liao, Qin, 2024. "Physical climate risk attention and dynamic volatility connectedness among new energy stocks," Energy Economics, Elsevier, vol. 136(C).
    106. Venturini, Alessio, 2022. "Climate change, risk factors and stock returns: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 79(C).
    107. Benkraiem, Ramzi & Dimic, Nebojsa & Piljak, Vanja & Swinkels, Laurens & Vulanovic, Milos, 2025. "Media-based climate risks and international corporate bond market," Journal of International Money and Finance, Elsevier, vol. 151(C).
    108. Bracke, Philippe & Pinchbeck, Edward W. & Wyatt, James, 2017. "The time value of housing: historical evidence on discount rates," LSE Research Online Documents on Economics 86393, London School of Economics and Political Science, LSE Library.
    109. Wu, Xin & Bai, Xiao & Qi, Hanying & Lu, Lanxin & Yang, Mingyuan & Taghizadeh-Hesary, Farhad, 2023. "The impact of climate change on banking systemic risk," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 419-437.
    110. Luca Deidda & Laurence Harris, 2022. "TheimplicationsofnationalandinternationalcarbonpricingpoliciesfortheSouthAfricanReserveBank," Working Papers 11034, South African Reserve Bank.
    111. Makridis, Christos A. & Schloetzer, Jason D., 2023. "Extreme local temperatures lower expressed sentiment about U.S. economic conditions with implications for the stock returns of local firms," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    112. Maxime Sauzet, 2025. "Green Intermediary Asset Pricing," CESifo Working Paper Series 11944, CESifo.
    113. Nguyen, Minh Nhat & Liu, Ruipeng & Li, Youwei, 2025. "Performance of energy ETFs and climate risks," Energy Economics, Elsevier, vol. 141(C).
    114. Dong, Xin & Gong, Jinguo & Wang, Qin, 2025. "Environmental attention and the predictability of crude oil volatility: Evidence from a new MIDAS multifractal model," Energy Economics, Elsevier, vol. 143(C).
    115. Kadie S. Clark & J. Isaac Miller, 2025. "Effects of Climate Change on House Prices in Outdoor Tourism Destinations: A Case Study of Southwestern Colorado," Environmetrics, John Wiley & Sons, Ltd., vol. 36(3), April.
    116. Ma, Yu & Zhao, Wenxia & Ding, Zijun, 2025. "Does climate risk influence exchange rates?," Global Finance Journal, Elsevier, vol. 68(C).
    117. J Anthony Cookson & Emily Gallagher & Philip Mulder, 2025. "Coverage Neglect in Homeowner's Insurance," Working Papers 25-09, Federal Reserve Bank of Philadelphia.
    118. Gao, Qishuo & Shi, Vivien & Pettit, Christopher & Han, Hoon, 2022. "Property valuation using machine learning algorithms on statistical areas in Greater Sydney, Australia," Land Use Policy, Elsevier, vol. 123(C).
    119. Peng, Pei & Guo, Yangli & Huang, Dengshi & Wang, Hui, 2025. "Climate change risk and bond risk premium," International Review of Financial Analysis, Elsevier, vol. 97(C).
    120. Yin, Xiaoqing & Wang, Haijun, 2025. "Real investment decision under CRRA utility: The flow payoff case," Journal of Economic Dynamics and Control, Elsevier, vol. 177(C).
    121. Breckenfelder, Johannes & Maćkowiak, Bartosz & Marqués-Ibáñez, David & Olovsson, Conny & Popov, Alexander & Porcellacchia, Davide & Schepens, Glenn, 2023. "The climate and the economy," Working Paper Series 2793, European Central Bank.
    122. Agarwal, Sumit & Qin, Yu & Sing, Tien Foo & Zhan, Changwei, 2025. "Sea level rise risks, adaptation strategies, and real estate prices in Singapore," Journal of Public Economics, Elsevier, vol. 241(C).
    123. Rennert, Kevin & Prest, Brian C. & Pizer, William & Newell, Richard G. & Anthoff, David & Kingdon, Cora & Rennels, Lisa & Cooke, Roger & Raftery, Adrian E. & Ševčíková, Hana & Errickson, Frank, 2021. "The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates," RFF Working Paper Series 21-28, Resources for the Future.
    124. Giglio, Stefano & Maggiori, Matteo & Stroebel, Johannes & Tan, Zhenhao & Utkus, Stephen & Xu, Xiao, 2025. "Four facts about ESG beliefs and investor portfolios," Journal of Financial Economics, Elsevier, vol. 164(C).
    125. Robert Engle & Shan Ge & Hyeyoon Jung & Xuran Zeng, 2023. "Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure," Staff Reports 1066, Federal Reserve Bank of New York.
    126. Ghani, Maria & Qin, Quande, 2025. "Forecasting climate-sensitive industries' volatility: A regime-switching GARCH-MIDAS approach with multiple climate risk indicators," International Review of Financial Analysis, Elsevier, vol. 105(C).
    127. Chen, Zhenzhu & Li, Li & Tang, Yao, 2024. "Weather, credit, and economic fluctuations: Evidence from China," Journal of Economic Behavior & Organization, Elsevier, vol. 221(C), pages 406-422.
    128. Andersen, Carsten, 2022. "Do distant rent flows matter? Inferring discount rates from leasehold apartments in Denmark," Economics Letters, Elsevier, vol. 219(C).
    129. Elena Gentili, 2025. "The impact on economic activity and housing market of the 2023 Emilia-Romagna floods," Temi di discussione (Economic working papers) 1506, Bank of Italy, Economic Research and International Relations Area.
    130. Drudi, Francesco & Moench, Emanuel & Holthausen, Cornelia & Weber, Pierre-François & Ferrucci, Gianluigi & Setzer, Ralph & Adao, Bernardino & Dées, Stéphane & Alogoskoufis, Spyros & Téllez, Mar Delgad, 2021. "Climate change and monetary policy in the euro area," Occasional Paper Series 271, European Central Bank.
    131. Zhou, Peng & Li, Xiang & Shi, Xing & Jiang, Kun, 2025. "Spillover of the carbon risk along the supply chain: Evidence from the U.S. corporate bond market," Journal of Business Research, Elsevier, vol. 201(C).
    132. Aragon, George O. & Jiang, Yuxiang & Joenväärä, Juha & Tiu, Cristian Ioan, 2025. "Responsible investing: Costs and benefits for university endowment funds," Journal of Financial Economics, Elsevier, vol. 172(C).
    133. Karydas, Christos & Xepapadeas, Anastasios, 2022. "Climate change financial risks: Implications for asset pricing and interest rates," Journal of Financial Stability, Elsevier, vol. 63(C).
    134. Jawad M. Addoum & Piet Eichholtz & Eva Steiner & Erkan Yönder, 2024. "Climate change and commercial real estate: Evidence from Hurricane Sandy," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 687-713, May.
    135. Zhou, Mingtao & Ma, Yong, 2025. "Physical vs. Transition climate risks: Asymmetric effects on stock return predictability," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    136. Peter Chinloy & Cheng Jiang & Kose John, 2022. "Spreads and Volatility in House Returns," JRFM, MDPI, vol. 15(8), pages 1-16, August.
    137. Rubtsov, Alexey & Xu, Wei & Šević, Aleksandar & Šević, Željko, 2021. "Price of climate risk hedging under uncertainty," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    138. Michael Barnett, 2024. "A Run on Fossil Fuel? Climate Change and Transition Risk," Papers 2410.00902, arXiv.org.
    139. Giacomo Bressan & Anja Đuranović & Irene Monasterolo & Stefano Battiston, 2024. "Asset-level assessment of climate physical risk matters for adaptation finance," Nature Communications, Nature, vol. 15(1), pages 1-13, December.
    140. Daryl Fairweather & Matthew Kahn & Robert Metcalfe & Sebastian Sandoval-Olascoaga, 2025. "Expecting Climate Change: A Nationwide Field Experiment in the Housing Market," Natural Field Experiments 00818, The Field Experiments Website.
    141. Elisa Luciano & Antonella Tolomeo, 2025. "ESG asset demand with information costs," Annals of Finance, Springer, vol. 21(2), pages 189-209, June.
    142. Zhe Zhai & Lin Chen & Longfeng Zhao & Yajie Yang & Ramiz ur Rehman, 2026. "Climate Risk and Systemic Risk: Insights from Extreme Risk Spillover Networks," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 25(1), pages 29-57, March.
    143. Thomas R. Berry‐Stölzle & Simon Fritzsch & Philipp Scharner & Gregor Weiß, 2024. "Insurers' climate change risk management quality and natural disasters," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 91(2), pages 263-298, June.
    144. Pástor, Ľuboš & Stambaugh, Robert F. & Taylor, Lucian A., 2022. "Dissecting green returns," Journal of Financial Economics, Elsevier, vol. 146(2), pages 403-424.
    145. Chuanrong Zhang & Xinba Li, 2025. "AI-Enhanced Remote Sensing of Land Transformations for Climate-Related Financial Risk Assessment in Housing Markets: A Review," Land, MDPI, vol. 14(8), pages 1-39, August.
    146. Faccini, Renato & Matin, Rastin & Skiadopoulos, George, 2023. "Dissecting climate risks: Are they reflected in stock prices?," Journal of Banking & Finance, Elsevier, vol. 155(C).
    147. Hong, Harrison & Li, Frank Weikai & Xu, Jiangmin, 2019. "Climate risks and market efficiency," Journal of Econometrics, Elsevier, vol. 208(1), pages 265-281.
    148. Jenny Schuetz, 2024. "How will US households adjust their housing behaviors in response to climate change?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 596-617, May.

  24. Gabaix, Xavier & Maggiori, Matteo, 2014. "International Liquidity and Exchange Rate Dynamics," CEPR Discussion Papers 9842, Centre for Economic Policy Research.

    Cited by:

    1. Park, Sunjin, 2022. "Heterogeneous beliefs in macroeconomic growth prospects and the carry risk premium," Journal of Banking & Finance, Elsevier, vol. 136(C).
    2. Beck, Roland & Berganza, Juan Carlos & Brüggemann, Axel & Cezar, Rafael & Eijking, Carlijn & Eller, Markus & Fuentes, Alberto & Alves, Joel Graça & Kreitz, Lilian & Marsilli, Clement & Moder, Isabella, 2023. "Recent advances in the literature on capital flow management," Occasional Paper Series 317, European Central Bank.
    3. Constantin ANGHELACHE & Mihai Paunica & Gyorgy BODO & Maria MIREA, 2017. "Aspects Of Optimal Monetary And Fiscal Policies," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 65(5), pages 122-138, May.
    4. De Bock, Reinout & de Carvalho Filho, Irineu, 2015. "The behavior of currencies during risk-off episodes," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 218-234.
    5. Gavazzoni, Federico & Santacreu, Ana Maria, 2020. "International R&D spillovers and asset prices," Journal of Financial Economics, Elsevier, vol. 136(2), pages 330-354.
    6. Christopher Johnson, 2019. "International Shadow Banking and Macroprudential Policy," 2019 Meeting Papers 780, Society for Economic Dynamics.
    7. Maggiori, Matteo & Lilley, Andrew & Neiman, Brent & Schreger, Jesse, 2020. "Exchange Rate Reconnect," CEPR Discussion Papers 13869, Centre for Economic Policy Research.
    8. Cañon, Carlos & Gerba, Eddie & Pambira, Alberto & Stoja, Evarist, 2024. "An unconventional FX tail risk story," Journal of International Money and Finance, Elsevier, vol. 148(C).
    9. Montoro, Carlos & Ortiz, Marco, 2023. "The portfolio balance channel of capital flows and foreign exchange intervention in a small open economy," Journal of International Money and Finance, Elsevier, vol. 133(C).
    10. Yossi Yakhin, 2022. "Breaking the UIP: A Model‐Equivalence Result," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(6), pages 1889-1904, September.
    11. López-Martín Bernabé & Ramírez de Aguilar Alberto & Sámano Daniel, 2018. "Fiscal Policy and Inflation: Understanding the Role of Expectations in Mexico," Working Papers 2018-18, Banco de México.
    12. Fischer, Andreas M. & Greminger, Rafael P. & Grisse, Christian & Kaufmann, Sylvia, 2021. "Portfolio rebalancing in times of stress," Journal of International Money and Finance, Elsevier, vol. 113(C).
    13. Garcia-Barragan, Fernando & Liu, Guangling, 2022. "A new approach to capital control for emerging market economies," The North American Journal of Economics and Finance, Elsevier, vol. 61(C).
    14. Friederike Niepmann & Tim Schmidt-Eisenlohr, 2019. "Institutional Investors, the Dollar, and U.S. Credit Conditions," International Finance Discussion Papers 1246, Board of Governors of the Federal Reserve System (U.S.).
    15. Mr. Olivier J Blanchard & Gustavo Adler & Mr. Irineu E de Carvalho Filho, 2015. "Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?," IMF Working Papers 2015/159, International Monetary Fund.
    16. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    17. Stefan Avdjiev & Robert Neil McCauley & Hyun Song Shin, 2015. "Breaking free of the triple coincidence in international finance," BIS Working Papers 524, Bank for International Settlements.
    18. Pasquale Della Corte & Lucio Sarno & Maik Schmeling & Christian Wagner, 2022. "Exchange Rates and Sovereign Risk," Management Science, INFORMS, vol. 68(8), pages 5591-5617, August.
    19. Breen, John David & Hu, Liang, 2021. "The predictive content of oil price and volatility: New evidence on exchange rate forecasting," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    20. Javier Bianchi & Saki Bigio & Charles Engel, 2022. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," Working Papers 182, Peruvian Economic Association.
    21. Semyon Malamud & Andreas Schrimpf, 2018. "An intermediation-based model of exchange rates," BIS Working Papers 743, Bank for International Settlements.
    22. Dagfinn Rime & Andreas Schrimpf & Olav Syrstad, 2022. "Covered Interest Parity Arbitrage," The Review of Financial Studies, Society for Financial Studies, vol. 35(11), pages 5185-5227.
    23. Alessandro Moro, 2021. "Can capital controls promote green investments in developing countries?," Temi di discussione (Economic working papers) 1348, Bank of Italy, Economic Research and International Relations Area.
    24. Gordon Y. Liao & Tony Zhang, 2020. "The Hedging Channel of Exchange Rate Determination," International Finance Discussion Papers 1283, Board of Governors of the Federal Reserve System (U.S.).
    25. Ostry, Jonathan D. & Ghosh, Atish R. & Blanchard, Olivier & Chamon, Marcos, 2015. "Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence," CEPR Discussion Papers 10909, Centre for Economic Policy Research.
    26. M. Utku Ozmen & Erdal Yilmaz, 2016. "Co-movement of Exchange Rates with Interest Rate Differential, Risk Premium and FED Policy in �Fragile Economies�," Working Papers 1621, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    27. Sushant Acharya & Julien Bengui, 2016. "Liquidity traps, capital flows," Staff Reports 765, Federal Reserve Bank of New York.
    28. Croce, Mariano & Colacito, Ric & Liu, Yang & Shaliastovich, Ivan, 2018. "Volatility Risk Pass-Through," CEPR Discussion Papers 13325, Centre for Economic Policy Research.
    29. Oleg Itskhoki & Dmitry Mukhin, 2025. "What Drives the Exchange Rate?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(1), pages 86-117, March.
    30. Hou, Ai Jun & Sarno, Lucio & Ye, Xiaoxia, 2025. "The trade imbalance network and currency returns," Journal of Financial Economics, Elsevier, vol. 172(C).
    31. Ron Alquist & Karlye Dilts Stedman & R. Jay Kahn, 2022. "Foreign Reserve Management and U.S. Money Market Liquidity: A Cost of Exorbitant Privilege," Research Working Paper RWP 22-08, Federal Reserve Bank of Kansas City.
    32. Nicole Aregger & Jessica Leutert, 2023. "Countering Appreciation Pressure with Unconventional Monetary Policy: The Role of Financial Frictions," International Journal of Central Banking, International Journal of Central Banking, vol. 19(4), pages 251-337, October.
    33. Kolasa, Marcin & Ravgotra, Sahil & Zabczyk, Pawel, 2025. "Monetary policy and exchange rate dynamics in a behavioral open economy model," Journal of International Economics, Elsevier, vol. 155(C).
    34. Sondang Marsinta Uli Panggabean & Mahjus Ekananda & Beta Yulianita Gitaharie & Leslie Djuranovik, 2025. "Export proceeds repatriation policies: A shield against exchange rate volatility in emerging markets?," Papers 2506.09168, arXiv.org.
    35. Igor Martins & Hedibert Freitas Lopes, 2024. "What events matter for exchange rate volatility ?," Papers 2411.16244, arXiv.org.
    36. Joseph Abadi, 2026. "Demand-Based Asset Pricing in General Equilibrium," Working Papers 26-12, Federal Reserve Bank of Philadelphia.
    37. Hambuckers, J. & Ulm, M., 2023. "On the role of interest rate differentials in the dynamic asymmetry of exchange rates," Economic Modelling, Elsevier, vol. 129(C).
    38. Steven Riddiough & Lucio Sarno & Pasquale Della Corte, 2015. "Currency Premia and Global Imbalances," 2015 Meeting Papers 1215, Society for Economic Dynamics.
    39. Atif Mian & Ludwig Straub & Amir Sufi, 2020. "Indebted Demand," CESifo Working Paper Series 8210, CESifo.
    40. Eleni Iliopulos & Erica Perego & Thepthida Sopraseuth, 2019. "International Business Cycles: Information Matters," Working Papers 2019-03, CEPII research center.
    41. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    42. Colacito, Riccardo & Riddiough, Steven J. & Sarno, Lucio, 2020. "Business cycles and currency returns," Journal of Financial Economics, Elsevier, vol. 137(3), pages 659-678.
    43. Liao, Gordon Y., 2020. "Credit migration and covered interest rate parity," Journal of Financial Economics, Elsevier, vol. 138(2), pages 504-525.
    44. Wafaa Sbeiti & Moid Uddin Ahmad & Fahad AlKhashti & Ayman E. Haddad, 2025. "Exchange Rate Dynamics and Macroeconomic Factors: A Comparative Study of BRICS Countries," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 17(3), pages 336-355, September.
    45. Xing Guo & Pablo Ottonello & Diego Perez, 2022. "Monetary Policy and Redistribution in Open Economies," Staff Working Papers 22-6, Bank of Canada.
    46. Ostry, D. A., 2023. "Tails of Foreign Exchange-at-Risk (FEaR)," Cambridge Working Papers in Economics 2343, Faculty of Economics, University of Cambridge.
    47. Markus Brunnermeier & Yuliy Sannikov, 2015. "International Credit Flows and Pecuniary Externalities," CESifo Working Paper Series 5170, CESifo.
    48. Alfred Wong & Jiayue Zhang, 2018. "Breakdown of covered interest parity: mystery or myth?," BIS Papers chapters, in: Bank for International Settlements (ed.), The price, real and financial effects of exchange rates, volume 96, pages 57-78, Bank for International Settlements.
    49. Davis, J. Scott & Fujiwara, Ippei & Huang, Kevin X.D. & Wang, Jiao, 2021. "Foreign exchange reserves as a tool for capital account management," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 473-488.
    50. Ambrogio Cesa-Bianchi & Andrea Ferrero & Alessandro Rebucci, 2017. "International Credit Supply Shocks," NBER Working Papers 23841, National Bureau of Economic Research, Inc.
    51. Liang Ding & Qianyi Yang, 2018. "Asymmetric impact of monetary surprises on exchange rate," Applied Economics, Taylor & Francis Journals, vol. 50(7), pages 789-803, February.
    52. Cavallino, Paolo & Sandri, Damiano, 2023. "The open-economy ELB: Contractionary monetary easing and the trilemma," Journal of International Economics, Elsevier, vol. 140(C).
    53. Rey, Hélène & Camanho, Nelson & Hau, Harald, 2020. "Global Portfolio Rebalancing and Exchange Rates," CEPR Discussion Papers 15617, Centre for Economic Policy Research.
    54. Tomás Williams & Lorenzo Pandolfi & Alberto Martin & Fernando Broner, 2020. "Winners and Losers from Sovereign Debt Inflows: Evidence from the Stock Market," Working Papers 1152, Barcelona School of Economics.
    55. Andreas Schrimpf & Semyon Malamud, 2017. "Intermediation Markups and Monetary Policy Passthrough," 2017 Meeting Papers 812, Society for Economic Dynamics.
    56. Fernando Arce & Julien Bengui & Javier Bianchi, 2019. "A Macroprudential Theory of Foreign Reserve Accumulation," Staff Working Papers 19-43, Bank of Canada.
    57. Malin Gardberg, 2022. "Exchange Rate Sensitivity and the Net Foreign Asset Composition," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(2-3), pages 569-598, March.
    58. Martin Bodenstein & Pablo A. Cuba-Borda & Nils M. Gornemann & Ignacio Presno & Andrea Prestipino & Albert Queraltó & Andrea Raffo, 2023. "Global Flight to Safety, Business Cycles, and the Dollar," Working Papers 799, Federal Reserve Bank of Minneapolis.
    59. Mehl, Arnaud & Eichengreen, Barry & Lafarguette, Romain, 2016. "Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market," Working Paper Series 1889, European Central Bank.
    60. Libo Yin & Jing Nie, 2021. "Intermediary asset pricing in currency carry trade returns," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(8), pages 1241-1267, August.
    61. Ilzetzki, Ethan & Reinhart, Carmen M. & Rogoff, Kenneth S., 2020. "Will the secular decline in exchange rate and inflation volatility survive COVID-19?," LSE Research Online Documents on Economics 116982, London School of Economics and Political Science, LSE Library.
    62. Bazán-Palomino, Walter & Ortiz, Marco & Terrones, Marco E. & Winkelried, Diego, 2025. "The role of US bank liquidity and regulations in Covered Interest Parity deviations," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 102(C).
    63. Alexander Rodnyansky & Yannick Timmer & Naoki Yago, 2023. "Intervening against the Fed," CESifo Working Paper Series 10575, CESifo.
    64. Benhima, Kenza & Cordonier, Rachel, 2022. "News, sentiment and capital flows," Journal of International Economics, Elsevier, vol. 137(C).
    65. Paymon Khorrami & Alexander K. Zentefis, 2020. "Arbitrage and Beliefs," CESifo Working Paper Series 8490, CESifo.
    66. Xue, Dong & Minford, Patrick & Meenagh, David, 2018. "How Important are International Financial Market Imperfections for Foreign Exchange Rate Dynamics: A Study of the Sterling Exchange Rate," Cardiff Economics Working Papers E2018/11, Cardiff University, Cardiff Business School, Economics Section.
    67. Puriya Abbassi & Falk Bräuning, 2020. "Real Effects of Foreign Exchange Risk Migration: Evidence from Matched Firm-Bank Microdata," Working Papers 20-8, Federal Reserve Bank of Boston.
    68. Philippe Bacchetta & Kenza Benhima & Yannick Kalantzis & Maxime Phillot, 2026. "The International Transmission of Asset Market Shocks in Liquidity Traps," Working papers 1032, Banque de France.
    69. Kerssenfischer, Mark & Helmus, Caspar, 2024. "Outages in sovereign bond markets," Working Paper Series 2944, European Central Bank.
    70. Rabitsch, Katrin, 2016. "An incomplete markets explanation of the UIP puzzle," FinMaP-Working Papers 53, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents.
    71. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    72. Aldasoro, Iñaki & Ehlers, Torsten & Eren, Egemen, 2022. "Global banks, dollar funding, and regulation," Journal of International Economics, Elsevier, vol. 137(C).
    73. Perri, Fabrizio & Amador, Manuel & Bocola, Luigi & Bianchi, Javier, 2017. "Exchange Rate Policies at the Zero Lower Bound," CEPR Discussion Papers 11928, Centre for Economic Policy Research.
    74. Johnson, Christopher P., 2021. "International shadow banking and prudential capital controls," Journal of International Money and Finance, Elsevier, vol. 119(C).
    75. Sandri, Damiano, 2020. "FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability," CEPR Discussion Papers 14897, Centre for Economic Policy Research.
    76. Adler, Gustavo & Lisack, Noëmie & Mano, Rui C., 2019. "Unveiling the effects of foreign exchange intervention: A panel approach," Emerging Markets Review, Elsevier, vol. 40(C), pages 1-1.
    77. Jonas Becker & Maik Schmeling & Andreas Schrimpf, 2024. "Global Bank Lending and Exchange Rates," BIS Working Papers 1161, Bank for International Settlements.
    78. Bacchetta, Philippe & Tièche, Simon & van Wincoop, Eric, 2020. "International Portfolio Choice with Frictions: Evidence from Mutual Funds," CEPR Discussion Papers 14898, Centre for Economic Policy Research.
    79. Alain Naef & Jacob P. Weber, 2021. "Regional How Powerful is Unannounced, Sterilized Foreign Exchange Intervention?," Working papers 834, Banque de France.
    80. Corsetti, Giancarlo & Dedola, Luca & Leduc, Sylvain, 2023. "Exchange rate misalignment and external imbalances: what is the optimal monetary policy response?," Working Paper Series 2843, European Central Bank.
    81. Granziera, Eleonora & Sihvonen, Markus, 2024. "Bonds, currencies and expectational errors," Journal of Economic Dynamics and Control, Elsevier, vol. 158(C).
    82. Ferrero, Andrea & Habib, Maurizio Michael & Stracca, Livio & Venditti, Fabrizio, 2022. "Leaning against the global financial cycle," Working Paper Series 2763, European Central Bank.
    83. Eswar Prasad & Boyang Zhang, 2015. "Distributional Effects of Monetary Policy in Emerging Market Economies," NBER Working Papers 21471, National Bureau of Economic Research, Inc.
    84. Indriawan, Ivan & Jiao, Feng & Tse, Yiuman, 2021. "The FOMC announcement returns on long-term US and German bond futures," Journal of Banking & Finance, Elsevier, vol. 123(C).
    85. Eichengreen, Barry & Lafarguette, Romain & Mehl, Arnaud & Ferrari Minesso, Massimo, 2023. "Technology and the geography of the foreign exchange market," Journal of International Money and Finance, Elsevier, vol. 131(C).
    86. Salisu, Afees A. & Olaniran, Abeeb & Tchankam, Jean Paul, 2022. "Oil tail risk and the tail risk of the US Dollar exchange rates," Energy Economics, Elsevier, vol. 109(C).
    87. Pflueger, Carolin, 2025. "Back to the 1980s or not? The drivers of inflation and real risks in Treasury bonds," Journal of Financial Economics, Elsevier, vol. 167(C).
    88. Martijn A. Boermans & John D. Burger, 2020. "Fickle Emerging Market Flows, Stable Euros, and the Dollar Risk Factor," Working Papers 676, DNB.
    89. Noman Arshed & Kamran Hameed & Asma Saher, 2024. "Role of Globalization and Education Defining the Incidence of Entrepreneurship," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 364-382, March.
    90. Ryan Chahrour & Vito Cormun & Pierre De Leo & Pablo Guerron-Quintana & Rosen Valchev, 2021. "Exchange Rate Disconnect Revisited," Boston College Working Papers in Economics 1041, Boston College Department of Economics, revised 12 May 2023.
    91. Rafael Cezar & Eric Monnet, 2021. "Capital Controls and Foreign Reserves against External Shocks: Combined or Alone?," Working papers 849, Banque de France.
    92. Hoek, Jasper & Kamin, Steve & Yoldas, Emre, 2022. "Are higher U.S. interest rates always bad news for emerging markets?," Journal of International Economics, Elsevier, vol. 137(C).
    93. Djeutem, Edouard & Dunbar, Geoffrey R., 2022. "Uncovered return parity: Equity returns and currency returns," Journal of International Money and Finance, Elsevier, vol. 128(C).
    94. Jiang, Zhengyang & Richmond, Robert J. & Zhang, Tony, 2025. "Understanding the strength of the dollar," Journal of Financial Economics, Elsevier, vol. 168(C).
    95. Dietrich Domanski & Emanuel Kohlscheen & Ramon Moreno, 2016. "Foreign exchange market intervention in EMEs: what has changed?," BIS Quarterly Review, Bank for International Settlements, September.
    96. Sofoklis Vogiazas & Constantinos Alexiou, 2017. "Determinants of Housing Prices and Bubble Detection: Evidence from Seven Advanced Economies," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 45(1), pages 119-131, March.
    97. Davis, J. Scott & Van Wincoop, Eric, 2018. "Globalization and the increasing correlation between capital inflows and outflows," Journal of Monetary Economics, Elsevier, vol. 100(C), pages 83-100.
    98. Charles Engel, 2015. "Exchange Rates, Interest Rates, and the Risk Premium," NBER Working Papers 21042, National Bureau of Economic Research, Inc.
    99. Michael Curran & Adnan Velic, 2017. "Real Exchange Rate Persistence and Country Characteristics," Trinity Economics Papers tep0917, Trinity College Dublin, Department of Economics.
    100. Chien, YiLi & Lustig, Hanno & Naknoi, Kanda, 2020. "Why are exchange rates so smooth? A household finance explanation," Journal of Monetary Economics, Elsevier, vol. 112(C), pages 129-144.
    101. de Boer, Jantke & Eichler, Stefan & Rövekamp, Ingmar, 2024. "Protectionism, bilateral integration, and the cross section of exchange rate returns in US presidential debates," Journal of International Money and Finance, Elsevier, vol. 147(C).
    102. Ferrari Minesso, Massimo & Siena, Daniele, 2026. "Private money and public debt. U.S. Stablecoins and the global safe asset channel," Working Paper Series 3174, European Central Bank.
    103. Wenxin Du & Carolin E. Pflueger & Jesse Schreger, 2020. "Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy," Journal of Finance, American Finance Association, vol. 75(6), pages 3097-3138, December.
    104. Ethan Ilzetzki & Keyu Jin, 2020. "The Puzzling Change In The International Transmission Of U.S. Macroeconomic Policy Shocks," Discussion Papers 2103, Centre for Macroeconomics (CFM).
    105. Eugenio Cerutti & Haonan Zhou, 2024. "Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants, and Disconnect," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(1), pages 196-252, March.
    106. Daniel Felix Ahelegbey & Oyakhilome Wallace Ibhagui & Florian Gerth, 2026. "The Dollar's Double Life: Not All Dollar Appreciations Are Born Equal for the Cross‐Currency Basis," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 46(4), pages 754-772, April.
    107. Oscar Botero-Ramírez, 2026. "The Role of Investor Composition in Sovereign Bond Pricing: Evidence from an Emerging Market," IHEID Working Papers 02-2026, Economics Section, The Graduate Institute of International Studies.
    108. Riedler, Jesper & Koziol, Tina, 2021. "Scaling, unwinding and greening QE in a calibrated portfolio balance model," ZEW Discussion Papers 21-086, ZEW - Leibniz Centre for European Economic Research.
    109. Bernabe Lopez‐Martin, 2022. "Firm Export Dynamics And The Exchange Rate: A Quantitative Exploration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(3), pages 1137-1163, August.
    110. Moro, Alessandro & Nispi Landi, Valerio, 2024. "The external financial spillovers of CBDCs," Journal of Economic Dynamics and Control, Elsevier, vol. 159(C).
    111. Yakhin, Yossi, 2024. "Foreign Exchange Interventions in the New-Keynesian Model: Policy, Transmission, and Welfare," MPRA Paper 122948, University Library of Munich, Germany.
    112. Lloyd, S. P. & Marin, E. A., 2023. "Capital Controls and Free-Trade Agreements," Cambridge Working Papers in Economics 2318, Faculty of Economics, University of Cambridge.
    113. Dagfinn Rime & Andreas Schrimpf & Olav Syrstad, 2017. "Segmented money markets and covered interest parity arbitrage," BIS Working Papers 651, Bank for International Settlements.
    114. Vitaly Orlov, 2018. "Solvency Risk Premia and the Carry Trades," Working Papers on Finance 1802, University of St. Gallen, School of Finance.
    115. Simon Tièche & Didier Cossin, 2025. "Optimal Portfolio Choice in a General Equilibrium Model with Portfolio Frictions and Short-Selling Constraint," Mathematics, MDPI, vol. 13(12), pages 1-19, June.
    116. Bacchetta, Philippe & van Wincoop, Eric, 2021. "Puzzling exchange rate dynamics and delayed portfolio adjustment," Journal of International Economics, Elsevier, vol. 131(C).
    117. Corte, Pasquale Della & Kozhan, Roman & Neuberger, Anthony, 2021. "The cross-section of currency volatility premia," Journal of Financial Economics, Elsevier, vol. 139(3), pages 950-970.
    118. Mercea Handro Patricia Amalia, 2018. "Consideration Relating The Theoretical And Practical Framework Of The Monetary Union," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 0, pages 234-239, December.
    119. Guillaume Bazot & Eric Monnet & Matthias Morys, 2024. "Central banks and the absorption of international shocks (1891-2019)," PSE Working Papers halshs-04778323, HAL.
    120. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    121. Andrey G. Shulgin, 2017. "A Simple Theoretical Setup for the Evaluation of Sterilized Intervention Effectiveness in a Small Open Commodity Exporting Economy," HSE Working papers WP BRP 170/EC/2017, National Research University Higher School of Economics.
    122. Özmen, M. Utku & Yılmaz, Erdal, 2017. "Co-movement of exchange rates with interest rate differential, risk premium and FED policy in “fragile economies”," Emerging Markets Review, Elsevier, vol. 33(C), pages 173-188.
    123. Wang, Mengjiao & Liu, Jianxu & Yang, Bing, 2024. "Does the strength of the US dollar affect the interdependence among currency exchange rates of RCEP and CPTPP countries?," Finance Research Letters, Elsevier, vol. 62(PA).
    124. Aleksejs Krecetovs & Pasquale Della Corte, 2016. "Macro uncertainty and currency premia," 2016 Meeting Papers 624, Society for Economic Dynamics.
    125. Pierre-Richard Agénor & Koray Alper & Luiz Pereira da Silva, 2015. "External Shocks, Financial Volatility and Reserve Requirements in an Open Economy," Working Papers Series 396, Central Bank of Brazil, Research Department.
    126. Gurdip Bakshi & Mario Cerrato & John Crosby, 2016. "Studying the Implications of Consumption and Asset Return Data for Stochastic Discount Factors in Incomplete International Economies," Working Papers 2017_01, Business School - Economics, University of Glasgow.
    127. Lukas Menkhoff & Malte Rieth & Tobias Stöhr, 2020. "The Dynamic Impact of FX Interventions on Financial Markets," Discussion Papers of DIW Berlin 1854, DIW Berlin, German Institute for Economic Research.
    128. de Boer, Jantke & Eichler, Stefan, 2024. "FX dealer constraints and external imbalances," Ruhr Economic Papers 1132, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    129. Oliveira, Lucas M. & Alencar, Airlane P., 2025. "When timing matters: Regime-dependent delays in exchange rate fundamentals," Finance Research Letters, Elsevier, vol. 86(PG).
    130. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    131. Mac Mullen, Marcos & Woo, Soo Kyung, 2025. "Real exchange rate and net trade dynamics: Financial and trade shocks," Journal of International Economics, Elsevier, vol. 157(C).
    132. Maurer, Thomas & Tran, Ngoc-Khanh, 2021. "Entangled risks in incomplete FX markets," Journal of Financial Economics, Elsevier, vol. 142(1), pages 146-165.
    133. Kumhof, Michael, 2018. "On the theory of international currency portfolios," European Economic Review, Elsevier, vol. 101(C), pages 376-396.
    134. Tumisang Loate & Ekaterina Pirozhkova & Nicola Viegi, 2021. "Sailing into the Wind evaluating the near future of Monetary Policy in South Africa," Working Papers 11006, South African Reserve Bank.
    135. Pamela Cardozo & Fredy Gamboa & David Perez-Reyna & Mauricio Villamizar-Villegas, 2016. "Banking Limits on Foreign Holdings: Disentangling the Portfolio Balance Channel," Borradores de Economia 934, Banco de la Republica de Colombia.
    136. Fornaro, Luca, 2019. "Monetary Union and Financial Integration," CEPR Discussion Papers 14216, Centre for Economic Policy Research.
    137. Robin Greenwood & Samuel G. Hanson & Jeremy C. Stein & Adi Sunderam, 2020. "A Quantity-Driven Theory of Term Premia and Exchange Rates," NBER Working Papers 27615, National Bureau of Economic Research, Inc.
    138. Aldasoro, Iñaki & Beltrán, Paula & Grinberg, Federico & Mancini-Griffoli, Tommaso, 2023. "The macro-financial effects of international bank lending on emerging markets," Journal of International Economics, Elsevier, vol. 142(C).
    139. Candian, Giacomo, 2019. "Information frictions and real exchange rate dynamics," Journal of International Economics, Elsevier, vol. 116(C), pages 189-205.
    140. Kolasa, Marcin & Wesołowski, Grzegorz, 2020. "International spillovers of quantitative easing," Journal of International Economics, Elsevier, vol. 126(C).
    141. Hyejin Yang & Jin Lee, 2025. "Response of tail risks of Euro-dollar exchange rate to monetary policy shocks in the US and the Euro area using penalized local projections," SN Business & Economics, Springer, vol. 5(6), pages 1-21, June.
    142. Calomiris, Charles W. & Larrain, Mauricio & Schmukler, Sergio L. & Williams, Tomas, 2022. "Large international corporate bonds: Investor behavior and firm responses," Journal of International Economics, Elsevier, vol. 137(C).
    143. Fong, Tom Pak Wing & Sze, Angela Kin Wan & Ho, Edmund Ho Cheung, 2021. "Assessing cross-border interconnectedness between shadow banking systems," Journal of International Money and Finance, Elsevier, vol. 110(C).
    144. Dimitri Vayanos & Jean‐Luc Vila, 2021. "A Preferred‐Habitat Model of the Term Structure of Interest Rates," Econometrica, Econometric Society, vol. 89(1), pages 77-112, January.
    145. Garcia-Cicco Javier & Bucacos Elizabeth & Mello Miguel, 2023. "Foreign Exchange Interventions and Foreign Shocks: The case of Uruguay," Asociación Argentina de Economía Política: Working Papers 4657, Asociación Argentina de Economía Política.
    146. Abbassi, Puriya & Bräuning, Falk, 2023. "Exchange rate risk, banks' currency mismatches, and credit supply," Journal of International Economics, Elsevier, vol. 141(C).
    147. Grobys, Klaus & Junttila, Juha & Kolari, James W. & Sapkota, Niranjan, 2021. "On the stability of stablecoins," Journal of Empirical Finance, Elsevier, vol. 64(C), pages 207-223.
    148. Cao, Dan & Evans, Martin & Lua, Wenlan, 2020. "Real Exchange Rate Dynamics Beyond Business Cycles," MPRA Paper 99054, University Library of Munich, Germany, revised 10 Mar 2020.
    149. Domenech Palacios, Mar & Ehrmann, Michael & Ferrari Minesso, Massimo & Mehl, Arnaud & Comazzi, Fabio, 2026. "ECB exchange rate communication," Working Paper Series 3229, European Central Bank.
    150. De, Kuhelika & Sun, Wei, 2020. "Is the exchange rate a shock absorber or a source of shocks? Evidence from the U.S," Economic Modelling, Elsevier, vol. 89(C), pages 1-9.
    151. Daniel L. Greenwald & Martin Lettau & Sydney C. Ludvigson, 2014. "Origins of Stock Market Fluctuations," NBER Working Papers 19818, National Bureau of Economic Research, Inc.
    152. Rosen Valchev, 2015. "Exchange Rates and UIP Violations at Short and Long Horizons," 2015 Meeting Papers 1446, Society for Economic Dynamics.
    153. Francis Breedon & Louisa Chen & Angelo Ranaldo & Nicholas Vause, 2019. "Judgment Day: Algorithmic Trading Around The Swiss Franc Cap Removal," Working Papers on Finance 1912, University of St. Gallen, School of Finance.
    154. Santiago Forero Alvarado, 2023. "Manejo de liquidez bancaria, prima de liquidez y pol√≠tica monetaria," Documentos CEDE 20305, Universidad de los Andes, Facultad de Economía, CEDE.
    155. Kolasa, Marcin & Wesołowski, Grzegorz, 2023. "Quantitative easing in the US and financial cycles in emerging markets," Journal of Economic Dynamics and Control, Elsevier, vol. 149(C).
    156. Boris Hofmann & Hyun Song Shin & Mauricio Villamizar-Villegas, 2019. "FX intervention and domestic credit: Evidence from high-frequency micro data," BIS Working Papers 774, Bank for International Settlements.
    157. Ambrogio Cesa-Bianchi & Mr. Luis Felipe Céspedes & Mr. Alessandro Rebucci, 2015. "Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies," IMF Working Papers 2015/023, International Monetary Fund.
    158. Guo,Si & Pei,Yun & Xie,Leiyu, 2022. "A Dynamic Model of Fiscal Decentralization and Public Debt Accumulation," Policy Research Working Paper Series 9927, The World Bank.
    159. Koijen, Ralph & Gabaix, Xavier, 2020. "Granular Instrumental Variables," CEPR Discussion Papers 15531, Centre for Economic Policy Research.
    160. Schmitt-Grohé, Stephanie & Uribe, Martín, 2022. "The effects of permanent monetary shocks on exchange rates and uncovered interest rate differentials," Journal of International Economics, Elsevier, vol. 135(C).
    161. Kose, M. Ayhan & Claessens, Stijn, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CEPR Discussion Papers 12460, Centre for Economic Policy Research.
    162. Yun, Youngjin, 2020. "Reserve accumulation and bank lending: Evidence from Korea," Journal of International Money and Finance, Elsevier, vol. 105(C).
    163. García, Carlos J. & González, Wildo & Valenzuela, Gabriel, 2025. "The valuation of economic recovery: The case for investment-led fiscal spending policies in open economies," International Review of Economics & Finance, Elsevier, vol. 99(C).
    164. Jacob, Punnoose & Uusküla, Lenno, 2019. "Deep habits and exchange rate pass-through," Journal of Economic Dynamics and Control, Elsevier, vol. 105(C), pages 67-89.
    165. Itskhoki, Oleg & Mukhin, Dmitry, 2021. "Exchange rate disconnect in general equilibrium," LSE Research Online Documents on Economics 112140, London School of Economics and Political Science, LSE Library.
    166. Jiang, Zhengyang, 2021. "US Fiscal cycle and the dollar," Journal of Monetary Economics, Elsevier, vol. 124(C), pages 91-106.
    167. Isoré, Marlène & Szczerbowicz, Urszula, 2015. "Disaster risk and preference shifts in a New Keynesian model," MPRA Paper 65643, University Library of Munich, Germany.
    168. Gelos, Gaston & Gornicka, Lucyna & Koepke, Robin & Sahay, Ratna & Sgherri, Silvia, 2022. "Capital flows at risk: Taming the ebbs and flows," Journal of International Economics, Elsevier, vol. 134(C).
    169. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    170. Kathryn M. E. Dominguez, 2020. "Revisiting Exchange Rate Rules," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(3), pages 693-719, September.
    171. Ranaldo, Angelo & Somogyi, Fabricius, 2021. "Asymmetric information risk in FX markets," Journal of Financial Economics, Elsevier, vol. 140(2), pages 391-411.
    172. Juan Morelli & Diego Perez & Pablo Ottonello, 2019. "Global Banks and Systemic Debt Crises," 2019 Meeting Papers 644, Society for Economic Dynamics.
    173. Alain Naef, 2023. "Blowing against the Wind? A Narrative Approach to Central Bank Foreign Exchange Intervention," Working papers 911, Banque de France.
    174. Jorge Mario Uribe & Natalia Restrepo L�pez, 2015. "Dinámica del tipo de cambio, quiebre estructural e intervenciones de política en Colombia," Revista Ecos de Economía, Universidad EAFIT, vol. 19(41), pages 24-44.
    175. Milan Nedeljkovic & Christian Saborowski, 2018. "The Relative Effectiveness of Spot and Derivatives Based Intervention," CESifo Working Paper Series 7127, CESifo.
    176. Martin Kuncl & Dmitry Matveev, 2025. "Neutral rate of interest in a small open economy: The case of Canada," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 58(3), pages 990-1016, August.
    177. Alessandria, George & Choi, Horag, 2021. "The dynamics of the U.S. trade balance and real exchange rate: The J curve and trade costs?," Journal of International Economics, Elsevier, vol. 132(C).
    178. Ozge Akinci & Ṣebnem Kalemli-Özcan & Albert Queraltó, 2022. "Uncertainty Shocks, Capital Flows, and International Risk Spillovers," Staff Reports 1016, Federal Reserve Bank of New York.
    179. Sebastián Fanelli & Ludwig Straub, 2020. "A Theory of Foreign Exchange Interventions," Working Papers wp2020_2019, CEMFI.
    180. Della Corte, Pasquale & Cenedese, Gino & Wang, Tianyu, 2020. "Currency Mispricing and Dealer Balance Sheets," CEPR Discussion Papers 15569, Centre for Economic Policy Research.
    181. Mueller, Philippe & Tahbaz-Salehi, Alireza & Vedolin, Andrea, 2016. "Exchange rates and monetary policy uncertainty," LSE Research Online Documents on Economics 66043, London School of Economics and Political Science, LSE Library.
    182. Venditti, Fabrizio & Veronese, Giovanni, 2020. "Global financial markets and oil price shocks in real time," Working Paper Series 2472, European Central Bank.
    183. Stanley W. Black, 2015. "The Portfolio Theory of Exchange Rates—Then and Now," Review of International Economics, Wiley Blackwell, vol. 23(2), pages 379-386, May.
    184. Xie, Oliver, 2024. "Financial Hedging and Optimal Currency of Invoicing," SocArXiv v8zdk, Center for Open Science.
    185. Dong, Xue & Minford, Patrick & Meenagh, David & Yang, Xiaoliang, 2023. "Bounded rational expectation: How it can affect the effectiveness of monetary rules in the open economy," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    186. Kimberly A. Berg & Nelson C. Mark, 2024. "Uncertainty, Long‐Run, And Monetary Policy Risks In A Two‐Country Macro Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(3), pages 1387-1413, August.
    187. Pierre‐Richard Agénor & Timothy P. Jackson & Luiz A. Pereira da Silva, 2023. "Global banking, financial spillovers and macroprudential policy coordination," Economica, London School of Economics and Political Science, vol. 90(359), pages 1003-1040, July.
    188. Egorov, Konstantin & Mukhin, Dmitry, 2023. "Optimal policy under dollar pricing," SAFE Working Paper Series 377, Leibniz Institute for Financial Research SAFE.
    189. Stefan Avdjiev & Wenxin Du & Catherine Koch & Hyun Song Shin, 2016. "The dollar, bank leverage and the deviation from covered interest parity," BIS Working Papers 592, Bank for International Settlements.
    190. Pierre-Richard Agénor & Timothy Jackson & Luiz Awazu Pereira da Silva, 2020. "Foreign exchange intervention and financial stability," BIS Working Papers 889, Bank for International Settlements.
    191. Carol Bertaut & Valentina Bruno & Hyun Song Shin, 2023. "Original sin redux: role of duration risk," BIS Working Papers 1109, Bank for International Settlements.
    192. Mr. Alexander Culiuc, 2020. "Real Exchange Rate Overshooting in Large Depreciations: Determinants and Consequences," IMF Working Papers 2020/060, International Monetary Fund.
    193. Nadezhda Ivanova & Mikhail Andreev & Andrey Sinyakov & Ivan Shevchuk, 2019. "Review of Bank of Russia Conference on 'Macroprudential Policy Effectiveness: Theory and Practice'," Russian Journal of Money and Finance, Bank of Russia, vol. 78(3), pages 89-121, September.
    194. Giancarlo Corsetti & Anna Lipinska & Giovanni Lombardo, 2019. "Asset Prices and Risk Sharing. The Valuation Effects of Capital Market Integration," 2019 Meeting Papers 679, Society for Economic Dynamics.
    195. Ojea-Ferreiro, Javier & Reboredo, Juan C., 2022. "Exchange rates and the global transmission of equity market shocks," Economic Modelling, Elsevier, vol. 114(C).
    196. Ferrari, Massimo & Kearns, Jonathan & Schrimpf, Andreas, 2021. "Monetary policy’s rising FX impact in the era of ultra-low rates," Journal of Banking & Finance, Elsevier, vol. 129(C).
    197. Hyeyoon Jung, 2021. "Real Consequences of Shocks to Intermediaries Supplying Corporate Hedging Instruments," Staff Reports 989, Federal Reserve Bank of New York.
    198. Nicole Aregger & Jessica Leutert, 2017. "Unconventional Monetary Policy under Appreciation Pressure - The Role of Financial Frictions," Working Papers 17.03, Swiss National Bank, Study Center Gerzensee.
    199. Malamud, Semyon & Eren, Egemen, 2018. "Dominant Currency Debt," CEPR Discussion Papers 13391, Centre for Economic Policy Research.
    200. Ballensiefen, Benedikt & Somogyi, Fabricius & Winterberg, Hannah, 2026. "Demand for dollars: Evidence from survey expectations," CFR Working Papers 26-04, University of Cologne, Centre for Financial Research (CFR).
    201. Corsetti, Giancarlo & Dedola, Luca & Leduc, Sylvain, 2018. "Exchange rate misalignment, capital flows, and optimal monetary policy trade-offs," LSE Research Online Documents on Economics 87290, London School of Economics and Political Science, LSE Library.
    202. Ilir Miteza & Altin Tanku & Ilir Vika, 2023. "Is the floating exchange rate a shock absorber in Albania? Evidence from SVAR models," Economic Change and Restructuring, Springer, vol. 56(2), pages 1297-1326, April.
    203. Klaassen, Franc & Mavromatis, Kostas, 2024. "Exchange market pressure in interest rate rules," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    204. Bryan Hardy & Felipe Saffie, 2019. "From carry trades to trade credit: financial intermediation by non-financial corporations," BIS Working Papers 773, Bank for International Settlements.
    205. Gabaix, Xavier & Farhi, Emmanuel, 2015. "Rare Disasters and Exchange Rates," CEPR Discussion Papers 10334, Centre for Economic Policy Research.
    206. Croce, Mariano & Colacito, Ric & Ho, Steven & Howard, Philip, 2018. "BKK the EZ Way. International Long-Run Growth News and Capital Flows," CEPR Discussion Papers 12783, Centre for Economic Policy Research.
    207. Philippe Bacchetta & Eric van Wincoop, 2017. "Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns," NBER Working Papers 23363, National Bureau of Economic Research, Inc.
    208. UZ AKDOGAN, Idil & HALICIOGLU, Ferda & Demir, Ishak, 2025. "Measuring Currency Risk Premium: The Case of Turkey," MPRA Paper 123742, University Library of Munich, Germany.
    209. Goldberg, Linda S. & Krogstrup, Signe, 2023. "International capital flow pressures and global factors," Journal of International Economics, Elsevier, vol. 146(C).
    210. Gustavo Adler & Kyun Suk Chang & Rui C. Mano & Yuting Shao, 2025. "Foreign Exchange Intervention: A Data Set of Official Data and Estimates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(5), pages 1241-1273, August.
    211. Oscar Botero-Ramírez & Andrés Murcia & Mauricio Villamizar-Villegas, 2025. "Foreign investment dynamics: The impact of benchmark-driven versus unconstrained investors on local credit conditions," Borradores de Economia 1309, Banco de la Republica de Colombia.
    212. Carrasco, Alex & Florián Hoyle, David, 2025. "External shocks and FX intervention policy in financially dollarized economies," Journal of Macroeconomics, Elsevier, vol. 84(C).
    213. Husnu C. Dalgic, 2024. "Financial Dollarization In Emerging Markets: An Insurance Arrangement," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(3), pages 1189-1219, August.
    214. Ambrogio Cesa-Bianchi & Michael Kumhof & Andrej Sokol & Gregory Thwaites, 2019. "Towards a new monetary theory of exchange rate determination," Bank of England working papers 817, Bank of England.
    215. Hassan, Ramin & Loualiche, Erik & Pecora, Alexandre R. & Ward, Colin, 2023. "International trade and the risk in bilateral exchange rates," Journal of Financial Economics, Elsevier, vol. 150(2).
    216. J. Scott Davis & Eric Van Wincoop, 2023. "A Theory of Net Capital Flows over the Global Financial Cycle," Globalization Institute Working Papers 420, Federal Reserve Bank of Dallas.
    217. Oleg Itskhoki & Dmitry Mukhin, 2025. "Mussa Puzzle Redux," Econometrica, Econometric Society, vol. 93(1), pages 1-39, January.
    218. Andrews, Spencer & Colacito, Riccardo & Croce, Mariano M. & Gavazzoni, Federico, 2024. "Concealed carry," Journal of Financial Economics, Elsevier, vol. 159(C).
    219. Peng, Wei & Hu, Shichao & Chen, Wang & Zeng, Yu-feng & Yang, Lu, 2019. "Modeling the joint dynamic value at risk of the volatility index, oil price, and exchange rate," International Review of Economics & Finance, Elsevier, vol. 59(C), pages 137-149.
    220. Fernando Broner & Alberto Martin & Lorenzo Pandolfi & Tomas Williams, 2020. "Winners and Losers from Sovereign Debt Inflows," NBER Working Papers 27772, National Bureau of Economic Research, Inc.
    221. Khalil, Makram & Strobel, Felix, 2024. "US trade policy and the US dollar," Journal of International Economics, Elsevier, vol. 151(C).
    222. Sergio Florez-Orrego, 2021. "Money Matters: Global banks, safe assets and monetary autonomy," Documentos CEDE 19153, Universidad de los Andes, Facultad de Economía, CEDE.
    223. Marcel Fratzscher & Oliver Goede & Lukas Menkhoff & Lucio Sarno & Tobias Stöhr, 2015. "When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries," Discussion Papers of DIW Berlin 1518, DIW Berlin, German Institute for Economic Research.
    224. Lukasz Drozd & Marcin Kolasa & Jaromir Nosal, 2026. "Pricing-to-Market in Business Cycle Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 60, April.
    225. Richard K. Lyons & Ganesh Viswanath-Natraj, 2020. "What Keeps Stablecoins Stable?," NBER Working Papers 27136, National Bureau of Economic Research, Inc.
    226. Malamud, Semyon & Malkhozov, Aytek, 2016. "Market Integration and Global Crashes," CEPR Discussion Papers 11468, Centre for Economic Policy Research.
    227. Michael B. Devereux & Charles Engel & Steve Pak Yeung Wu, 2023. "Collateral Advantage: Exchange Rates, Capital Flows and Global Cycles," NBER Working Papers 31164, National Bureau of Economic Research, Inc.
    228. Bacchetta, Philippe & Davenport, Margaret & van Wincoop, Eric, 2022. "Can sticky portfolios explain international capital flows and asset prices?," Journal of International Economics, Elsevier, vol. 136(C).
    229. Falk Bräuning & Victoria Ivashina, 2020. "Monetary Policy and Global Banking," Journal of Finance, American Finance Association, vol. 75(6), pages 3055-3095, December.
    230. Kohler, Karsten & Bonizzi, Bruno & Kaltenbrunner, Annina, 2023. "Global financial uncertainty shocks and external monetary vulnerability: The role of dominance, exposure, and history," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    231. Correa, Ricardo & DeMarco, Laurie, 2025. "Dealer leverage and exchange rates: Heterogeneity across intermediaries," Journal of Banking & Finance, Elsevier, vol. 174(C).
    232. Ortiz, Marco & Herrera, Gerardo & Perez, Fernando, 2022. "The shine beneath: foreign exchange intervention in resource-rich economies," MPRA Paper 116208, University Library of Munich, Germany.
    233. ÅžimÅŸek, Alp & Caballero, Ricardo, 2019. "A Model of Fickle Capital Flows and Retrenchment," CEPR Discussion Papers 13819, Centre for Economic Policy Research.
    234. Nina Karnaukh & Angelo Ranaldo & Paul Söderlind, 2015. "Understanding FX Liquidity," The Review of Financial Studies, Society for Financial Studies, vol. 28(11), pages 3073-3108.
    235. Korsaye, Sofonias Alemu & Trojani, Fabio & Vedolin, Andrea, 2023. "The global factor structure of exchange rates," Journal of Financial Economics, Elsevier, vol. 148(1), pages 21-46.
    236. Timm Betz & Amy Pond, 2025. "Governments as borrowers and regulators," The Review of International Organizations, Springer, vol. 20(1), pages 189-218, March.
    237. Hanno Lustig, 2021. "Matteo Maggiori: Winner of the 2021 Fischer Black Prize," Journal of Finance, American Finance Association, vol. 76(5), pages 2087-2091, October.
    238. Sarno, Lucio & Menkhoff, Lukas & Schmeling, Maik & Schrimpf, Paul, 2016. "Currency Value," CEPR Discussion Papers 11324, Centre for Economic Policy Research.
    239. Kuhelika De, 2025. "Asymmetric Shocks and the Role of Exchange Rate in Emerging Markets: Evidence from India," Open Economies Review, Springer, vol. 36(2), pages 607-649, April.
    240. J. Scott Davis & Michael B. Devereux & Changhua Yu, 2020. "Sudden Stops in Emerging Economies: The Role of World Interest Rates and Foreign Exchange Intervention," Globalization Institute Working Papers 405, Federal Reserve Bank of Dallas, revised 10 Sep 2021.
    241. Patricia Amalia MERCEA (HANDRO), 2020. "Exchange Rate Regime And Macroeconomic Stability. A Literature Survey," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 5(1), pages 67-71.
    242. Paul Castillo & Juan Pablo Medina, 2021. "Foreign Exchange Intervention, Capital Flows, and Liability Dollarization," GRU Working Paper Series GRU_2021_027, City University of Hong Kong, Department of Economics and Finance, Global Research Unit, revised 25 Jul 2021.
    243. Gardberg, Malin, 2018. "Linking Net Foreign Portfolio Debt and Equity to Exchange Rate Movements," Working Paper Series 1246, Research Institute of Industrial Economics.
    244. Zhang, Ziyun & Chen, Su & Li, Bo, 2022. "Does previous carry trade position affect following investors' decision-making and carry returns?," International Review of Financial Analysis, Elsevier, vol. 80(C).
    245. Martin Ertl & Adrian Wende, 2025. "FIW PB-71 Exchange rate effects on Austrian exports," FIW Policy Brief series 71, FIW.
    246. Michael Kumhof & Phurichai Rungcharoenkitkul & Andrej Sokol, 2020. "How does international capital flow?," Bank of England working papers 884, Bank of England.
    247. Urban J. Jermann & Bin Wei & Vivian Z. Yue, 2019. "The Two-Pillar Policy for the RMB," FRB Atlanta Working Paper 2019-8, Federal Reserve Bank of Atlanta.
    248. Graziano, Marco & Habib, Maurizio Michael, 2024. "Mutual funds and safe government bonds: do returns matter?," Working Paper Series 2931, European Central Bank.
    249. Katrin Rabitsch, 2016. "An Incomplete Markets Explanation of the Uncovered Interest Rate Parity Puzzle," Review of International Economics, Wiley Blackwell, vol. 24(2), pages 422-446, May.
    250. Mykola Babiak & Jozef Barunik, 2021. "Volatility Shocks and Currency Returns," Papers 2101.09738, arXiv.org, revised Mar 2026.
    251. Feng, Gen-Fu & Yang, Hao-Chang & Gong, Qiang & Chang, Chun-Ping, 2021. "What is the exchange rate volatility response to COVID-19 and government interventions?," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 705-719.
    252. Janus, Jakub, 2025. "Global financial risk and uncovered interest parity premia in Central and Eastern Europe," Economic Modelling, Elsevier, vol. 148(C).
    253. Khorrami, Paymon & Zentefis, Alexander K., 2025. "Segmentation and beliefs: A theory of self-fulfilling idiosyncratic risk," Journal of Economic Theory, Elsevier, vol. 223(C).
    254. Rita Biswas & Louis R. Piccotti & Ben Z. Schreiber, 2021. "Differential risk premiums and the UIP puzzle," Financial Management, Financial Management Association International, vol. 50(1), pages 139-167, March.
    255. João Nicolau & Paulo M. M. Rodrigues, 2019. "A New Regression-Based Tail Index Estimator," The Review of Economics and Statistics, MIT Press, vol. 101(4), pages 667-680, October.
    256. Matias Moretti & Lorenzo Pandolfi & Sergio L. Schmukler & Tomas Williams & German Villegas-Bauer, 2025. "Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds," Mo.Fi.R. Working Papers 192, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    257. Leonie Bräuer & Harald Hau, 2022. "Can Time-Varying Currency Risk Hedging Explain Exchange Rates?," CESifo Working Paper Series 10065, CESifo.
    258. Carlos Montoro & Marco Ortiz, 2020. "The Portfolio Channel of Capital Flows and Foreign Exchange Intervention in A Small Open Economy," Working Papers 168, Peruvian Economic Association.
    259. Zineddine Alla, 2017. "Optimal policies in international macroeconomics [Politiques optimales en macroéconomie internationale]," Sciences Po Economics Publications (main) tel-03436551, HAL.
    260. Cañon, Carlos & Gerba, Eddie & Pambira, Alberto & Stoja, Evarist, 2024. "An unconventional FX tail risk story," LSE Research Online Documents on Economics 125291, London School of Economics and Political Science, LSE Library.
    261. Maggiori, Matteo & Neiman, Brent & Schreger, Jesse, 2018. "International Currencies and Capital Allocation," CEPR Discussion Papers 12973, Centre for Economic Policy Research.
    262. Choi, Jae Hoon, 2020. "Capital controls and foreign exchange market intervention," Journal of International Money and Finance, Elsevier, vol. 101(C).
    263. Ortiz, Marco & Miyahara, Ken, 2022. "Portfolio shocks and the financial accelerator in a small open economy," MPRA Paper 114224, University Library of Munich, Germany.
    264. Zineddine Alla & Raphael A. Espinoza & Atish R. Ghosh, 2020. "FX Intervention in the New Keynesian Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(7), pages 1755-1791, October.
    265. Luca Fornaro, 2019. "A Theory of Monetary Union and Financial Integration," Working Papers 1138, Barcelona School of Economics.
    266. Fang, Xiang & Liu, Yang, 2021. "Volatility, intermediaries, and exchange rates," Journal of Financial Economics, Elsevier, vol. 141(1), pages 217-233.
    267. Choi, Yoonho & Choi, E. Kwan, 2022. "Why exchange rate pass-through matters in forward exchange markets," Economic Modelling, Elsevier, vol. 110(C).
    268. Boris Hofmann & Ilhyock Shim & Hyun Song Shin, 2022. "Risk capacity, portfolio choice and exchange rates," BIS Working Papers 1031, Bank for International Settlements.
    269. Itskhoki, Oleg, 2020. "The Story of the Real Exchange Rate," CEPR Discussion Papers 15572, Centre for Economic Policy Research.
    270. Cavusoglu, Nevin & Goldberg, Michael D. & Stillwagon, Josh, 2021. "Currency returns and downside risk: Debt, volatility, and the gap from benchmark values," Journal of Macroeconomics, Elsevier, vol. 68(C).
    271. Daisuke Ikeda, 2022. "Digital Money as a Medium of Exchange and Monetary Policy in Open Economies," IMES Discussion Paper Series 22-E-10, Institute for Monetary and Economic Studies, Bank of Japan.
    272. Adrien Verdelhan & Hanno Lustig, 2016. "Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates?," 2016 Meeting Papers 1183, Society for Economic Dynamics.
    273. Guido M. Kuersteiner & David C. Phillips & Mauricio Villamizar-Villegas, 2016. "Effective Sterilized Foreign Exchange Intervention? Evidence from a Rule-Based Policy," Borradores de Economia 964, Banco de la Republica de Colombia.
    274. Beck, Thorsten & Bednarek, Peter & te Kaat, Daniel Marcel & von Westernhagen, Natalja, 2021. "Exchange rate depreciations and local business cycles: The role of bank loan supply," Discussion Papers 52/2021, Deutsche Bundesbank.
    275. Peter Hördahl & Giorgio Valente, 2022. "Emerging market bond flows and exchange rate returns," BIS Working Papers 1042, Bank for International Settlements.
    276. João Barata R.B. Barroso & Fernanda Nechio, 2020. "Financial market development, monetary policy and financial stability in Brazil," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial market development, monetary policy and financial stability in emerging market economies, volume 113, pages 55-65, Bank for International Settlements.
    277. Rong Li & Dongzhou Mei & Bing Tong, 2024. "Gradual Portfolio Adjustment, Foreign Exchange Intervention, and Open Market Operations," CFDS Discussion Paper Series 2024/6, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
    278. Rob Hayward & Andros Gregoriou, 2021. "International Capital Flows and Speculation," JRFM, MDPI, vol. 14(5), pages 1-12, April.
    279. Hur, Joonyoung & Shin, Kwanho, 2026. "Does the uncovered interest parity hold better in korea?," Journal of International Money and Finance, Elsevier, vol. 160(C).
    280. Konstantin Egorov & Dmitry Mukhin, 2020. "Optimal Policy under Dollar Pricing," CESifo Working Paper Series 8272, CESifo.
    281. Wang, Chenxi, 2023. "A model of international currency with private information," Journal of International Money and Finance, Elsevier, vol. 131(C).
    282. Mr. Ravi Balakrishnan & Stefan Laseen & Mr. Andrea Pescatori, 2016. "U.S. Dollar Dynamics: How Important Are Policy Divergence and FX Risk Premiums?," IMF Working Papers 2016/125, International Monetary Fund.
    283. Christian Heyerdahl-Larsen & Philipp Illeditsch, 2018. "Demand Disagreement," 2018 Meeting Papers 607, Society for Economic Dynamics.
    284. Suman S. Basu & Atish R. Ghosh & Jonathan D. Ostry & Pablo E. Winant, 2018. "Managing Capital Outflows with Limited Reserves," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(2), pages 333-374, June.
    285. Julio Blanco & Javier Cravino, 2018. "Price Rigidities and the Relative PPP," 2018 Meeting Papers 346, Society for Economic Dynamics.
    286. Cerutti, Eugenio M. & Obstfeld, Maurice & Zhou, Haonan, 2021. "Covered interest parity deviations: Macrofinancial determinants," Journal of International Economics, Elsevier, vol. 130(C).
    287. Brzoza-Brzezina, Michał & Galiński, Paweł R. & Makarski, Krzysztof, 2025. "Monetary and fiscal policy in a two-country model with behavioral expectations," Journal of International Money and Finance, Elsevier, vol. 155(C).
    288. Carrasco, Alex & Florián, David & Nivín, Rafael, 2019. "SFX Interventions, Financial Intermediation, and External Shocks in Emerging Economies," Working Papers 2019-022, Banco Central de Reserva del Perú.
    289. Naef, Alain & Weber, Jacob, 2021. "How Powerful Is Unannounced, Sterilized Foreign Exchange Intervention?," SocArXiv bfehz, Center for Open Science.
    290. Cantú, Carlos, 2019. "Effects of capital controls on foreign exchange liquidity," Journal of International Money and Finance, Elsevier, vol. 93(C), pages 201-222.
    291. Kamalyan, Hayk & Davtyan, Vahagn, 2022. "Exchange Rate Uncertainty and Business Cycle Fluctuations," MPRA Paper 113443, University Library of Munich, Germany.
    292. Betz, Timm & Pond, Amy, 2025. "Governments as Borrowers and Regulators," SocArXiv gr37y_v1, Center for Open Science.
    293. Viziniuc, Mădălin, 2021. "Winners and losers of central bank foreign exchange interventions," Economic Modelling, Elsevier, vol. 94(C), pages 748-767.
    294. Suman Basu & Emine Boz & Gita Gopinath & Francisco Roch & Filiz Unsal, "undated". "Integrated Monetary and Financial Policies for Small Open Economies," Department of Economics Working Papers 2025-10, Universidad Torcuato Di Tella.
    295. Perez-Reyna, David & Villamizar-Villegas, Mauricio, 2019. "Exchange rate effects of financial regulations," Journal of International Money and Finance, Elsevier, vol. 96(C), pages 228-245.
    296. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2025. "Corporate Debt Structure with Home and International Currency Bias," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 433-456, June.
    297. Sydney C. Ludvigson & Sai Ma & Serena Ng, 2015. "Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?," NBER Working Papers 21803, National Bureau of Economic Research, Inc.
    298. Rosen Valchev, 2017. "Bond Convenience Yields and Exchange Rate Dynamics," Boston College Working Papers in Economics 943, Boston College Department of Economics.
    299. Mr. Jiaqian Chen & Ms. Era Dabla-Norris & Carlos Goncalves & Zoltan Jakab & Jesper Lindé, 2023. "Can Fiscal Consolidation help Central Banks Fight Inflation?," IMF Working Papers 2023/260, International Monetary Fund.
    300. Husnu C. Dalgic, 2025. "When Is Liquidity Bad?," CRC TR 224 Discussion Paper Series crctr224_2025_723, University of Bonn and University of Mannheim, Germany.
    301. Huang, Huichou & MacDonald, Ronald & Zhao, Yang, 2012. "Global Currency Misalignments, Crash Sensitivity, and Downside Insurance Costs," MPRA Paper 53745, University Library of Munich, Germany, revised 18 Nov 2013.
    302. Andrew Filardo & Mr. Gaston Gelos & Thomas McGregor, 2022. "Exchange-Rate Swings and Foreign Currency Intervention," IMF Working Papers 2022/158, International Monetary Fund.
    303. Paolo Cavallino & Mr. Damiano Sandri, 2018. "The Expansionary Lower Bound: Contractionary Monetary Easing and the Trilemma," IMF Working Papers 2018/236, International Monetary Fund.
    304. Fernando Eguren-Martin & Andrej Sokol, 2019. "Attention to the tail(s): global financial conditions and exchange rate risks," Bank of England working papers 822, Bank of England.
    305. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    306. Niepmann, Friederike & Schmidt-Eisenlohr, Tim, 2018. "Global Investors, the Dollar, and U.S. Credit Conditions," CEPR Discussion Papers 13237, Centre for Economic Policy Research.
    307. Wenxin Du & Jesse Schreger, 2016. "Local Currency Sovereign Risk," Journal of Finance, American Finance Association, vol. 71(3), pages 1027-1070, June.
    308. Kolasa, Marcin & Laséen, Stefan & Lindé, Jesper, 2025. "Unconventional Monetary Policies in Small Open Economies," Working Paper Series 450, Sveriges Riksbank (Central Bank of Sweden).
    309. Zhiguo He & Bryan Kelly & Asaf Manela, 2016. "Intermediary Asset Pricing: New Evidence from Many Asset Classes," NBER Working Papers 21920, National Bureau of Economic Research, Inc.
    310. Ulm, M. & Hambuckers, J., 2022. "Do interest rate differentials drive the volatility of exchange rates? Evidence from an extended stochastic volatility model," Journal of Empirical Finance, Elsevier, vol. 65(C), pages 125-148.
    311. Paolo Cavallino & Boris Hofmann, 2022. "Capital flows and monetary policy trade-offs in emerging market economies," BIS Working Papers 1032, Bank for International Settlements.
    312. Flavio Abanto Salcedo, 2024. "Is Foreign Exchange Intervention through derivative instruments effective? An analysis of the Peruvian case," IHEID Working Papers 17-2024, Economics Section, The Graduate Institute of International Studies.
    313. Jaromir Benes & Andrew Berg & Rafael Portillo & David Vavra, 2015. "Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework," Open Economies Review, Springer, vol. 26(1), pages 81-108, February.
    314. Oleg Itskhoki & Dmitry Mukhin, 2019. "Mussa Puzzle Redux," 2019 Meeting Papers 1434, Society for Economic Dynamics.
    315. Huang, Wenqian & Ranaldo, Angelo & Schrimpf, Andreas & Somogyi, Fabricius, 2022. "Constrained Dealers and Market Efficiency," VfS Annual Conference 2022 (Basel): Big Data in Economics 264054, Verein für Socialpolitik / German Economic Association.
    316. Valentina Bruno & Hyun Song Shin, 2019. "Dollar and Exports," BIS Working Papers 819, Bank for International Settlements.
    317. Ma, Zhenyu & Wang, Junbo & Wang, Ning & Xiao, Zehua, 2024. "US monetary policy and real exchange rate dynamics: the role of exchange rate arrangements and capital controls," Economics Letters, Elsevier, vol. 242(C).
    318. Laura Andrade-Pardo & Oscar Valencia-Arana & Diego Vásquez-Escobar & Mauricio Villamizar-Villegas, 2016. "Uncovering the Portfolio Balance Channel with the use of Sovereign Credit Ratings," Borradores de Economia 941, Banco de la Republica de Colombia.
    319. Douglas W. Diamond & Yunzhi Hu & Raghuram G. Rajan, 2020. "The Spillovers from Easy Liquidity and the Implications for Multilateralism," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(1), pages 4-34, March.
    320. Behrooz Gharleghi, 2023. "Debt and currency value during COVID‐19 in the Global South," Economic Affairs, Wiley Blackwell, vol. 43(2), pages 201-210, June.
    321. Andrea Falconio, 2023. "Carry trades and US monetary policy," Review of International Economics, Wiley Blackwell, vol. 31(1), pages 237-248, February.
    322. Petracchi, Cosimo, 2022. "The Mussa puzzle: A generalization," European Economic Review, Elsevier, vol. 149(C).
    323. Nick Sander, 2023. "The Macroeconomic Effects of Portfolio Equity Inflows," Staff Working Papers 23-31, Bank of Canada.
    324. Jing Cynthia Wu & Yinxi Xie & Ji Zhang, 2024. "The Role of International Financial Integration in Monetary Policy Transmission," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 944-990, September.
    325. Benoit Mojon & Phurichai Rungcharoenkitkul & Dora Xia, 2025. "Integrating balance sheet policy into monetary policy conditions," BIS Working Papers 1281, Bank for International Settlements.
    326. Jiang, Zhengyang & Richmond, Robert J., 2023. "Origins of international factor structures," Journal of Financial Economics, Elsevier, vol. 147(1), pages 1-26.
    327. Alfredo Bateman y Javier E. Martinez & Javier Esteban Martinez, 2010. "Cuaderno 4: Análisis de las fuentes de oferta y demanda en el mercado de divisas," Cuadernos de Desarrollo Económico 7586, Secretaría Distrital de Desarrollo Económico.
    328. Husnu C. Dalgic & Galip Kemal Ozhan, 2025. "Dominant Currency Pricing and Currency Risk Premia," CRC TR 224 Discussion Paper Series crctr224_2025_717, University of Bonn and University of Mannheim, Germany.
    329. Faltermeier, Julia & Lama, Ruy & Medina, Juan Pablo, 2022. "Foreign exchange intervention for commodity booms and busts," European Economic Review, Elsevier, vol. 143(C).
    330. Corbo, Vesna & Di Casola, Paola, 2022. "Drivers of consumer prices and exchange rates in small open economies," Journal of International Money and Finance, Elsevier, vol. 122(C).
    331. Aleksandra Babii, 2019. "Exchange Rates Co-movement and International Trade," 2019 Meeting Papers 1150, Society for Economic Dynamics.
    332. Mirela Sandulescu & Fabio Trojani & Andrea Vedolin, 2021. "Model‐Free International Stochastic Discount Factors," Journal of Finance, American Finance Association, vol. 76(2), pages 935-976, April.
    333. Cheung, Yin-Wong & Wang, Wenhao, 2022. "Uncovered interest rate parity redux: Non-uniform effects," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 133-151.
    334. Alain Chaboud & Dagfinn Rime & Vladyslav Sushko, 2023. "The foreign exchange market," BIS Working Papers 1094, Bank for International Settlements.
    335. Chen, Louisa & Liu, Estelle Xue & Liu, Zijun, 2024. "FX resilience around the world: Fighting volatile cross-border capital flows," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    336. Ly Dai Hung, 2021. "Economic Growth with Public and Foreign Investment in Vietnam," Working Papers hal-03241846, HAL.
    337. Matteo Maggiori, 2021. "FX policy when financial markets are imperfect," BIS Working Papers 942, Bank for International Settlements.
    338. Maio, Paulo & Zeng, Ming, 2023. "On the driving forces of real exchange rates: Is the Japanese Yen different?," Journal of Empirical Finance, Elsevier, vol. 74(C).
    339. Mercea (Handro) Patricia Amalia, 2019. "The Exchange Rate Trilemma In Europe: A Case Study," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(47), pages 79-86, November.
    340. Gao Meng & Eric Wincoop, 2020. "A Decomposition of International Capital Flows," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(2), pages 362-389, June.
    341. Ṣebnem Kalemli-Özcan, 2019. "U.S. Monetary Policy and International Risk Spillovers," NBER Working Papers 26297, National Bureau of Economic Research, Inc.
    342. Mykola Babiak & Jozef Barunik, 2021. "Uncertainty Network Risk and Currency Returns," CERGE-EI Working Papers wp687, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    343. Vedolin, Andrea & Korsaye, Sofonias Alemu & Trojani, Fabio, 2020. "The Global Factor Structure of Exchange Rates," CEPR Discussion Papers 15337, Centre for Economic Policy Research.
    344. Alessandro Moro, 2025. "Optimal policies in a small open economy with an environmental externality and shallow foreign exchange markets," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 24(1), pages 35-50, January.
    345. Reitz, Stefan & Umlandt, Dennis, 2021. "Currency returns and FX dealer balance sheets," Journal of International Economics, Elsevier, vol. 133(C).
    346. Samuel Drapeau & Peng Luo & Xuan Tao & Tan Wang, 2026. "One Currency, Two Forward Prices: The Onshore-Offshore Renminbi Puzzle," Papers 2605.25392, arXiv.org.
    347. Bada Han, 2025. "Original Sin Dissipation and Currency Exposures in Emerging Markets," Open Economies Review, Springer, vol. 36(1), pages 281-327, February.
    348. Blanco, Andrés & Cravino, Javier, 2020. "Price rigidities and the relative PPP," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 104-116.
    349. Evans, Olaniyi, 2025. "Short‐run and long‐run determinants of exchange rate fluctuations: A tale of the Dollar and the Naira," MPRA Paper 124158, University Library of Munich, Germany.
    350. Claeys, Grégory & Papioti, Chara & Tryphonides, Andreas, 2023. "Liquidity risk, market power and the informational effects of policy," Journal of International Economics, Elsevier, vol. 142(C).
    351. Lloyd, Simon P. & Marin, Emile A., 2024. "Capital controls and trade policy," Journal of International Economics, Elsevier, vol. 151(C).
    352. Chris Anderson & Weiling Liu, 2024. "Inferring Intermediary Risk Exposure from Trade," Management Science, INFORMS, vol. 70(10), pages 6966-6982, October.
    353. Kocaarslan, Baris & Soytas, Ugur, 2021. "Reserve currency and the volatility of clean energy stocks: The role of uncertainty," Energy Economics, Elsevier, vol. 104(C).
    354. Nissinen, Juuso, 2024. "Cross-country spillover effects of interest rate and credit constraint policies," Finance Research Letters, Elsevier, vol. 66(C).
    355. Pablo Winant & Jonathan Ostry & Atish Ghosh & Suman Basu, 2016. "Managing Capital Outflows: The Role of Foreign Exchange Intervention," 2016 Meeting Papers 756, Society for Economic Dynamics.
    356. Maria Eleftheriou & Nikolas A. Müller-Plantenberg, 2018. "The Purchasing Power Parity Fallacy: Time to Reconsider the PPP Hypothesis," Open Economies Review, Springer, vol. 29(3), pages 481-515, July.
    357. Gitelson, Natalia & Manes, Eran, 2025. "Openness and the effect of business cycle synchronization on the equity risk premium," Research in International Business and Finance, Elsevier, vol. 77(PA).
    358. Gurdip Bakashi & Mario Cerrato & John Crosby, 2015. "Risk Sharing in International Economies and Market Incompleteness," Working Papers 2015_23, Business School - Economics, University of Glasgow.
    359. Paolo Manasse & Graziano Moramarco & Giulio Trigilia, 2024. "Exchange rates and political uncertainty: the Brexit case," Economica, London School of Economics and Political Science, vol. 91(362), pages 621-652, April.
    360. Aziz, Nusrate, 2024. "Why does uncovered interest parity fail empirically?," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    361. Timmer, Yannick, 2018. "Emerging market corporate bond yields and monetary policy," Emerging Markets Review, Elsevier, vol. 36(C), pages 130-143.
    362. Pasquale Della Corte & Aleksejs Krecetovs, 2024. "Current Account Uncertainty and Currency Premia," Management Science, INFORMS, vol. 70(9), pages 5795-5815, September.
    363. Croce, Mariano & Gavazzoni, Federico & Colacito, Ric & Ready, Robert, 2018. "Currency Risk Factors in a Recursive Multicountry Economy," CEPR Discussion Papers 12610, Centre for Economic Policy Research.
    364. Boris Hofmann & Ilhyock Shim & Hyun Song Shin, 2019. "Bond risk premia and the exchange rate," BIS Working Papers 775, Bank for International Settlements.
    365. Heipertz, Jonas & Mihov, Ilian & Santacreu, Ana Maria, 2022. "Managing macroeconomic fluctuations with flexible exchange rate targeting," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    366. Errea, Damián, 2012. "Tipo de cambio real multilateral en Argentina (1994-2007): un análisis sobre sus determinantes; su valor de equilibrio y su vinculación con el flujo neto de capitales," Nülan. Deposited Documents 1654, Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación.
    367. Caldara, Dario & Ferrante, Francesco & Iacoviello, Matteo & Prestipino, Andrea & Queralto, Albert, 2024. "The international spillovers of synchronous monetary tightening," Journal of Monetary Economics, Elsevier, vol. 141(C), pages 127-152.
    368. Kalemli-Özcan, Sebnem, 2019. "US Monetary Policy and International Risk Spillovers," CEPR Discussion Papers 14053, Centre for Economic Policy Research.
    369. Devereux, Michael B. & Saito, Makoto & Yu, Changhua, 2020. "International capital flows, portfolio composition, and the stability of external imbalances," Journal of International Economics, Elsevier, vol. 127(C).
    370. Aldunate, Felipe & Da, Zhi & Larrain, Borja & Sialm, Clemens, 2025. "Pension fund flows, exchange rates, and covered interest rate parity," Journal of Financial Economics, Elsevier, vol. 170(C).
    371. Engel, Charles & Wu, Steve Pak Yeung, 2023. "Forecasting the U.S. Dollar in the 21st Century," Journal of International Economics, Elsevier, vol. 141(C).
    372. Hassan, Tarek & Zhang, Tony, 2020. "The Economics of Currency Risk," CEPR Discussion Papers 15313, Centre for Economic Policy Research.
    373. Pierre-Richard Agénor & K. Alper & L. Pereira da Silva, 2015. "Sudden Floods, Macroprudential Regulation and Stability in an Open Economy," Centre for Growth and Business Cycle Research Discussion Paper Series 203, Economics, The University of Manchester.
    374. Husted, Lucas & Rogers, John & Sun, Bo, 2018. "Uncertainty, currency excess returns, and risk reversals," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 228-241.
    375. Xiang Fang & Bryan Hardy & Karen Lewis, 2023. "Who holds sovereign debt and why it matters," BIS Working Papers 1099, Bank for International Settlements.
    376. Jonathan Hambur & Lynne Cockerell & Christopher Potter & Penelope Smith & Michelle Wright, 2015. "Modelling the Australian Dollar," RBA Research Discussion Papers rdp2015-12, Reserve Bank of Australia.
    377. Xavier Gabaix, 2015. "Comment on "Networks and the Macroeconomy: An Empirical Exploration"," NBER Chapters, in: NBER Macroeconomics Annual 2015, Volume 30, pages 336-345, National Bureau of Economic Research, Inc.
    378. Kartal, Mustafa Tevfik & Kiliç Depren, Serpi̇l & Depren, Özer, 2018. "Türki̇ye’De Dövi̇z Kurlarini Etki̇leyen Makroekonomi̇k Göstergeleri̇n Beli̇rlenmesi̇: Mars Yöntemi̇ İle Bi̇r İnceleme [Determination Of Macroeconomic Indicators Affecting Foreign Exchange Rates In Turkey: An Examination With Mars Method]," MPRA Paper 104359, University Library of Munich, Germany.
    379. Soumya Datta, 2019. "Exchange rate dynamics under limits of arbitrage and heterogeneous expectations," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(3), pages 521-550, September.
    380. Pereira, Pedro Henrique Alves & Divino, Jose Angelo, 2025. "Monetary policy and foreign exchange interventions in emerging small open economies," Emerging Markets Review, Elsevier, vol. 69(C).
    381. Goczek, Łukasz & Partyka, Karol J., 2019. "Too small to be independent? On the influence of ECB monetary policy on interest rates of the EEA countries," Economic Modelling, Elsevier, vol. 78(C), pages 180-191.
    382. Davis, J. Scott & Devereux, Michael B. & Yu, Changhua, 2023. "Sudden stops and optimal foreign exchange intervention," Journal of International Economics, Elsevier, vol. 141(C).
    383. Marcus Hagedorn, 2021. "An Equilibrium Theory of Nominal Exchange Rates," CESifo Working Paper Series 9290, CESifo.

  25. Giglio, Stefano & Ströbel, Johannes & Maggiori, Matteo, 2014. "No-Bubble Condition: Model-Free Tests in Housing Markets," CEPR Discussion Papers 9978, Centre for Economic Policy Research.

    Cited by:

    1. Andrea Gazzani, 2020. "News and noise bubbles in the housing market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 46-72, April.
    2. de la Croix, David & Doepke, Matthias, 2021. "A soul’s view of the optimal population problem," Mathematical Social Sciences, Elsevier, vol. 112(C), pages 98-108.
    3. Philippe Bracke & Ted Pinchbeck & James Wyatt, 2014. "The Time Value of Housing: Historical Evidence from London Residential Leases," SERC Discussion Papers 0168, Centre for Economic Performance, LSE.
    4. Tom Huppertz & Bo P. Weidema & Simon Standaert & Bernard De Caevel & Elisabeth van Overbeke, 2019. "The Social Cost of Sub-Soil Resource Use," Resources, MDPI, vol. 8(1), pages 1-17, January.
    5. Johannes Stroebel, 2016. "EconomicDynamics Interview: Johannes Stroebel on real estate dynamics," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 17(2), November.
    6. Nicholas Barberis & Robin Greenwood & Lawrence Jin & Andrei Shleifer, 2016. "Extrapolation and Bubbles," NBER Working Papers 21944, National Bureau of Economic Research, Inc.
    7. Yang, Bingduo & Long, Wei & Yang, Zihui, 2022. "Testing predictability of stock returns under possible bubbles," Journal of Empirical Finance, Elsevier, vol. 68(C), pages 246-260.
    8. Freeman, Hugo & Weidner, Martin, 2023. "Linear panel regressions with two-way unobserved heterogeneity," Journal of Econometrics, Elsevier, vol. 237(1).
    9. Glaeser, Edward L. & Nathanson, Charles G., 2017. "An extrapolative model of house price dynamics," Journal of Financial Economics, Elsevier, vol. 126(1), pages 147-170.
    10. Bernstein, Asaf & Billings, Stephen B. & Gustafson, Matthew T. & Lewis, Ryan, 2022. "Partisan residential sorting on climate change risk," Journal of Financial Economics, Elsevier, vol. 146(3), pages 989-1015.
    11. Bielskis, Karolis & Lastauskas, Povilas, 2024. "The role of housing market and credit on household consumption dynamics: Evidence from the OECD countries," Journal of Economic Behavior & Organization, Elsevier, vol. 228(C).
    12. Sascha Kollenberg & Luca Taschini, 2016. "Emissions trading systems with cap adjustments," GRI Working Papers 195, Grantham Research Institute on Climate Change and the Environment.
    13. Yu, Deshui & Yan, Yayi, 2025. "A system of time-varying models for predictive regressions," Journal of Empirical Finance, Elsevier, vol. 82(C).
    14. David Staines, 2023. "Stochastic Equilibrium the Lucas Critique and Keynesian Economics," Papers 2312.16214, arXiv.org, revised Jun 2024.
    15. Hans R. A. Koster & Edward W. Pinchbeck, 2018. "How do households value the future? Evidence from property taxes," CEP Discussion Papers dp1571, Centre for Economic Performance, LSE.
    16. Giglio, Stefano & Ströbel, Johannes & Maggiori, Matteo, 2014. "No-Bubble Condition: Model-Free Tests in Housing Markets," CEPR Discussion Papers 9978, Centre for Economic Policy Research.
    17. Bloise, G. & Citanna, A., 2019. "Asset shortages, liquidity and speculative bubbles," Journal of Economic Theory, Elsevier, vol. 183(C), pages 952-990.
    18. Edward L. Glaeser & Charles G. Nathanson, 2014. "Housing Bubbles," NBER Working Papers 20426, National Bureau of Economic Research, Inc.
    19. Amine Ouazad & Matthew E. Kahn, 2019. "Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters," NBER Working Papers 26322, National Bureau of Economic Research, Inc.
    20. Massimiliano Ferrara & Bruno A. Pansera & Francesco Strati, 2017. "On the Inception of Financial Representative Bubbles," Mathematics, MDPI, vol. 5(4), pages 1-9, November.
    21. Hugo Freeman & Martin Weidner, 2021. "Linear Panel Regressions with Two-Way Unobserved Heterogeneity," Papers 2109.11911, arXiv.org, revised Aug 2022.
    22. Koon Shing Kwong & Jing Rong Goh & Edward SW Ti, 2025. "Unpacking Singapore’s Leasehold Relativity Table – An Empirical and Legal Analysis," International Real Estate Review, Global Social Science Institute, vol. 28(3), pages 379-406.
    23. Jorge M. Uribe & Natalia Restrepo & Montserrat Guillen, 2021. ""Price Bubbles in Lithium Markets around the World"," IREA Working Papers 202110, University of Barcelona, Research Institute of Applied Economics, revised Apr 2021.
    24. Christopher J. Amante & Jacob Dice & David Rodziewicz & Eugene Wahl, 2020. "Housing Market Value Impairment from Future Sea-level Rise Inundation," Research Working Paper RWP 20-05, Federal Reserve Bank of Kansas City.
    25. Glaeser, Edward L. & Nathanson, Charles G., 2015. "An Extrapolative Model of House Price Dynamics," Working Paper Series rwp15-012, Harvard University, John F. Kennedy School of Government.
    26. Галенкова А.Д.* & Мариев О.С.** & Никитин М.В.*** & Юнусова И.М.****, 2019. "Эконометрическое Исследование Пузырей На Рынках Недвижимости России," Журнал Экономика и математические методы (ЭММ), Центральный Экономико-Математический Институт (ЦЭМИ), vol. 55(4), pages 43-56, октябрь.
    27. Charles Ka Yui Leung, 2017. "Special issue on housing and financial stability: An introduction," Pacific Economic Review, Wiley Blackwell, vol. 22(3), pages 273-275, August.
    28. Yi Wu & Nicole Lux, 2018. "U.K. House Prices: Bubbles or Market Efficiency? Evidence from Regional Analysis," JRFM, MDPI, vol. 11(3), pages 1-16, September.
    29. David Alaminos & Ignacio Esteban & M. Belén Salas, 2023. "Neural networks for estimating Macro Asset Pricing model in football clubs," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 30(2), pages 57-75, April.
    30. Charles G. Nathanson & Eric Zwick, 2017. "Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market," NBER Working Papers 23030, National Bureau of Economic Research, Inc.
    31. Piazzesi, M. & Schneider, M., 2016. "Housing and Macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1547-1640, Elsevier.
    32. Yongheng Deng & Eric Girardin & Roselyne Joyeux & Shuping Shi, 2017. "Did bubbles migrate from the stock to the housing market in China between 2005 and 2010?," Pacific Economic Review, Wiley Blackwell, vol. 22(3), pages 276-292, August.
    33. Duan, Kun & Zhang, Liya & Chen, Shuyun & Urquhart, Andrew, 2025. "Heterogeneous housing bubbles and monetary policy," International Review of Financial Analysis, Elsevier, vol. 103(C).
    34. Fontana, Adele & Jarmulska, Barbara & Schwarz, Claudia & Scheid, Benedikt & Scheins, Christopher, 2025. "From flood to fire: is physical climate risk taken into account in banks’ residential mortgage rates?," Working Paper Series 3036, European Central Bank.
    35. Stefano Giglio & Matteo Maggiori & Johannes Stroebel, 2014. "Very Long-Run Discount Rates," NBER Working Papers 20133, National Bureau of Economic Research, Inc.
    36. Moritz Drupp & Mark Freeman & Ben Groom & Frikk Nesje, 2015. "Discounting disentangled: an expert survey on the determinants of the long-term social discount rate," GRI Working Papers 196a, Grantham Research Institute on Climate Change and the Environment.
    37. Hugo Freeman & Martin Weidner, 2021. "Linear panel regressions with two-way unobserved heterogeneity," CeMMAP working papers CWP39/21, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
    38. Edward L. Glaeser & Charles G. Nathanson, 2015. "An Extrapolative Model of House Price Dynamics," NBER Working Papers 21037, National Bureau of Economic Research, Inc.
    39. Blot, Christophe & Hubert, Paul & Labondance, Fabien, 2024. "The asymmetric effects of monetary policy on stock price bubbles," European Economic Review, Elsevier, vol. 168(C).
    40. Philippe Bracke & Silvana Tenreyro, 2018. "History dependence in the housing market," CEP Discussion Papers dp1568, Centre for Economic Performance, LSE.
    41. Elizabeth Kopits & Daniel Kraynak & Bryan Parthum & Lisa Rennels & David Smith & Elizabeth Spink & Joseph Perla & Nshan Burns, 2025. "Economic Impacts of Climate Change in the United States: Integrating and Harmonizing Evidence from Recent Studies," Papers 2509.00212, arXiv.org.
    42. Christoph Hambel & Holger Kraft & Eduardo Schwartz, 2015. "Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change," NBER Working Papers 21044, National Bureau of Economic Research, Inc.
    43. Sergi Basco & Maximilian Schäfer-i-Paradís, 2025. "A model-free test of rational bubbles: an application to the US housing market," Economics and Business Letters, Oviedo University Press, vol. 14(2), pages 117-125.
    44. Hamidi Sahneh, Mehdi, 2017. "News, Noise, and Tests of Present Value Models," MPRA Paper 82715, University Library of Munich, Germany.
    45. Giacoletti, Marco & Parsons, Christopher A., 2022. "Peak-Bust rental spreads," Journal of Financial Economics, Elsevier, vol. 143(1), pages 504-526.
    46. Greenwood, Robin & Shleifer, Andrei & You, Yang, 2019. "Bubbles for Fama," Journal of Financial Economics, Elsevier, vol. 131(1), pages 20-43.
    47. Feng Dong & Jianjun Miao & Pengfei Wang, 2020. "Asset Bubbles and Monetary Policy," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-336, Boston University - Department of Economics.
    48. Hambel, Christoph & Kraft, Holger & Schwartz, Eduardo S., 2019. "Optimal carbon abatement in a stochastic equilibrium model with climate change," SAFE Working Paper Series 92, Leibniz Institute for Financial Research SAFE, revised 2019.
    49. Bartolini, Stefano & Sarracino, Francesco, 2018. "Do People Care About Future Generations? Derived Preferences from Happiness Data," Ecological Economics, Elsevier, vol. 143(C), pages 253-275.
    50. Sara Ferreira Filipe, 2018. "Housing prices and mortgage credit in Luxembourg," BCL working papers 117, Central Bank of Luxembourg.
    51. Jules H. van Binsbergen & Ralph S.J. Koijen, 2015. "The Term Structure of Returns: Facts and Theory," NBER Working Papers 21234, National Bureau of Economic Research, Inc.
    52. Gârleanu, Nicolae & Panageas, Stavros, 2021. "What to expect when everyone is expecting: Self-fulfilling expectations and asset-pricing puzzles," Journal of Financial Economics, Elsevier, vol. 140(1), pages 54-73.
    53. Nan-Kuang Chen & Han-Liang Cheng, 2017. "House price to income ratio and fundamentals: Evidence on long-horizon forecastability," Pacific Economic Review, Wiley Blackwell, vol. 22(3), pages 293-311, August.
    54. Massimiliano Ferrara & Bruno Antonio Pansera & Francesco Strati, 2018. "Classic rational bubbles and representativeness," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 41(1), pages 19-34, May.
    55. Bordalo, Pedro & Gennaioli, Nicola & Kwon, Spencer Yongwook & Shleifer, Andrei, 2021. "Diagnostic bubbles," Journal of Financial Economics, Elsevier, vol. 141(3), pages 1060-1077.
    56. Marianne Andries & Thomas M. Eisenbach & Martin C. Schmalz, 2014. "Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty," Staff Reports 703, Federal Reserve Bank of New York.
    57. Li, Yanglin & Wang, Shaoping & Zhao, Qing, 2021. "When does the stock market recover from a crisis?," Finance Research Letters, Elsevier, vol. 39(C).
    58. Sumit Agarwal & Jing Li & Ernie Teo & Alan Cheong, 2018. "Strategic Sequential Bidding for Government Land Auction Sales – Evidence from Singapore," The Journal of Real Estate Finance and Economics, Springer, vol. 57(4), pages 535-565, November.
    59. Andrea Eisfeldt & Andrew Demers, 2015. "Total Returns to Single Family Rentals," NBER Working Papers 21804, National Bureau of Economic Research, Inc.
    60. Barrage, Lint, 2018. "Be careful what you calibrate for: Social discounting in general equilibrium," Journal of Public Economics, Elsevier, vol. 160(C), pages 33-49.
    61. Dirk Beerbaum & Maciej Piechocki & Julia M. Puaschunder, 2019. "Accounting Reporting Complexity Measured Behaviorally," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 56(4), pages 35-47, December.
    62. Nguyen Thi Nhung & Nguyen Thi Thanh Huyen & Vo Hoai Anh & Nguyen Phuong Thao & Trinh Thao Van, 2025. "The impact of house prices on banking stability in Vietnam: the moderating role of investor sentiment," Journal of Banking Regulation, Palgrave Macmillan, vol. 26(2), pages 176-195, June.
    63. Strulik, Holger, 2017. "Hyperbolic discounting and the time-consistent solution of three canonical environmental problems," University of Göttingen Working Papers in Economics 319, University of Goettingen, Department of Economics, revised 2017.
    64. Yichuan Wang & Thomas Eisenbach & Martin Schmalz & Marianne Andries, 2017. "The Term Structure of the Price of Variance Risk," 2017 Meeting Papers 1641, Society for Economic Dynamics.
    65. Tolhurst, Tor N., "undated". "A Model-Free Bubble Detection Method: Application to the World Market for Superstar Wines," 2018 Annual Meeting, August 5-7, Washington, D.C. 274387, Agricultural and Applied Economics Association.
    66. Jules H. van Binsbergen, 2020. "Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility," NBER Working Papers 27367, National Bureau of Economic Research, Inc.
    67. Wan, Junmin, 2024. "Bubble occurrence and landing," Journal of Financial Stability, Elsevier, vol. 70(C).
    68. Andrew Graczyk & Toan Phan, 2018. "Regressive Welfare Effects of Housing Bubbles," Working Paper 18-10, Federal Reserve Bank of Richmond.
    69. Dong, Feng & Xu, Zhiwei, 2022. "Bubbly bailout," Journal of Economic Theory, Elsevier, vol. 202(C).
    70. Daniel Andrei & Bruce I. Carlin, 2017. "Asset Pricing in the Quest for the New El Dorado," NBER Working Papers 23455, National Bureau of Economic Research, Inc.
    71. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    72. Yu, Deshui & Huang, Difang & Chen, Li, 2023. "Stock return predictability and cyclical movements in valuation ratios," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 36-53.
    73. Glaeser, Edward L. & Nathanson, Charles G., 2015. "Housing Bubbles," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 701-751, Elsevier.
    74. Charles Nathanson & Edward Glaeser, 2015. "An Extrapolative Model of House Price Dynamics," 2015 Meeting Papers 1108, Society for Economic Dynamics.
    75. Vuillemey, Guillaume & Wasmer, Etienne, 2020. "Frictional unemployment with stochastic bubbles," European Economic Review, Elsevier, vol. 122(C).
    76. Jinchi Dong & Richard S. J. Tol & Fangzhi Wang, 2024. "Towards a representative social cost of carbon," Papers 2404.04989, arXiv.org.
    77. Wang, Xinyu & Sethi, Suresh P. & Chang, Shuhua, 2022. "Pollution abatement using cap-and-trade in a dynamic supply chain and its coordination," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 158(C).
    78. Geoffrey Poitras & Giovanna Zanotti, 2018. "Housing Market Bubbles and Mortgage Contract Design: Implications for Mortgage Lenders and Households," JRFM, MDPI, vol. 11(3), pages 1-18, July.

  26. Stefano Giglio & Matteo Maggiori & Johannes Stroebel, 2014. "Very long-run discount rates," Globalization Institute Working Papers 182, Federal Reserve Bank of Dallas.

    Cited by:

    1. de la Croix, David & Doepke, Matthias, 2021. "A soul’s view of the optimal population problem," Mathematical Social Sciences, Elsevier, vol. 112(C), pages 98-108.
    2. Philippe Bracke & Ted Pinchbeck & James Wyatt, 2014. "The Time Value of Housing: Historical Evidence from London Residential Leases," SERC Discussion Papers 0168, Centre for Economic Performance, LSE.
    3. Tom Huppertz & Bo P. Weidema & Simon Standaert & Bernard De Caevel & Elisabeth van Overbeke, 2019. "The Social Cost of Sub-Soil Resource Use," Resources, MDPI, vol. 8(1), pages 1-17, January.
    4. Johannes Stroebel, 2016. "EconomicDynamics Interview: Johannes Stroebel on real estate dynamics," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 17(2), November.
    5. Bernstein, Asaf & Billings, Stephen B. & Gustafson, Matthew T. & Lewis, Ryan, 2022. "Partisan residential sorting on climate change risk," Journal of Financial Economics, Elsevier, vol. 146(3), pages 989-1015.
    6. Sascha Kollenberg & Luca Taschini, 2016. "Emissions trading systems with cap adjustments," GRI Working Papers 195, Grantham Research Institute on Climate Change and the Environment.
    7. Hans R. A. Koster & Edward W. Pinchbeck, 2018. "How do households value the future? Evidence from property taxes," CEP Discussion Papers dp1571, Centre for Economic Performance, LSE.
    8. Amine Ouazad & Matthew E. Kahn, 2019. "Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters," NBER Working Papers 26322, National Bureau of Economic Research, Inc.
    9. Koon Shing Kwong & Jing Rong Goh & Edward SW Ti, 2025. "Unpacking Singapore’s Leasehold Relativity Table – An Empirical and Legal Analysis," International Real Estate Review, Global Social Science Institute, vol. 28(3), pages 379-406.
    10. Christopher J. Amante & Jacob Dice & David Rodziewicz & Eugene Wahl, 2020. "Housing Market Value Impairment from Future Sea-level Rise Inundation," Research Working Paper RWP 20-05, Federal Reserve Bank of Kansas City.
    11. Thomas Eisenbach & Martin Schmalz & Marianne Andries, 2015. "Asset Pricing with Horizon-Dependent Risk Aversion," 2015 Meeting Papers 1069, Society for Economic Dynamics.
    12. Fontana, Adele & Jarmulska, Barbara & Schwarz, Claudia & Scheid, Benedikt & Scheins, Christopher, 2025. "From flood to fire: is physical climate risk taken into account in banks’ residential mortgage rates?," Working Paper Series 3036, European Central Bank.
    13. Moritz Drupp & Mark Freeman & Ben Groom & Frikk Nesje, 2015. "Discounting disentangled: an expert survey on the determinants of the long-term social discount rate," GRI Working Papers 196a, Grantham Research Institute on Climate Change and the Environment.
    14. Philippe Bracke & Silvana Tenreyro, 2018. "History dependence in the housing market," CEP Discussion Papers dp1568, Centre for Economic Performance, LSE.
    15. Elizabeth Kopits & Daniel Kraynak & Bryan Parthum & Lisa Rennels & David Smith & Elizabeth Spink & Joseph Perla & Nshan Burns, 2025. "Economic Impacts of Climate Change in the United States: Integrating and Harmonizing Evidence from Recent Studies," Papers 2509.00212, arXiv.org.
    16. Christoph Hambel & Holger Kraft & Eduardo Schwartz, 2015. "Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change," NBER Working Papers 21044, National Bureau of Economic Research, Inc.
    17. Hambel, Christoph & Kraft, Holger & Schwartz, Eduardo S., 2019. "Optimal carbon abatement in a stochastic equilibrium model with climate change," SAFE Working Paper Series 92, Leibniz Institute for Financial Research SAFE, revised 2019.
    18. Bartolini, Stefano & Sarracino, Francesco, 2018. "Do People Care About Future Generations? Derived Preferences from Happiness Data," Ecological Economics, Elsevier, vol. 143(C), pages 253-275.
    19. Jules H. van Binsbergen & Ralph S.J. Koijen, 2015. "The Term Structure of Returns: Facts and Theory," NBER Working Papers 21234, National Bureau of Economic Research, Inc.
    20. Barrage, Lint, 2018. "Be careful what you calibrate for: Social discounting in general equilibrium," Journal of Public Economics, Elsevier, vol. 160(C), pages 33-49.
    21. Dirk Beerbaum & Maciej Piechocki & Julia M. Puaschunder, 2019. "Accounting Reporting Complexity Measured Behaviorally," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 56(4), pages 35-47, December.
    22. Strulik, Holger, 2017. "Hyperbolic discounting and the time-consistent solution of three canonical environmental problems," University of Göttingen Working Papers in Economics 319, University of Goettingen, Department of Economics, revised 2017.
    23. Daniel Tortorice, 2015. "Long Run Expectations, Learning and the U.S. Housing Market," Working Papers 85, Brandeis University, Department of Economics and International Business School.
    24. Yichuan Wang & Thomas Eisenbach & Martin Schmalz & Marianne Andries, 2017. "The Term Structure of the Price of Variance Risk," 2017 Meeting Papers 1641, Society for Economic Dynamics.
    25. Jules H. van Binsbergen, 2020. "Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility," NBER Working Papers 27367, National Bureau of Economic Research, Inc.
    26. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    27. Jinchi Dong & Richard S. J. Tol & Fangzhi Wang, 2024. "Towards a representative social cost of carbon," Papers 2404.04989, arXiv.org.

  27. Lettau, Martin & Maggiori, Matteo & Weber, Michael, 2013. "Conditional Risk Premia in Currency Markets and Other Asset Classes," CEPR Discussion Papers 9484, Centre for Economic Policy Research.

    Cited by:

    1. Segal, Gill & Shaliastovich, Ivan & Yaron, Amir, 2015. "Good and bad uncertainty: Macroeconomic and financial market implications," Journal of Financial Economics, Elsevier, vol. 117(2), pages 369-397.
    2. Jozef Barun'ik & Matv{e}j Nevrla, 2018. "Quantile Spectral Beta: A Tale of Tail Risks, Investment Horizons, and Asset Prices," Papers 1806.06148, arXiv.org, revised Dec 2021.
    3. Lu, Wenna & Copeland, Laurence & Xu, Yongdeng, 2021. "The Pricing of Unexpected Volatility in the Currency Market," Cardiff Economics Working Papers E2021/16, Cardiff University, Cardiff Business School, Economics Section.
    4. Iwanaga, Yasuhiro & Sakemoto, Ryuta, 2025. "Conditional currency momentum portfolios," International Review of Financial Analysis, Elsevier, vol. 99(C).
    5. Maggiori, Matteo & Lilley, Andrew & Neiman, Brent & Schreger, Jesse, 2020. "Exchange Rate Reconnect," CEPR Discussion Papers 13869, Centre for Economic Policy Research.
    6. Gospodinov, Nikolay & Robotti, Cesare, 2021. "Common pricing across asset classes: Empirical evidence revisited," Journal of Financial Economics, Elsevier, vol. 140(1), pages 292-324.
    7. Pasquale Della Corte & Lucio Sarno & Maik Schmeling & Christian Wagner, 2022. "Exchange Rates and Sovereign Risk," Management Science, INFORMS, vol. 68(8), pages 5591-5617, August.
    8. Dobrynskaya, Victoria, 2018. "Pricing within and across asset classes," Finance Research Letters, Elsevier, vol. 25(C), pages 10-15.
    9. Albert S. (Pete) & Karamfil Todorov, 2023. "The cumulant risk premium," BIS Working Papers 1128, Bank for International Settlements.
    10. Valadkhani, Abbas, 2023. "Asymmetric downside risk across different sectors of the US equity market," Global Finance Journal, Elsevier, vol. 57(C).
    11. Michael Weber & Christian Dorion & Alexandre Jeanneret & Harjoat Bhamra, 2017. "Deflation, Sticky Leverage and Asset Prices," 2017 Meeting Papers 796, Society for Economic Dynamics.
    12. Yaron Levi & Ivo Welch & Andrew Karolyi, 2020. "Symmetric and Asymmetric Market Betas and Downside Risk," The Review of Financial Studies, Society for Financial Studies, vol. 33(6), pages 2772-2795.
    13. Byrne, Joseph P. & Ibrahim, Boulis Maher & Sakemoto, Ryuta, 2022. "The time-varying risk price of currency portfolios," Journal of International Money and Finance, Elsevier, vol. 124(C).
    14. Croce, Mariano & Colacito, Ric & Liu, Yang & Shaliastovich, Ivan, 2018. "Volatility Risk Pass-Through," CEPR Discussion Papers 13325, Centre for Economic Policy Research.
    15. Sakemoto, Ryuta, 2019. "Currency carry trades and the conditional factor model," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 198-208.
    16. Marianne Andries & Valentin Haddad, 2017. "Information Aversion," NBER Working Papers 23958, National Bureau of Economic Research, Inc.
    17. Victoria Dobrynskaya & Mikhail Dubrovskiy, 2022. "Cryptocurrencies Meet Equities: Risk Factors And Asset Pricing Relationships," HSE Working papers WP BRP 86/FE/2022, National Research University Higher School of Economics.
    18. Steven Riddiough & Lucio Sarno & Pasquale Della Corte, 2015. "Currency Premia and Global Imbalances," 2015 Meeting Papers 1215, Society for Economic Dynamics.
    19. Byrne, Joseph P. & Ibrahim, Boulis Maher & Sakemoto, Ryuta, 2018. "Common information in carry trade risk factors," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 52(C), pages 37-47.
    20. Colacito, Riccardo & Riddiough, Steven J. & Sarno, Lucio, 2020. "Business cycles and currency returns," Journal of Financial Economics, Elsevier, vol. 137(3), pages 659-678.
    21. Gopinath, Gita & Meyer, Josefin & Reinhart, Carmen M. & Trebesch, Christoph, 2025. "Sovereign vs. corporate debt and default: More similar than you think," Journal of International Economics, Elsevier, vol. 155(C).
    22. Makhanya, Kabelo Collen & Bonga-Bonga, Lumengo & Manguzvane, Mathias Mandla, 2023. "Examining the dependence structure between carry trade and equity market returns in BRICS countries," MPRA Paper 117461, University Library of Munich, Germany.
    23. Mueller, Philippe & Stathopoulos, Andreas & Vedolin, Andrea, 2014. "International correlation risk," LSE Research Online Documents on Economics 60955, London School of Economics and Political Science, LSE Library.
    24. Savor, Pavel & Wilson, Mungo, 2014. "Asset pricing: A tale of two days," Journal of Financial Economics, Elsevier, vol. 113(2), pages 171-201.
    25. Cakici, Nusret & Zaremba, Adam, 2023. "Recency bias and the cross-section of international stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 84(C).
    26. Jinghui Chen & Edward Furman & Stephano Ricci & Judeto Shanthirajah, 2025. "Mean-tail Gini framework for optimal portfolio selection," Papers 2509.17225, arXiv.org.
    27. Byrne, Joseph P & Ibrahim, Boulis Maher & Sakemoto, Ryuta, 2017. "The Time-Varying Risk Price of Currency Carry Trades," MPRA Paper 80788, University Library of Munich, Germany.
    28. Libo Yin & Jing Nie, 2021. "Intermediary asset pricing in currency carry trade returns," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(8), pages 1241-1267, August.
    29. Cakici, Nusret & Zaremba, Adam, 2022. "Salience theory and the cross-section of stock returns: International and further evidence," Journal of Financial Economics, Elsevier, vol. 146(2), pages 689-725.
    30. Zhenzhen Fan & Juan M. Londono & Xiao Xiao, 2019. "US Equity Tail Risk and Currency Risk Premia," International Finance Discussion Papers 1253, Board of Governors of the Federal Reserve System (U.S.).
    31. Andrew Clare & James Seaton & Peter N. Smith & Stephen Thomas, 2015. "Carry and Trend Following Returns in the Foreign Exchange Market," Discussion Papers 15/07, Department of Economics, University of York.
    32. Chan, Kalok & Yang, Jian & Zhou, Yinggang, 2018. "Conditional co-skewness and safe-haven currencies: A regime switching approach," Journal of Empirical Finance, Elsevier, vol. 48(C), pages 58-80.
    33. Kremens, Lukas & Martin, Ian, 2019. "The quanto theory of exchange rates," LSE Research Online Documents on Economics 89839, London School of Economics and Political Science, LSE Library.
    34. Chabi-Yo, Fousseni & Huggenberger, Markus & Weigert, Florian, 2022. "Multivariate crash risk," Journal of Financial Economics, Elsevier, vol. 145(1), pages 129-153.
    35. Gurdip Bakshi & Xiaohui Gao & Alberto G. Rossi, 2019. "Understanding the Sources of Risk Underlying the Cross Section of Commodity Returns," Management Science, INFORMS, vol. 65(2), pages 619-641, February.
    36. Bai, Jennie & Bali, Turan G. & Wen, Quan, 2019. "Common risk factors in the cross-section of corporate bond returns," Journal of Financial Economics, Elsevier, vol. 131(3), pages 619-642.
    37. Otero, Luis A. & Reboredo, Juan C., 2018. "The performance of precious-metal mutual funds: Does uncertainty matter?," International Review of Financial Analysis, Elsevier, vol. 57(C), pages 13-22.
    38. Atanasov, Victoria & Nitschka, Thomas, 2014. "Currency excess returns and global downside market risk," Journal of International Money and Finance, Elsevier, vol. 47(C), pages 268-285.
    39. Aslanidis, Nektarios & Christiansen, Charlotte & Kouretas, George, 2020. "Uncertainty and Downside Risk in International Stock Returns," Working Papers 2072/376032, Universitat Rovira i Virgili, Department of Economics.
    40. Helena Chuliá & Sabuhi Khalili & Jorge M. Uribe, 2024. "Monitoring time-varying systemic risk in sovereign debt and currency markets with generative AI," IREA Working Papers 202402, University of Barcelona, Research Institute of Applied Economics, revised Feb 2024.
    41. Nitschka, Thomas, 2018. "Bond market evidence of time variation in exposures to global risk factors and the role of US monetary policy," Journal of International Money and Finance, Elsevier, vol. 83(C), pages 44-54.
    42. Asano, Takao & Cai, Xiaojing & Sakemoto, Ryuta, 2025. "Global foreign exchange volatility, ambiguity, and currency carry trades," Journal of Banking & Finance, Elsevier, vol. 178(C).
    43. Michael Weber, 2016. "Cash Flow Duration and the Term Structure of Equity Returns," NBER Working Papers 22520, National Bureau of Economic Research, Inc.
    44. Farago, Adam & Tédongap, Roméo, 2018. "Downside risks and the cross-section of asset returns," Journal of Financial Economics, Elsevier, vol. 129(1), pages 69-86.
    45. Stocker, Marshall L., 2016. "The price of freedom: Idiosyncratic currency devaluations," Research in International Business and Finance, Elsevier, vol. 38(C), pages 312-325.
    46. Bank for International Settlements, 2015. "Currency carry trades in Latin America," BIS Papers, Bank for International Settlements, number 81.
    47. Nakamura, Kazuki, 2023. "How does a change in downside risk affect optimal demand for a risky asset?: Comparative statics on Tail Conditional Expectation," Finance Research Letters, Elsevier, vol. 58(PD).
    48. Manuel Ammann & Alexander Feser, 2019. "Option-implied Value-at-Risk and the cross-section of stock returns," Review of Derivatives Research, Springer, vol. 22(3), pages 449-474, October.
    49. Vitaly Orlov, 2018. "Solvency Risk Premia and the Carry Trades," Working Papers on Finance 1802, University of St. Gallen, School of Finance.
    50. Roland Füss & Massimo Guidolin & Christian Koeppel, 2019. "Sentiment Risk Premia In The Cross-Section of Global Equity," Working Papers on Finance 1913, University of St. Gallen, School of Finance, revised May 2020.
    51. Andreas Neuhierl & Michael Weber, 2016. "Monetary Policy and the Stock Market: Time-Series Evidence," NBER Working Papers 22831, National Bureau of Economic Research, Inc.
    52. Lumengo Bonga-Bonga & Sefora Motena Rangoanana, 2022. "Carry Trade and Capital Market Returns in South Africa," JRFM, MDPI, vol. 15(11), pages 1-13, October.
    53. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    54. Reitz, Stefan & Umlandt, Dennis, 2019. "Foreign exchange dealer asset pricing," Discussion Papers 39/2019, Deutsche Bundesbank.
    55. Gabaix, Xavier & Maggiori, Matteo, 2014. "International Liquidity and Exchange Rate Dynamics," CEPR Discussion Papers 9842, Centre for Economic Policy Research.
    56. Aleksejs Krecetovs & Pasquale Della Corte, 2016. "Macro uncertainty and currency premia," 2016 Meeting Papers 624, Society for Economic Dynamics.
    57. Choi, Jin Ho & Suh, Sangwon, 2022. "Conditionally-hedged currency carry trades," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    58. de Boer, Jantke & Eichler, Stefan, 2024. "FX dealer constraints and external imbalances," Ruhr Economic Papers 1132, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    59. Victoria Dobrynskaya, 2014. "Downside Market Risk of Carry Trades," Review of Finance, European Finance Association, vol. 18(5), pages 1885-1913.
    60. Hasler, Michael & Ornthanalai, Chayawat, 2018. "Fluctuating attention and financial contagion," Journal of Monetary Economics, Elsevier, vol. 99(C), pages 106-123.
    61. Hsu, Po-Hsuan & Taylor, Mark P. & Wang, Zigan & Li, Yan, 2025. "On the profitability of influential carry-trade strategies: Data-snooping bias and post-publication performance," Journal of Empirical Finance, Elsevier, vol. 83(C).
    62. Hui, Cho-Hoi & Lo, Chi-Fai & Liu, Chi-Hei, 2022. "Exchange rate dynamics with crash risk and interventions," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 18-37.
    63. Neuhierl, Andreas & Weber, Michael, 2019. "Monetary policy communication, policy slope, and the stock market," Journal of Monetary Economics, Elsevier, vol. 108(C), pages 140-155.
    64. Jamali, Ibrahim & Yamani, Ehab & Smallwood, Aaron D., 2023. "An investment-based explanation of currency excess returns," Journal of International Money and Finance, Elsevier, vol. 133(C).
    65. Joon Woo Bae & Redouane Elkamhi, 2021. "Global Equity Correlation in International Markets," Management Science, INFORMS, vol. 67(11), pages 7262-7289, November.
    66. Jens Hilscher & Mungo Wilson, 2017. "Credit Ratings and Credit Risk: Is One Measure Enough?," Management Science, INFORMS, vol. 63(10), pages 3414-3437, October.
    67. Jiang, Xue & Han, Liyan & Yin, Libo, 2019. "Can skewness predict currency excess returns?," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 628-641.
    68. Hsu, Po-Hsuan & Taylor, Mark P. & Wang, Zigan & Xu, Qi, 2022. "Currency volatility and global technological innovation," Journal of International Economics, Elsevier, vol. 137(C).
    69. Dobrynskaya, Victoria, 2024. "Is downside risk priced in cryptocurrency market?," International Review of Financial Analysis, Elsevier, vol. 91(C).
    70. Gonçalves, Andrei S., 2021. "The short duration premium," Journal of Financial Economics, Elsevier, vol. 141(3), pages 919-945.
    71. Kerstin Bernoth & Jürgen Von Hagen & Casper De Vries, 2022. "The Term Structure of Currency Futures' Risk Premia," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(1), pages 5-38, February.
    72. Berg, Kimberly A. & Mark, Nelson C., 2018. "Measures of global uncertainty and carry-trade excess returns," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 212-227.
    73. Geyikçi, Utku Bora & Özyıldırım, Süheyla, 2021. "To hedge or not to hedge: Carry trade dynamics in the emerging economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    74. Kanchanapoom Termkiat & Padungsaksawasdi Chaiyuth & Chunhachinda Pornchai & de Boyrie Maria E., 2018. "Uncovered Interest Rate Parity, Carry Trade, and Country Equity Return Differentials," Global Economy Journal, De Gruyter, vol. 18(3), pages 1-11, September.
    75. Juan M. Morelli & Pablo Ottonello & Diego J. Perez, 2022. "Global Banks and Systemic Debt Crises," Econometrica, Econometric Society, vol. 90(2), pages 749-798, March.
    76. Fan, Zhenzhen & Londono, Juan M. & Xiao, Xiao, 2022. "Equity tail risk and currency risk premiums," Journal of Financial Economics, Elsevier, vol. 143(1), pages 484-503.
    77. Chen, Shu-Hsiu, 2017. "Carry trade strategies based on option-implied information: Evidence from a cross-section of funding currencies," Journal of International Money and Finance, Elsevier, vol. 78(C), pages 1-20.
    78. Thomas A Maurer & Thuy-Duong Tô & Ngoc-Khanh Tran, 2023. "Market Timing and Predictability in FX Markets," Review of Finance, European Finance Association, vol. 27(1), pages 223-246.
    79. Kabelo Collen Makhanya & Lumengo Bonga-Bonga & Mathias Mandla Manguzvane, 2024. "Examining the Dependence Structure Between Carry Trade and Equity Market Returns in BRICS Economies," International Economic Journal, Taylor & Francis Journals, vol. 38(2), pages 365-384, April.
    80. Yang, Jianlei, 2024. "Financial stability policy and downside risk in stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 73(C).
    81. Iwanaga, Yasuhiro & Sakemoto, Ryuta, 2024. "Cross-momentum strategies in the equity futures and currency markets," Journal of International Money and Finance, Elsevier, vol. 148(C).
    82. Da Fonseca, José & Xu, Yahua, 2017. "Higher moment risk premiums for the crude oil market: A downside and upside conditional decomposition," Energy Economics, Elsevier, vol. 67(C), pages 410-422.
    83. de Boer, Jantke, 2024. "Global portfolio network and currency risk premia," Ruhr Economic Papers 1133, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    84. Gao, Yang & Leung, Henry & Satchell, Stephen, 2022. "Partial moment momentum," Journal of Banking & Finance, Elsevier, vol. 135(C).
    85. George P. Gao & Xiaomeng Lu & Zhaogang Song, 2019. "Tail Risk Concerns Everywhere," Management Science, INFORMS, vol. 65(7), pages 3111-3130, July.
    86. Alexandra Janssen & Rahel Studer, 2014. "The Swiss franc's honeymoon," ECON - Working Papers 170, Department of Economics - University of Zurich, revised Jan 2017.
    87. M. Max Croce & Tatyana Marchuk & Christian Schlag, 2019. "The Leading Premium," NBER Working Papers 25633, National Bureau of Economic Research, Inc.
    88. Jurek, Jakub W., 2014. "Crash-neutral currency carry trades," Journal of Financial Economics, Elsevier, vol. 113(3), pages 325-347.
    89. Chen, Zilin & Gang, Jianhua & Qian, Zongxin, 2021. "Stock returns and carry trades," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    90. Gabaix, Xavier & Farhi, Emmanuel, 2015. "Rare Disasters and Exchange Rates," CEPR Discussion Papers 10334, Centre for Economic Policy Research.
    91. Bollerslev, Tim & Li, Sophia Zhengzi & Todorov, Viktor, 2016. "Roughing up beta: Continuous versus discontinuous betas and the cross section of expected stock returns," Journal of Financial Economics, Elsevier, vol. 120(3), pages 464-490.
    92. Gordon Schulze, 2021. "Carry Trade Returns and Segmented Risk Pricing," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 49(1), pages 23-40, March.
    93. Matteo Maggiori & Xavier Gabaix, 2015. "Dynamics of Exchange Rates and Capital Flows," 2015 Meeting Papers 1104, Society for Economic Dynamics.
    94. Hassan, Ramin & Loualiche, Erik & Pecora, Alexandre R. & Ward, Colin, 2023. "International trade and the risk in bilateral exchange rates," Journal of Financial Economics, Elsevier, vol. 150(2).
    95. Dahlquist, Magnus & Hasseltoft, Henrik, 2020. "Economic momentum and currency returns," Journal of Financial Economics, Elsevier, vol. 136(1), pages 152-167.
    96. Thomas A. Maurer & Thuy-Duong Tô & Ngoc-Khanh Tran, 2019. "Pricing Risks Across Currency Denominations," Management Science, INFORMS, vol. 65(11), pages 5308-5336, November.
    97. Alexander Dickerson & Christian Julliard & Philippe Mueller, 2026. "The Co-Pricing Factor Zoo," Papers 2604.04430, arXiv.org.
    98. Calice, Giovanni & Lin, Ming-Tsung, 2024. "Sovereign momentum currency returns," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    99. Chris Florackis & Christodoulos Louca & Roni Michaely & Michael Weber & Michael Weber, 2020. "Cybersecurity Risk," CESifo Working Paper Series 8760, CESifo.
    100. Mohammadreza Tavakoli Baghdadabad & Girijasankar Mallik, 2021. "Market news co-moments and currency returns," Empirical Economics, Springer, vol. 61(4), pages 1819-1863, October.
    101. Sarno, Lucio & Menkhoff, Lukas & Schmeling, Maik & Schrimpf, Paul, 2016. "Currency Value," CEPR Discussion Papers 11324, Centre for Economic Policy Research.
    102. Hui, Cho-Hoi & Lo, Chi-Fai & Chau, Po-Hon & Wong, Andrew, 2020. "Does Bitcoin behave as a currency?: A standard monetary model approach," International Review of Financial Analysis, Elsevier, vol. 70(C).
    103. Byrne, Joseph P. & Ibrahim, Boulis Maher & Sakemoto, Ryuta, 2019. "Carry trades and commodity risk factors," Journal of International Money and Finance, Elsevier, vol. 96(C), pages 121-129.
    104. Jerry Tsai & Jessica A. Wachter, 2014. "Rare Booms and Disasters in a Multi-sector Endowment Economy," NBER Working Papers 20062, National Bureau of Economic Research, Inc.
    105. Hanno Lustig & Robert J. Richmond, 2017. "Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates," NBER Working Papers 23773, National Bureau of Economic Research, Inc.
    106. Wenxin Du & Benjamin M. Hébert & Amy Wang Huber, 2019. "Are Intermediary Constraints Priced?," NBER Working Papers 26009, National Bureau of Economic Research, Inc.
    107. Xiaoquan Jiang & Iván M. Rodríguez & Qianying Zhang, 2023. "Macroeconomic fundamentals and cryptocurrency prices: A common trend approach," Financial Management, Financial Management Association International, vol. 52(1), pages 181-198, March.
    108. Paul Söderlind & Fabricius Somogyi, 2025. "Liquidity Risk and Currency Premia," Management Science, INFORMS, vol. 71(1), pages 518-537, January.
    109. Opie, Wei & Riddiough, Steven J., 2020. "Global currency hedging with common risk factors," Journal of Financial Economics, Elsevier, vol. 136(3), pages 780-805.
    110. Taylor, Mark P. & Wang, Zigan & Xu, Qi, 2021. "The real effects of exchange rate risk on corporate investment: International evidence," Journal of International Money and Finance, Elsevier, vol. 117(C).
    111. Chang‐Che Wu & MeiChi Huang & Chih‐Chiang Wu, 2021. "The role of asymmetry and dynamics in carry trade and general financial markets," The Financial Review, Eastern Finance Association, vol. 56(2), pages 331-353, May.
    112. Michael Hasler & Charles Martineau, 2023. "Explaining the Failure of the Unconditional CAPM with the Conditional CAPM," Management Science, INFORMS, vol. 69(3), pages 1835-1855, March.
    113. de Oliveira Souza, Thiago, 2020. "Observable implications of the conditional CAPM," Discussion Papers on Economics 13/2020, University of Southern Denmark, Department of Economics.
    114. Berg, Kimberly A. & Mark, Nelson C., 2018. "Global macro risks in currency excess returns," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 300-315.
    115. Achim Backhaus & Aliya Zhakanova Isiksal & Matthias Bausch, 2022. "What Financial Conditions Affect Dynamic Equity Risk Factor Allocation?," Economies, MDPI, vol. 10(2), pages 1-21, February.
    116. Palwishah, Rana & Kashif, Muhammad & Rehman, Mobeen Ur & Al-Faryan, Mamdouh Abdulaziz Saleh, 2024. "Asymmetric liquidity risk and currency returns before and during COVID-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 91(C).
    117. Grobys, Klaus & Heinonen, Jari-Pekka & Kolari, James, 2018. "Return dispersion risk in FX and global equity markets: Does it explain currency momentum?," International Review of Financial Analysis, Elsevier, vol. 56(C), pages 264-280.
    118. Mete Kilic & Ivan Shaliastovich, 2019. "Good and Bad Variance Premia and Expected Returns," Management Science, INFORMS, vol. 67(6), pages 2522-2544, June.
    119. Mitsuru Katagiri & Koji Takahashi & Junnosuke Shino, 2022. "Bank of Japan's ETF purchase program and equity risk premium: a CAPM interpretation," BIS Working Papers 1029, Bank for International Settlements.
    120. Langlois, Hugues, 2020. "Measuring skewness premia," Journal of Financial Economics, Elsevier, vol. 135(2), pages 399-424.
    121. Kusliaikin, Aleksandr, 2025. "Downside Market Risk: A Key Determinant of Cryptocurrency Returns [Риск Синхронного Падения Как Ключевой Фактор Доходности Криптовалют]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, issue 1, pages 30-55.
    122. Liu, Jinjing, 2023. "A novel downside beta and expected stock returns," International Review of Financial Analysis, Elsevier, vol. 85(C).
    123. Jun Yuan & Qi Xu & Ying Wang, 2023. "Probability weighting in commodity futures markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(4), pages 516-548, April.
    124. Luo, Jiawen & Chen, Zhenbiao & Cheng, Mingmian, 2025. "Forecasting realized betas using predictors indicating structural breaks and asymmetric risk effects," Journal of Empirical Finance, Elsevier, vol. 80(C).
    125. Nucera, Federico, 2017. "Unemployment fluctuations and the predictability of currency returns," Journal of Banking & Finance, Elsevier, vol. 84(C), pages 88-106.
    126. Malamud, Semyon & Vilkov, Grigory, 2018. "Non-myopic betas," Journal of Financial Economics, Elsevier, vol. 129(2), pages 357-381.
    127. Liu, Xi & Zhang, Xueyong, 2024. "Geopolitical risk and currency returns," Journal of Banking & Finance, Elsevier, vol. 161(C).
    128. Samuel Tabot Enow, 2025. "The intertemporal relationship between downside risks and expected stock returns: Evidence from time-varying transition probability models," International Journal of Business Ecosystem & Strategy (2687-2293), Bussecon International Academy, vol. 7(2), pages 319-323, April.
    129. Asgar Ali & K. N. Badhani, 2023. "Downside risk matters once the lottery effect is controlled: explaining risk–return relationship in the Indian equity market," Journal of Asset Management, Palgrave Macmillan, vol. 24(1), pages 27-43, February.
    130. Federico C. Nucera & Lucio Sarno & Gabriele Zinna, 2023. "Currency risk premiums redux?," Temi di discussione (Economic working papers) 1415, Bank of Italy, Economic Research and International Relations Area.
    131. Evans, Martin, 2020. "Exchange Rates and Liquidity Risk," MPRA Paper 102702, University Library of Munich, Germany.
    132. Victoria Dobrynskaya, 2015. "Currency Exposure to Downside Risk: Which Fundamentals Matter?," Review of International Economics, Wiley Blackwell, vol. 23(2), pages 345-360, May.
    133. Bruno Feunou & Ricardo Lopez Aliouchkin & Roméo Tedongap & Lai Xi, 2017. "Variance Premium, Downside Risk and Expected Stock Returns," Staff Working Papers 17-58, Bank of Canada.
    134. Lorenzo Garlappi & Jack Favilukis, 2015. "The Carry Trade and UIP when Markets are Incomplete," 2015 Meeting Papers 242, Society for Economic Dynamics.
    135. Patton, Andrew J. & Weller, Brian M., 2020. "What you see is not what you get: The costs of trading market anomalies," Journal of Financial Economics, Elsevier, vol. 137(2), pages 515-549.
    136. Huang, Huichou & MacDonald, Ronald & Zhao, Yang, 2012. "Global Currency Misalignments, Crash Sensitivity, and Downside Insurance Costs," MPRA Paper 53745, University Library of Munich, Germany, revised 18 Nov 2013.
    137. Croce, Mariano & Schlag, Christian & Marchuk, Tatyana, 2018. "The Leading Premium," CEPR Discussion Papers 12631, Centre for Economic Policy Research.
    138. Wenxin Du & Jesse Schreger, 2016. "Local Currency Sovereign Risk," Journal of Finance, American Finance Association, vol. 71(3), pages 1027-1070, June.
    139. Ben Sita, Bernard, 2018. "Estimating the beta-return relationship by considering the sign and the magnitude of daily returns," The Quarterly Review of Economics and Finance, Elsevier, vol. 67(C), pages 28-35.
    140. Zhiguo He & Bryan Kelly & Asaf Manela, 2016. "Intermediary Asset Pricing: New Evidence from Many Asset Classes," NBER Working Papers 21920, National Bureau of Economic Research, Inc.
    141. Stephen A. Gorman & Frank J. Fabozzi, 2021. "The ABC’s of the alternative risk premium: academic roots," Journal of Asset Management, Palgrave Macmillan, vol. 22(6), pages 405-436, October.
    142. Chernov, Mikhail & Dahlquist, Magnus & Lochstoer, Lars, 2020. "Pricing Currency Risks," CEPR Discussion Papers 15571, Centre for Economic Policy Research.
    143. Byrne, Joseph P. & Sakemoto, Ryuta, 2021. "The conditional volatility premium on currency portfolios," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    144. Kolari, James W. & Huang, Jianhua Z. & Butt, Hilal Anwar & Liao, Huiling, 2022. "International tests of the ZCAPM asset pricing model," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    145. Carole Bernard & Jinghui Chen & Steven Vanduffel, 2024. "Modeling coskewness with zero correlation and correlation with zero coskewness," Papers 2412.13362, arXiv.org.
    146. Taylor, Mark & Filippou, Ilias, 2019. "Forward-Looking Policy Rules and Currency Premia," CEPR Discussion Papers 13835, Centre for Economic Policy Research.
    147. Victoria Atanasov, 2016. "Conditional interest rate risk and the cross‐section of excess stock returns," Review of Financial Economics, John Wiley & Sons, vol. 30(1), pages 23-32, September.
    148. Joseph, Byrne & Sakemoto, Ryuta, 2020. "The Conditional Risk and Return Trade-Off on Currency Portfolios," MPRA Paper 99497, University Library of Munich, Germany.
    149. Alan Moreira & Tyler Muir, 2016. "Volatility Managed Portfolios," NBER Working Papers 22208, National Bureau of Economic Research, Inc.
    150. Koijen, Ralph S.J. & Moskowitz, Tobias J. & Pedersen, Lasse Heje & Vrugt, Evert B., 2018. "Carry," Journal of Financial Economics, Elsevier, vol. 127(2), pages 197-225.
      • Moskowitz, Tobias J & Pedersen, Lasse Heje & Koijen, Ralph & Vrugt, Evert B., 2013. "Carry," CEPR Discussion Papers 9771, Centre for Economic Policy Research.
      • Ralph S.J. Koijen & Tobias J. Moskowitz & Lasse Heje Pedersen & Evert B. Vrugt, 2013. "Carry," NBER Working Papers 19325, National Bureau of Economic Research, Inc.
    151. Robert Ready & Nikolai Roussanov & Colin Ward, 2013. "Commodity Trade and the Carry Trade: a Tale of Two Countries," NBER Working Papers 19371, National Bureau of Economic Research, Inc.
    152. Dong, Xue & Minford, Patrick & Meenagh, David, 2019. "How important are the international financial market imperfections for the foreign exchange rate dynamics: A study of the sterling exchange rate," Journal of International Money and Finance, Elsevier, vol. 94(C), pages 62-80.
    153. Jacoby, Gady & Liao, Rose C. & Wang, Yan & Wu, Zhenyu, 2025. "An intertemporal international asset pricing model: Theory and evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 102(C).
    154. Cepni, Oguzhan & Emirmahmutoglu, Furkan & Guney, Ibrahim Ethem & Yilmaz, Muhammed Hasan, 2023. "Do the carry trades respond to geopolitical risks? Evidence from BRICS countries," Economic Systems, Elsevier, vol. 47(2).
    155. Georges Dionne & Jingyuan Li & Cédric Okou, 2024. "An alternative representation of the C-CAPM with higher-order risks," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 49(2), pages 194-233, September.
    156. Fan, Zhenzhen & Paseka, Alexander & Qi, Zhen & Zhang, Qi, 2022. "Currency carry trade: The decline in performance after the 2008 Global Financial Crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    157. Vedolin, Andrea & Korsaye, Sofonias Alemu & Trojani, Fabio, 2020. "The Global Factor Structure of Exchange Rates," CEPR Discussion Papers 15337, Centre for Economic Policy Research.
    158. Reitz, Stefan & Umlandt, Dennis, 2021. "Currency returns and FX dealer balance sheets," Journal of International Economics, Elsevier, vol. 133(C).
    159. Cejnek, Georg & Randl, Otto, 2016. "Risk and return of short-duration equity investments," Journal of Empirical Finance, Elsevier, vol. 36(C), pages 181-198.
    160. Gruenthaler, Thomas & Lorenz, Friedrich & Meyerhof, Paul, 2022. "Option-based intermediary leverage," Journal of Banking & Finance, Elsevier, vol. 145(C).
    161. Roland Fuess & Massimo Guidolin & Christian Koeppel, 2019. "Sentiment Risk Premia in the Cross-Section of Global Equity and Currency Returns," BAFFI CAREFIN Working Papers 19116, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    162. Tarek A. Hassan & Thomas M. Mertens & Jingye Wang, 2024. "A Currency Premium Puzzle," Working Paper Series 2024-32, Federal Reserve Bank of San Francisco.
    163. Ivanova, Yuliya & Neely, Christopher J. & Weller, Paul & Famiglietti, Matthew T., 2021. "Can risk explain the profitability of technical trading in currency markets?," Journal of International Money and Finance, Elsevier, vol. 110(C).
    164. Atanasov, Victoria, 2016. "Conditional interest rate risk and the cross-section of excess stock returns," Review of Financial Economics, Elsevier, vol. 30(C), pages 23-32.
    165. Petros Messis & Antonis Alexandridis & Achilleas Zapranis, 2021. "Testing and comparing conditional risk‐return relationship with a new approach in the cross‐sectional framework," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 218-240, January.
    166. Bollerslev, Tim & Patton, Andrew J. & Quaedvlieg, Rogier, 2022. "Realized semibetas: Disentangling “good” and “bad” downside risks," Journal of Financial Economics, Elsevier, vol. 144(1), pages 227-246.
    167. Fabian Hollstein & Marcel Prokopczuk & Christoph Matthias Würsig, 2024. "Market power and systematic risk," Financial Management, Financial Management Association International, vol. 53(2), pages 233-266, June.
    168. Li, Yulin & Wald, John K. & Wang, Zijun, 2020. "Sovereign bonds, coskewness, and monetary policy regimes," Journal of Financial Stability, Elsevier, vol. 50(C).
    169. Tong Wang, 2023. "Bear Beta or Speculative Beta?—Reconciling the Evidence on Downside Risk Premium," Review of Finance, European Finance Association, vol. 27(1), pages 325-367.
    170. Jozef Barunik & Matej Nevrla, 2022. "Common Idiosyncratic Quantile Factors and Asset Prices," Papers 2208.14267, arXiv.org, revised Mar 2026.
    171. Baltussen, Guido & Swinkels, Laurens & Van Vliet, Pim, 2021. "Global factor premiums," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1128-1154.
    172. Andrade, Sandro C. & Ekponon, Adelphe & Jeanneret, Alexandre, 2023. "Sovereign risk premia and global macroeconomic conditions," Journal of Financial Economics, Elsevier, vol. 147(1), pages 172-197.
    173. Kei Nakagawa & Ryuta Sakemoto, 2025. "Prices of Risk Estimation for Commodity Factors," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 45(11), pages 2151-2165, November.
    174. Pasquale Della Corte & Aleksejs Krecetovs, 2024. "Current Account Uncertainty and Currency Premia," Management Science, INFORMS, vol. 70(9), pages 5795-5815, September.
    175. Baruník, Jozef & Kurka, Josef, 2024. "Risks of heterogeneously persistent higher moments," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    176. Kerstin Bernoth & Jürgen von Hagen & Casper G. de Vries, 2020. "Currency Futures' Risk Premia and Risk Factors," Discussion Papers of DIW Berlin 1866, DIW Berlin, German Institute for Economic Research.
    177. James W. Kolari & Jianhua Z. Huang & Wei Liu & Huiling Liao, 2022. "Further Tests of the ZCAPM Asset Pricing Model," JRFM, MDPI, vol. 15(3), pages 1-23, March.
    178. Lu, Zhongjin & Murray, Scott, 2019. "Bear beta," Journal of Financial Economics, Elsevier, vol. 131(3), pages 736-760.
    179. Kim, Abby Y. & Tse, Yiuman & Wald, John K., 2016. "Time series momentum and volatility scaling," Journal of Financial Markets, Elsevier, vol. 30(C), pages 103-124.
    180. Paul Schneider & Christian Wagner & Josef Zechner, 2020. "Low‐Risk Anomalies?," Journal of Finance, American Finance Association, vol. 75(5), pages 2673-2718, October.
    181. Hassan, Tarek & Zhang, Tony, 2020. "The Economics of Currency Risk," CEPR Discussion Papers 15313, Centre for Economic Policy Research.
    182. Fousseni Chabi-Yo & Markus Huggenberger & Florian Weigert, 2019. "Multivariate Crash Risk," Working Papers on Finance 1901, University of St. Gallen, School of Finance.
    183. Husted, Lucas & Rogers, John & Sun, Bo, 2018. "Uncertainty, currency excess returns, and risk reversals," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 228-241.
    184. Dupuy, Philippe, 2015. "The tail risk premia of the carry trades," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 123-145.
    185. Ying Jiang & Xiaoquan Liu & Zhenyu Lu, 2025. "Cross‐Sectoral Crash Risk and Expected Commodity Futures Returns," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 45(10), pages 1636-1664, October.
    186. Amaya, Diego & Herrerias, Renata & Perez, Fernando & Vasquez, Aurelio, 2023. "Realized semibetas and international stock return predictability," Finance Research Letters, Elsevier, vol. 58(PC).

  28. Matteo Maggiori, 2013. "Financial Intermediation, International Risk Sharing, and Reserve Currencies," Working Paper 181796, Harvard University OpenScholar.

    Cited by:

    1. Modena, Andrea, 2020. "Recapitalization, bailout, and long-run welfare in a dynamic model of banking," SAFE Working Paper Series 292, Leibniz Institute for Financial Research SAFE.
    2. Gavazzoni, Federico & Santacreu, Ana Maria, 2020. "International R&D spillovers and asset prices," Journal of Financial Economics, Elsevier, vol. 136(2), pages 330-354.
    3. Christopher Johnson, 2019. "International Shadow Banking and Macroprudential Policy," 2019 Meeting Papers 780, Society for Economic Dynamics.
    4. Santos, Tano & Veronesi, Pietro, 2022. "Leverage," Journal of Financial Economics, Elsevier, vol. 145(2), pages 362-386.
    5. Maggiori, Matteo & Lilley, Andrew & Neiman, Brent & Schreger, Jesse, 2020. "Exchange Rate Reconnect," CEPR Discussion Papers 13869, Centre for Economic Policy Research.
    6. Zhiguo He & Arvind Krishnamurthy & Konstantin Milbradt, 2016. "A Model of Safe Asset Determination," NBER Working Papers 22271, National Bureau of Economic Research, Inc.
    7. Stefan Avdjiev & Robert Neil McCauley & Hyun Song Shin, 2015. "Breaking free of the triple coincidence in international finance," BIS Working Papers 524, Bank for International Settlements.
    8. Javier Bianchi & Saki Bigio & Charles Engel, 2022. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," Working Papers 182, Peruvian Economic Association.
    9. Semyon Malamud & Andreas Schrimpf, 2018. "An intermediation-based model of exchange rates," BIS Working Papers 743, Bank for International Settlements.
    10. Gordon Y. Liao & Tony Zhang, 2020. "The Hedging Channel of Exchange Rate Determination," International Finance Discussion Papers 1283, Board of Governors of the Federal Reserve System (U.S.).
    11. Ana Fostel & John Geanakoplos & Gregory Phelan, 2017. "Global Collateral: How Financial Innovation Drives Capital Flows and Increases Financial Instability," Cowles Foundation Discussion Papers 2076, Cowles Foundation for Research in Economics, Yale University.
    12. Tim Landvoigt & Stijn Van Nieuwerburgh & Vadim Elenev, 2015. "Phasing out the GSEs," 2015 Meeting Papers 977, Society for Economic Dynamics.
    13. Kocaarslan, Baris, 2024. "Dynamic spillovers between oil market, monetary policy, and exchange rate dynamics in the US," Finance Research Letters, Elsevier, vol. 69(PA).
    14. Pierre-Olivier Gourinchas & Hélène Rey, 2013. "External Adjustment, Global Imbalances and Valuation Effects," NBER Working Papers 19240, National Bureau of Economic Research, Inc.
    15. Croce, Mariano & Colacito, Ric & Liu, Yang & Shaliastovich, Ivan, 2018. "Volatility Risk Pass-Through," CEPR Discussion Papers 13325, Centre for Economic Policy Research.
    16. Sakemoto, Ryuta, 2019. "Currency carry trades and the conditional factor model," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 198-208.
    17. Agnès Bénassy-Quéré, 2015. "The euro as an international currency," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01163926, HAL.
    18. Varela, Liliana & Salomao, Juliana, 2018. "Exchange Rate Exposure and Firm Dynamics," CEPR Discussion Papers 12654, Centre for Economic Policy Research.
    19. Kai Li & Chenjie Xu, 2023. "Asset pricing with a financial sector," Financial Management, Financial Management Association International, vol. 52(1), pages 67-95, March.
    20. Daniel L. Greenwald & Tim Landvoigt & Stijn Van Nieuwerburgh, 2021. "Financial Fragility with SAM?," Journal of Finance, American Finance Association, vol. 76(2), pages 651-706, April.
    21. Steven Riddiough & Lucio Sarno & Pasquale Della Corte, 2015. "Currency Premia and Global Imbalances," 2015 Meeting Papers 1215, Society for Economic Dynamics.
    22. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    23. Colacito, Riccardo & Riddiough, Steven J. & Sarno, Lucio, 2020. "Business cycles and currency returns," Journal of Financial Economics, Elsevier, vol. 137(3), pages 659-678.
    24. Ostry, D. A., 2023. "Tails of Foreign Exchange-at-Risk (FEaR)," Cambridge Working Papers in Economics 2343, Faculty of Economics, University of Cambridge.
    25. Adrian, Tobias & Xie, Peichu, 2020. "The Non-U.S. Bank Demand for U.S. Dollar Assets," CEPR Discussion Papers 14437, Centre for Economic Policy Research.
    26. Markus Brunnermeier & Yuliy Sannikov, 2015. "International Credit Flows and Pecuniary Externalities," CESifo Working Paper Series 5170, CESifo.
    27. Michael Siemer & Adrien Verdelhan & Francois Gourio, 2015. "Uncertainty and International Capital Flows," 2015 Meeting Papers 880, Society for Economic Dynamics.
    28. Perotti, Enrico & Soons, Oscar, 2019. "The Political Economy of a Diverse Monetary Union," CEPR Discussion Papers 13987, Centre for Economic Policy Research.
    29. Madalen Castells Jauregui & Dmitry Kuvshinov & Bjoern Richter & Victoria Vanasco, 2024. "Sectoral dynamics of safe assets in advanced economies," Economics Working Papers 1884, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2025.
    30. Phelan, Gregory & Toda, Alexis Akira, 2019. "Securitized markets, international capital flows, and global welfare," Journal of Financial Economics, Elsevier, vol. 131(3), pages 571-592.
    31. Zhengyang Jiang & Robert J. Richmond & Tony Zhang, 2024. "A Portfolio Approach to Global Imbalances," Journal of Finance, American Finance Association, vol. 79(3), pages 2025-2076, June.
    32. Andreas Schrimpf & Semyon Malamud, 2017. "Intermediation Markups and Monetary Policy Passthrough," 2017 Meeting Papers 812, Society for Economic Dynamics.
    33. Zouri, Stéphane, 2021. "New evidence on international risk-sharing in the Economic Community of West African States (ECOWAS)," International Economics, Elsevier, vol. 165(C), pages 121-139.
    34. Libo Yin & Jing Nie, 2021. "Intermediary asset pricing in currency carry trade returns," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(8), pages 1241-1267, August.
    35. Kerstin Bernoth & Helmut Herwartz & Lasse Trienens, 2024. "Interest Rates, Convenience Yields, and Inflation Expectations: Drivers of US Dollar Exchange Rates," Discussion Papers of DIW Berlin 2100, DIW Berlin, German Institute for Economic Research.
    36. Sebnem Kalemli-Ozcan & Liliana Varela, 2019. "Exchange Rate and Interest Rate Disconnect: The Role of Capital Flows, Currency Risk and Default Risk," 2019 Meeting Papers 351, Society for Economic Dynamics.
    37. Vincenzo Quadrini, 2013. "Imbalances and Policies," International Journal of Central Banking, International Journal of Central Banking, vol. 9(2), pages 89-100, June.
    38. Tarek A. Hassan & Thomas M. Mertens & Tony Zhang, 2015. "Not so disconnected: exchange rates and the capital stock," Working Paper Series 2015-21, Federal Reserve Bank of San Francisco.
    39. Johnson, Christopher P., 2021. "International shadow banking and prudential capital controls," Journal of International Money and Finance, Elsevier, vol. 119(C).
    40. Brunnermeier, Markus & Sannikov, Yuliy, 2016. "Macro, Money and Finance: A Continuous Time Approach," CEPR Discussion Papers 11329, Centre for Economic Policy Research.
    41. Kerstin Bernoth & Helmut Herwartz & Lasse Trienens, 2023. "The Impacts of Global Risk and US Monetary Policy on US Dollar Exchange Rates and Excess Currency Returns," Discussion Papers of DIW Berlin 2037, DIW Berlin, German Institute for Economic Research.
    42. Laura Alfaro & Ester Faia & Ruth Judson & Tim Schmidt-Eisenlohr, 2020. "Elusive Safety: The New Geography of Capital Flows and Risk," CESifo Working Paper Series 8249, CESifo.
    43. Ricardo Reyes-Heroles, 2017. "The Role of Trade Costs in the Surge of Trade Imbalances," 2017 Meeting Papers 212, Society for Economic Dynamics.
    44. Baris Kocaarslan & Ugur Soytas, 2021. "The Asymmetric Impact of Funding Liquidity Risk on the Volatility of Stock Portfolios during the COVID-19 Crisis," Sustainability, MDPI, vol. 13(4), pages 1-12, February.
    45. Ca' Zorzi, Michele & Dedola, Luca & Georgiadis, Georgios & Jarociński, Marek & Stracca, Livio & Strasser, Georg, 2020. "Monetary policy and its transmission in a globalised world," Working Paper Series 2407, European Central Bank.
    46. Patrick Augustin & Mikhail Chernov & Lukas Schmid & Dongho Song, 2020. "The Term Structure of Covered Interest Rate Parity Violations," NBER Working Papers 27231, National Bureau of Economic Research, Inc.
    47. Arvai, Kai & Coimbra, Nuno, 2025. "Privilege Lost? The Rise and Fall of a Dominant Global Currency," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325376, Verein für Socialpolitik / German Economic Association.
    48. Jiang, Zhengyang & Richmond, Robert J. & Zhang, Tony, 2025. "Understanding the strength of the dollar," Journal of Financial Economics, Elsevier, vol. 168(C).
    49. M. Aravind & C. G. Manojkrishnan, 2024. "Risk Appetite and Hedging Strategies: The Impact of Age Cohorts in Financial Markets," Post-Print hal-04846849, HAL.
    50. Luigi Bocola, 2015. "The Pass-Through of Sovereign Risk," Working Papers 722, Federal Reserve Bank of Minneapolis.
    51. Charles W. Calomiris & Harry Mamaysky, 2019. "Monetary Policy and Exchange Rate Returns: Time-Varying Risk Regimes," NBER Working Papers 25714, National Bureau of Economic Research, Inc.
    52. Tony Zhang, 2022. "Monetary Policy Spillovers through Invoicing Currencies," Journal of Finance, American Finance Association, vol. 77(1), pages 129-161, February.
    53. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    54. Reitz, Stefan & Umlandt, Dennis, 2019. "Foreign exchange dealer asset pricing," Discussion Papers 39/2019, Deutsche Bundesbank.
    55. Carattini, Stefano & Kim, Giseong & Melkadze, Givi & Pommeret, Aude, 2024. "Carbon taxes and tariffs, financial frictions, and international spillovers," European Economic Review, Elsevier, vol. 170(C).
    56. Yu-Ting Chiang & Piotr Żoch, 2022. "Financial Intermediation and Aggregate Demand: A Sufficient Statistics Approach," Working Papers 2022-038, Federal Reserve Bank of St. Louis, revised 26 Jul 2023.
    57. Baris Kocaarslan, 2025. "Reserve currency and the time-varying link between uncertainties in commodity and financial markets," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 39(3), pages 415-441, September.
    58. Emmanuel Farhi & Matteo Maggiori, 2016. "A Model of the International Monetary System," NBER Working Papers 22295, National Bureau of Economic Research, Inc.
    59. Rabitsch, Katrin & Stepanchuk, Serhiy & Tsyrennikov, Viktor, 2015. "International portfolios: A comparison of solution methods," Journal of International Economics, Elsevier, vol. 97(2), pages 404-422.
    60. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2020. "Manufacturing Risk-free Government Debt," NBER Working Papers 27786, National Bureau of Economic Research, Inc.
    61. Andrikopoulos, Andreas, 2015. "Truth and financial economics: A review and assessment," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 186-195.
    62. Tim Landvoigt & Stijn Van Nieuwerburgh & Vadim Elenev, 2016. "A Macroeconomic Model with Financially Constrained Producers and Intermediaries," 2016 Meeting Papers 1224, Society for Economic Dynamics.
    63. Maurice Obstfeld, 2013. "The International Monetary System: Living with Asymmetry," NBER Chapters, in: Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century, pages 301-336, National Bureau of Economic Research, Inc.
    64. Thomas M. Eisenbach & Gregory Phelan, 2023. "Fragility of Safe Assets," Working Papers 23-02, Office of Financial Research, US Department of the Treasury.
    65. Farboodi, Maryam & Kondor, Peter, 2018. "Heterogeneous global cycles," LSE Research Online Documents on Economics 118911, London School of Economics and Political Science, LSE Library.
    66. Niepmann, Friederike & Schmidt-Eisenlohr, Tim, 2023. "Institutional investors, the dollar, and U.S. credit conditions," Journal of Financial Economics, Elsevier, vol. 147(1), pages 198-220.
    67. Robert Czech & Pasquale Della Corte & Shiyang Huang & Tianyu Wang, 2022. "FX option volume," Bank of England working papers 964, Bank of England.
    68. Hyunju Lee, 2024. "A Model Of Gross Capital Flows: Risk Sharing And Financial Frictions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(4), pages 1941-1984, November.
    69. Weithing Zhang & Thomas Mertens & Tarek Hassan, 2014. "Currency Manipulation," 2014 Meeting Papers 401, Society for Economic Dynamics.
    70. Emile A. Marin & Sanjay R. Singh, 2023. "Low Risk Sharing with Many Assets," Working Papers 361, University of California, Davis, Department of Economics.
    71. Stéphane Lhuissier, 2022. "Financial Conditions and Macroeconomic Downside Risks in the Euro Area," Working papers 863, Banque de France.
    72. Ryan Chahrour & Rosen Valchev, 2017. "International Medium of Exchange: Privilege and Duty," Boston College Working Papers in Economics 934, Boston College Department of Economics.
    73. Hassan, Tarek & Mano, Rui, 2014. "Forward and Spot Exchange Rates in a Multi-currency World," CEPR Discussion Papers 10060, Centre for Economic Policy Research.
    74. Jiang, Zhengyang, 2021. "US Fiscal cycle and the dollar," Journal of Monetary Economics, Elsevier, vol. 124(C), pages 91-106.
    75. Juan M. Morelli & Pablo Ottonello & Diego J. Perez, 2022. "Global Banks and Systemic Debt Crises," Econometrica, Econometric Society, vol. 90(2), pages 749-798, March.
    76. Eden, Maya, 2013. "International liquidity rents," Policy Research Working Paper Series 6462, The World Bank.
    77. Baris Kocaarslan & Ugur Soytas, 2025. "How do the reserve currency and uncertainties in major markets affect the uncertainty of oil prices over time?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 2016-2041, April.
    78. Kirti, Divya, 2018. "When gambling for resurrection is too risky," ESRB Working Paper Series 69, European Systemic Risk Board.
    79. Gita Gopinath & Jeremy C. Stein, 2018. "Banking, Trade, and the making of a Dominant Currency," NBER Working Papers 24485, National Bureau of Economic Research, Inc.
    80. Ozge Akinci & Ṣebnem Kalemli-Özcan & Albert Queraltó, 2022. "Uncertainty Shocks, Capital Flows, and International Risk Spillovers," Staff Reports 1016, Federal Reserve Bank of New York.
    81. Nieminen, Mika & Kuziemska-Pawlak, Kamila, 2024. "Cross-country variation in economic preferences and the asset composition of international investment positions," Journal of International Money and Finance, Elsevier, vol. 146(C).
    82. Maggiori, Matteo & Coppola, Antonio & Neiman, Brent & Schreger, Jesse, 2020. "Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens," CEPR Discussion Papers 14508, Centre for Economic Policy Research.
    83. Dejanir Silva, 2019. "Optimal Fiscal Consolidation in a Currency Union," 2019 Meeting Papers 1338, Society for Economic Dynamics.
    84. Coimbra, Nuno, 2020. "Sovereigns at risk: A dynamic model of sovereign debt and banking leverage," Journal of International Economics, Elsevier, vol. 124(C).
    85. Georgiadis, Georgios & Müller, Gernot J. & Schumann, Ben, 2021. "Global risk and the dollar," Working Paper Series 2628, European Central Bank.
    86. Alexi Savov & Alan Moreira, 2014. "The Macroeconomics of Shadow Banking," 2014 Meeting Papers 254, Society for Economic Dynamics.
    87. Engel, Charles, 2020. "Safe U.S. Assets and U.S. Capital Flows," Journal of International Money and Finance, Elsevier, vol. 102(C).
    88. Ľuboš Pástor & Pietro Veronesi, 2021. "Inequality Aversion, Populism, and the Backlash against Globalization," Journal of Finance, American Finance Association, vol. 76(6), pages 2857-2906, December.
    89. Hélène Rey, 2016. "International Channels of Transmission of Monetary Policy and the Mundellian Trilemma," NBER Working Papers 21852, National Bureau of Economic Research, Inc.
    90. Sergio Rebelo & Neng Wang & Jinqiang Yang, 2018. "Rare Disasters, Financial Development, and Sovereign Debt," NBER Working Papers 25031, National Bureau of Economic Research, Inc.
    91. Giancarlo Corsetti & Anna Lipinska & Giovanni Lombardo, 2019. "Asset Prices and Risk Sharing. The Valuation Effects of Capital Market Integration," 2019 Meeting Papers 679, Society for Economic Dynamics.
    92. Malamud, Semyon & Eren, Egemen, 2018. "Dominant Currency Debt," CEPR Discussion Papers 13391, Centre for Economic Policy Research.
    93. Beckmann, Joscha & Comunale, Mariarosaria, 2021. "Exchange rate fluctuations and the financial channel in emerging economies," BOFIT Discussion Papers 11/2021, Bank of Finland Institute for Emerging Economies (BOFIT).
    94. Maggiori, Matteo & Neiman, Brent & Schreger, Jesse, 2018. "The Rise of the Dollar and Fall of the Euro as International Currencies," CEPR Discussion Papers 13410, Centre for Economic Policy Research.
    95. Hsuan Fu & Jui‐Chung Yang, 2022. "International currency markets and the COVID‐19 pandemic," Pacific Economic Review, Wiley Blackwell, vol. 27(4), pages 400-422, October.
    96. Gabaix, Xavier & Farhi, Emmanuel, 2015. "Rare Disasters and Exchange Rates," CEPR Discussion Papers 10334, Centre for Economic Policy Research.
    97. Chen, William & Phelan, Gregory, 2021. "International coordination of macroprudential policies with capital flows and financial asymmetries," Journal of Financial Stability, Elsevier, vol. 56(C).
    98. Goldberg, Linda S. & Krogstrup, Signe, 2023. "International capital flow pressures and global factors," Journal of International Economics, Elsevier, vol. 146(C).
    99. Lorena Keller, 2018. "Prudential Capital Controls and Risk Misallocation: Bank Lending Channel," 2018 Meeting Papers 129, Society for Economic Dynamics.
    100. Hassan, Ramin & Loualiche, Erik & Pecora, Alexandre R. & Ward, Colin, 2023. "International trade and the risk in bilateral exchange rates," Journal of Financial Economics, Elsevier, vol. 150(2).
    101. Andrews, Spencer & Colacito, Riccardo & Croce, Mariano M. & Gavazzoni, Federico, 2024. "Concealed carry," Journal of Financial Economics, Elsevier, vol. 159(C).
    102. van Hombeeck, Carlos Eduardo, 2020. "An exorbitant privilege in the first age of international financial integration?," Journal of International Money and Finance, Elsevier, vol. 101(C).
    103. Zhengyang Jiang & Arvind Krishnamurthy & Hanno Lustig, 2021. "Foreign Safe Asset Demand and the Dollar Exchange Rate," Journal of Finance, American Finance Association, vol. 76(3), pages 1049-1089, June.
    104. Ryan Chahrour & Rosen Valchev, 2024. "The Dollar in an Era of International Retrenchment," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 1042-1080, September.
    105. Josefin Meyer & Carmen M. Reinhart & Christoph Trebesch, 2019. "Sovereign Bonds since Waterloo," NBER Working Papers 25543, National Bureau of Economic Research, Inc.
    106. Van der Ghote, Alejandro, 2018. "Coordinating monetary and financial regulatory policies," Working Paper Series 2155, European Central Bank.
    107. Libo Yin & Jing Nie & Liyan Han, 2020. "Intermediary asset pricing in commodity futures returns," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(11), pages 1711-1730, November.
    108. Michael B. Devereux & Charles Engel & Steve Pak Yeung Wu, 2023. "Collateral Advantage: Exchange Rates, Capital Flows and Global Cycles," NBER Working Papers 31164, National Bureau of Economic Research, Inc.
    109. Joshua Duarte & João Sousa Andrade & Pedro Bação, 2023. "Dynamic effects of financial development on economic activity," Applied Economics, Taylor & Francis Journals, vol. 55(29), pages 3329-3346, June.
    110. Kocaarslan, Baris & Soytas, Ugur, 2019. "Dynamic correlations between oil prices and the stock prices of clean energy and technology firms: The role of reserve currency (US dollar)," Energy Economics, Elsevier, vol. 84(C).
    111. Kocaarslan, Baris & Mushtaq, Rizwan, 2024. "The impact of liquidity conditions on the time-varying link between U.S. municipal green bonds and major risky markets during the COVID-19 crisis: A machine learning approach," Energy Policy, Elsevier, vol. 184(C).
    112. Nina Karnaukh & Angelo Ranaldo & Paul Söderlind, 2015. "Understanding FX Liquidity," The Review of Financial Studies, Society for Financial Studies, vol. 28(11), pages 3073-3108.
    113. Eren, Egemen & Malamud, Semyon, 2022. "Dominant currency debt," Journal of Financial Economics, Elsevier, vol. 144(2), pages 571-589.
    114. Hanno Lustig, 2021. "Matteo Maggiori: Winner of the 2021 Fischer Black Prize," Journal of Finance, American Finance Association, vol. 76(5), pages 2087-2091, October.
    115. J. Scott Davis & Eric Van Wincoop, 2021. "A Theory of Gross and Net Capital Flows over the Global Financial Cycle," Globalization Institute Working Papers 410, Federal Reserve Bank of Dallas, revised 20 Dec 2022.
    116. Thomas M. Eisenbach & Gregory Phelan, 2022. "Fragility of Safe Asset Markets," Staff Reports 1026, Federal Reserve Bank of New York.
    117. Colacito, Riccardo & Qian, Yan & Stathopoulos, Andreas, 2025. "Global sales, international currencies, and the currency denomination of debt," Journal of Financial Economics, Elsevier, vol. 174(C).
    118. Saleem Bahaj & Ricardo Reis, 2020. "Jumpstarting an International Currency," Discussion Papers 2015, Centre for Macroeconomics (CFM).
    119. Schroth, Josef, 2023. "Capital flows and growth across developing countries," Journal of International Money and Finance, Elsevier, vol. 137(C).
    120. Madalen Castells Jauregui & Björn Richter & Dmitry Kuvshinov & Victoria Vanasco, 2024. "Foreign Demand for Safety and Macroeconomic Instability," Working Papers 1438, Barcelona School of Economics.
    121. Rey, Hélène & Gourinchas, Pierre-Olivier & Sauzet, Maxime, 2019. "The International Monetary and Financial System," CEPR Discussion Papers 13714, Centre for Economic Policy Research.
    122. Kocaarslan, Baris & Soytas, Ugur, 2023. "The role of major markets in predicting the U.S. municipal green bond market performance: New evidence from machine learning models," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    123. Andrea Modena, 2020. "Recapitalization, Bailout, and Long-run Welfare in a Dynamic Model of Banking," Working Papers 2020:23, Department of Economics, University of Venice "Ca' Foscari".
    124. Maggiori, Matteo & Neiman, Brent & Schreger, Jesse, 2018. "International Currencies and Capital Allocation," CEPR Discussion Papers 12973, Centre for Economic Policy Research.
    125. Farboodi, Maryam & Kondor, Peter, 2022. "Heterogeneous global booms and busts," LSE Research Online Documents on Economics 114547, London School of Economics and Political Science, LSE Library.
    126. Fang, Xiang & Liu, Yang, 2021. "Volatility, intermediaries, and exchange rates," Journal of Financial Economics, Elsevier, vol. 141(1), pages 217-233.
    127. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    128. Li, Kai & Xu, Chenjie, 2024. "Intermediary-based equity term structure," Journal of Financial Economics, Elsevier, vol. 157(C).
    129. Tarek A. Hassan & Thomas M. Mertens & Tony Zhang, 2016. "A Risk-based Theory of Exchange Rate Stabilization," NBER Working Papers 22790, National Bureau of Economic Research, Inc.
    130. Lhuissier, Stéphane, 2017. "Financial intermediaries’ instability and euro area macroeconomic dynamics," European Economic Review, Elsevier, vol. 98(C), pages 49-72.
    131. Liu, Zehao & Sinclair, Andrew J., 2022. "Wealth, endogenous collateral quality, and financial crises," Journal of Economic Theory, Elsevier, vol. 204(C).
    132. Suman S. Basu & Atish R. Ghosh & Jonathan D. Ostry & Pablo E. Winant, 2018. "Managing Capital Outflows with Limited Reserves," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(2), pages 333-374, June.
    133. Saki Bigio & Adrien d'Avernas, 2019. "Financial Risk Capacity," NBER Working Papers 26561, National Bureau of Economic Research, Inc.
    134. Kocaarslan, Baris, 2023. "Funding liquidity risk and the volatility of U.S. municipal green bonds during the COVID-19 pandemic," Finance Research Letters, Elsevier, vol. 58(PD).
    135. Joseph Abadi & Jesús Fernández-Villaverde & Daniel R. Sanches, 2025. "International Currency Dominance," Working Papers 25-20, Federal Reserve Bank of Philadelphia.
    136. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2025. "Corporate Debt Structure with Home and International Currency Bias," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 433-456, June.
    137. Davis, J. Scott & van Wincoop, Eric, 2025. "A theory of net capital flows over the global financial cycle," Journal of Monetary Economics, Elsevier, vol. 149(C).
    138. Georgios Georgiadis & Gernot J. Müller & Ben Schumann, 2023. "Dollar Trinity and the Global Financial Cycle," Discussion Papers of DIW Berlin 2058, DIW Berlin, German Institute for Economic Research.
    139. Tao Liu & Dong Lu & Liang Wang, 2025. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202504, University of Hawaii at Manoa, Department of Economics.
    140. YiLi Chien & Kanda Naknoi, 2012. "The Risk Premium and Long-Run Global Imbalances," Working papers 2012-41, University of Connecticut, Department of Economics.
    141. Gary B. Gorton, 2012. "Some Reflections on the Recent Financial Crisis," NBER Working Papers 18397, National Bureau of Economic Research, Inc.
    142. Kocaarslan, Baris, 2024. "US dollar and oil market uncertainty: New evidence from explainable machine learning," Finance Research Letters, Elsevier, vol. 64(C).
    143. Brunnermeier, M.K. & Sannikov, Y., 2016. "Macro, Money, and Finance," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1497-1545, Elsevier.
    144. Gerding, Felix & Hartley, Jonathan S., 2024. "De-dollarization? Not so fast," Economics Letters, Elsevier, vol. 238(C).
    145. Chenzi Xu, 2023. "Reshaping Global Trade: The Immediate and Long-Run Effects of Bank Failures," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(4), pages 2107-2161.
    146. Xu, Danyang & Hu, Yang & Corbet, Shaen & Hou, Yang (Greg) & Oxley, Les, 2024. "Green bonds and traditional and emerging investments: Understanding connectedness during crises," The North American Journal of Economics and Finance, Elsevier, vol. 72(C).
    147. Li, Di & Wu, Zhige & Tang, Yixuan, 2024. "Do climate risks affect dirty–clean energy stock price dynamic correlations?," Energy Economics, Elsevier, vol. 136(C).
    148. Jiang, Zhengyang & Richmond, Robert J., 2023. "Origins of international factor structures," Journal of Financial Economics, Elsevier, vol. 147(1), pages 1-26.
    149. Husnu C. Dalgic & Galip Kemal Ozhan, 2025. "Dominant Currency Pricing and Currency Risk Premia," CRC TR 224 Discussion Paper Series crctr224_2025_717, University of Bonn and University of Mannheim, Germany.
    150. Mirela Sandulescu & Fabio Trojani & Andrea Vedolin, 2021. "Model‐Free International Stochastic Discount Factors," Journal of Finance, American Finance Association, vol. 76(2), pages 935-976, April.
    151. Yu, Wenbo, 2024. "Consumption, exchange rate, and external adjustment during a crisis," Journal of International Economics, Elsevier, vol. 151(C).
    152. Ambrogio Cesa-Bianchi & Fernando Eguren-Martin, 2021. "Dash for dollars," Bank of England working papers 932, Bank of England.
    153. Linda S. Goldberg, 2024. "Global Liquidity: Drivers, Volatility and Toolkits," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(1), pages 1-31, March.
    154. Gauti B. Eggertsson & Neil R. Mehrotra & Sanjay R. Singh & Lawrence H. Summers, 2016. "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," NBER Working Papers 22299, National Bureau of Economic Research, Inc.
    155. Zhiguo He & Arvind Krishnamurthy, 2014. "A Macroeconomic Framework for Quantifying Systemic Risk," NBER Working Papers 19885, National Bureau of Economic Research, Inc.
    156. Reitz, Stefan & Umlandt, Dennis, 2021. "Currency returns and FX dealer balance sheets," Journal of International Economics, Elsevier, vol. 133(C).
    157. John Geanakoplos & Kieran Haobin Wang, 2018. "Quantitative Easing, Collateral Constraints, and Financial Spillovers," Cowles Foundation Discussion Papers 2154, Cowles Foundation for Research in Economics, Yale University.
    158. Paul Luk & David Vines, 2014. "Debt Deleveraging and the Zero Bound: Potentially Perverse Effects of Real Exchange Rate Movements," Working Papers 202014, Hong Kong Institute for Monetary Research.
    159. International Monetary Fund, 2022. "Denmark: Selected Issues," IMF Staff Country Reports 2022/170, International Monetary Fund.
    160. Riccardo Degasperi & Seokki Simon Hong & Giovanni Ricco, 2023. "The Global Transmission of U.S. Monetary Policy," Working Papers 2023-02, Center for Research in Economics and Statistics.
    161. Kocaarslan, Baris & Soytas, Ugur, 2021. "Reserve currency and the volatility of clean energy stocks: The role of uncertainty," Energy Economics, Elsevier, vol. 104(C).
    162. Han, Bo, 2022. "Currency denomination and borrowing cost: Evidence from global bonds," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
    163. Arteaga-Garavito, Maria Jose & Croce, Mariano M. & Farroni, Paolo & Wolfskeil, Isabella, 2024. "When the markets get CO.V.I.D: COntagion, Viruses, and Information Diffusion," Journal of Financial Economics, Elsevier, vol. 157(C).
    164. Niemeläinen, Julia, 2021. "External imbalances between China and the United States: A dynamic analysis with a life-cycle model," Journal of International Economics, Elsevier, vol. 131(C).
    165. Joyce, Joseph, 2019. "The sources of international investment income in emerging market economies," MPRA Paper 96568, University Library of Munich, Germany.
    166. Alejandro Van der Ghote, 2021. "Interactions and Coordination between Monetary and Macroprudential Policies," American Economic Journal: Macroeconomics, American Economic Association, vol. 13(1), pages 1-34, January.
    167. Heipertz, Jonas & Mihov, Ilian & Santacreu, Ana Maria, 2022. "Managing macroeconomic fluctuations with flexible exchange rate targeting," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    168. Gary B. Gorton, 2016. "The History and Economics of Safe Assets," NBER Working Papers 22210, National Bureau of Economic Research, Inc.
    169. Caldara, Dario & Ferrante, Francesco & Iacoviello, Matteo & Prestipino, Andrea & Queralto, Albert, 2024. "The international spillovers of synchronous monetary tightening," Journal of Monetary Economics, Elsevier, vol. 141(C), pages 127-152.
    170. Hassan, Tarek & Zhang, Tony, 2020. "The Economics of Currency Risk," CEPR Discussion Papers 15313, Centre for Economic Policy Research.
    171. Luigi Bocola & Guido Lorenzoni, 2017. "Financial Crises, Dollarization, and Lending of Last Resort in Open Economies," NBER Working Papers 23984, National Bureau of Economic Research, Inc.
    172. Angelo Ranaldo & Paolo Santucci de Magistris, 2018. "Trading Volume, Illiquidity and Commonalities in FX Markets," Working Papers on Finance 1823, University of St. Gallen, School of Finance, revised Oct 2019.
    173. Néstor Romero & Sungjun Cho & Stuart Hyde, 2023. "Financial development and the effect of cross‐border bank flows on house prices," The Financial Review, Eastern Finance Association, vol. 58(1), pages 39-63, February.
    174. Gourinchas, Pierre-Olivier & Farhi, Emmanuel & Caballero, Ricardo, 2020. "Global Imbalances and Policy Wars at the Zero Lower Bound," CEPR Discussion Papers 14424, Centre for Economic Policy Research.
    175. Marcus Hagedorn, 2021. "An Equilibrium Theory of Nominal Exchange Rates," CESifo Working Paper Series 9290, CESifo.

  29. Matteo Maggiori, 2013. "The U.S. Dollar Safety Premium," 2013 Meeting Papers 75, Society for Economic Dynamics.

    Cited by:

    1. Chan, Kalok & Yang, Jian & Zhou, Yinggang, 2018. "Conditional co-skewness and safe-haven currencies: A regime switching approach," Journal of Empirical Finance, Elsevier, vol. 48(C), pages 58-80.
    2. Canzoneri, Matthew & Cumby, Robert & Diba, Behzad & López-Salido, David, 2013. "Key currency status: An exorbitant privilege and an extraordinary risk," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 371-393.
    3. Wenxin Du & Joanne Im & Jesse Schreger, 2017. "The U.S. Treasury Premium," NBER Working Papers 23759, National Bureau of Economic Research, Inc.
    4. Opie, Wei & Riddiough, Steven J., 2020. "Global currency hedging with common risk factors," Journal of Financial Economics, Elsevier, vol. 136(3), pages 780-805.
    5. Du, Wenxin & Im, Joanne & Schreger, Jesse, 2018. "The U.S. Treasury Premium," Journal of International Economics, Elsevier, vol. 112(C), pages 167-181.
    6. Ahnert, Toni & Perotti, Enrico, 2021. "Cheap but flighty: A theory of safety-seeking capital flows," Journal of Banking & Finance, Elsevier, vol. 131(C).

Articles

  1. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2026. "Putting Economics Back into Geoeconomics," NBER Macroeconomics Annual, University of Chicago Press, vol. 40(1), pages 23-87.
    See citations under working paper version above.
  2. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2026. "A Framework for Geoeconomics," Econometrica, Econometric Society, vol. 94(1), pages 105-136, January.
    See citations under working paper version above.
  3. Giglio, Stefano & Maggiori, Matteo & Stroebel, Johannes & Tan, Zhenhao & Utkus, Stephen & Xu, Xiao, 2025. "Four facts about ESG beliefs and investor portfolios," Journal of Financial Economics, Elsevier, vol. 164(C).
    See citations under working paper version above.
  4. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2025. "Corporate Debt Structure with Home and International Currency Bias," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 433-456, June.
    See citations under working paper version above.
  5. Christopher Clayton & Amanda Dos Santos & Matteo Maggiori & Jesse Schreger, 2025. "Internationalizing Like China," American Economic Review, American Economic Association, vol. 115(3), pages 864-902, March.
    See citations under working paper version above.
  6. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "The Political Economy of Geoeconomic Power," AEA Papers and Proceedings, American Economic Association, vol. 115, pages 588-592, May.
    See citations under working paper version above.
  7. Sergio Florez-Orrego & Matteo Maggiori & Jesse Schreger & Ziwen Sun & Serdil Tinda, 2024. "Global Capital Allocation," Annual Review of Economics, Annual Reviews, vol. 16(1), pages 623-653, August.
    See citations under working paper version above.
  8. Christopher Clayton & Antonio Coppola & Amanda Dos Santos & Matteo Maggiori & Jesse Schreger, 2023. "China in Tax Havens," AEA Papers and Proceedings, American Economic Association, vol. 113, pages 114-119, May.
    • Christopher Clayton & Antonio Coppola & Amanda Dos Santos & Matteo Maggiori & Jesse Schreger, 2023. "China in Tax Havens," NBER Working Papers 30865, National Bureau of Economic Research, Inc.
    • Clayton, Christopher & Coppola, Antonio & Dos Santos, Amanda & Maggiori, Matteo & Schreger, Jesse, 2023. "China in Tax Havens," CEPR Discussion Papers 17844, Centre for Economic Policy Research.
    • Clayton, Christopher & Coppola, Antonio & Santos, Amanda Dos & Maggiori, Matteo & Schreger, Jesse, 2023. "China in Tax Havens," SocArXiv bfrvn, Center for Open Science.
    See citations under working paper version above.
  9. Andrew Lilley & Matteo Maggiori & Brent Neiman & Jesse Schreger, 2022. "Exchange Rate Reconnect," The Review of Economics and Statistics, MIT Press, vol. 104(4), pages 845-855, October.
    See citations under working paper version above.
  10. Stefano Giglio & Matteo Maggiori & Krishna Rao & Johannes Stroebel & Andreas Weber & Stijn Van Nieuwerburgh, 2021. "Climate Change and Long-Run Discount Rates: Evidence from Real Estate [Abrupt climate change]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3527-3571.
    See citations under working paper version above.
  11. Stefano Giglio & Matteo Maggiori & Johannes Stroebel & Stephen Utkus, 2021. "The joint dynamics of investor beliefs and trading during the COVID-19 crash," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 118(4), pages 2010316118-, January.

    Cited by:

    1. Steven J. Davis & Dingqian Liu & Xuguang Simon Sheng, 2022. "Stock Prices and Economic Activity in the Time of Coronavirus," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 70(1), pages 32-67, March.
    2. Weber, Michael & Candia, Bernardo & Coibion, Olivier & Gorodnichenko, Yuriy, 2023. "Do You Even Crypto, Bro? Cryptocurrencies in Household Finance," IZA Discussion Papers 16335, IZA Network @ LISER.
    3. Liu, Hongqi & Peng, Cameron & Wei, Xiong & Wei, Xiong, 2022. "Taming the bias zoo," LSE Research Online Documents on Economics 109301, London School of Economics and Political Science, LSE Library.
    4. Andrej Gill & Florian Hett & Johannes Tischer, 2022. "Time Inconsistency and Overdraft Use: Evidence from Transaction Data and Behavioral Measurement Experiments," Working Papers 2205, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz.
    5. Gill, Andrej & Hett, Florian & Tischer, Johannes, 2022. "Time inconsistency and overdraft use: Evidence from transaction data and behavioral measurement experiments," Discussion Papers 18/2022, Deutsche Bundesbank.
    6. Wang, Xiaoxiao & Zhang, Xueyong, 2025. "Infectious disease outbreaks and the disposition effect of mutual fund investors," Journal of Banking & Finance, Elsevier, vol. 171(C).
    7. Barry, John W. & Campello, Murillo & Graham, John R. & Ma, Yueran, 2022. "Corporate flexibility in a time of crisis," Journal of Financial Economics, Elsevier, vol. 144(3), pages 780-806.
    8. Liu, Hongqi & Peng, Cameron & Xiong, Wei A. & Xiong, Wei, 2022. "Taming the bias zoo," Journal of Financial Economics, Elsevier, vol. 143(2), pages 716-741.
    9. Bender, Svetlana & Choi, James J. & Dyson, Danielle & Robertson, Adriana Z., 2022. "Millionaires speak: What drives their personal investment decisions?," Journal of Financial Economics, Elsevier, vol. 146(1), pages 305-330.
    10. Sakemoto, Ryuta, 2023. "The long-run risk premium in the intertemporal CAPM: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    11. Sha, Yezhou & Zhang, Yong & Lu, Xiaomeng, 2022. "Household investment diversification amid Covid-19 pandemic: Evidence from Chinese investors," Finance Research Letters, Elsevier, vol. 47(PA).
    12. Ding Li & Khim-Yong Goh & Cheng-Suang Heng, 2025. "Strategic Content Generation and Monetization in Financial Social Media," Information Systems Research, INFORMS, vol. 36(1), pages 61-83, March.
    13. Alt, Marius & Berger, Marius & Bersch, Johannes, 2023. "Investor responses to information updates on peer behavior and public investment policy: The case of green investments," ZEW Discussion Papers 23-024, ZEW - Leibniz Centre for European Economic Research.
    14. Gill, Andrej & Hett, Florian & Tischer, Johannes, 2022. "Time inconsistency and overdraft use: Evidence from transaction data and behavioral measurement experiments," SAFE Working Paper Series 347, Leibniz Institute for Financial Research SAFE.
    15. Xia, Yufei & Han, Zhiyin & Zheng, Qiong & Yang, Xiaoli, 2024. "The (in)effectiveness of financial consumer protection: Quasi-experimental evidence from consumer finance in China," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
    16. Weber, Martin & Kieren, Pascal & Mueller-Dethard, Jan, 2020. "Why so Negative? Belief Formation and Risk Taking in Boom and Bust Markets," CEPR Discussion Papers 14647, Centre for Economic Policy Research.
    17. Lhaopadchan, Suntharee & Gerrans, Paul & Treepongkaruna, Sirimon, 2024. "Retirement savings behaviours and COVID-19: Evidence from Thailand," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    18. Marco Pagano & Josef Zechner, 2022. "COVID-19 and Corporate Finance [The risk of being a fallen angel and the corporate dash for cash in the midst of COVID]," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 11(4), pages 849-879.
    19. Liu, Haoyang & Palmer, Christopher, 2026. "Implicit extrapolation and the beliefs channel of investment demand," Journal of Financial Economics, Elsevier, vol. 175(C).
    20. Rai, Anish & Mahata, Ajit & Nurujjaman, Md & Majhi, Sushovan & Debnath, Kanish, 2022. "A sentiment-based modeling and analysis of stock price during the COVID-19: U- and Swoosh-shaped recovery," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 592(C).
    21. Kleimeier, Stefanie & Hoffmann, Arvid O.I. & Broihanne, Marie-Hélène & Plotkina, Daria & Göritz, Anja S., 2023. "Determinants of individuals’ objective and subjective financial fragility during the COVID-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 153(C).
    22. Martin Iseringhausen & Ivan Petrella & Konstantinos Theodoridis, 2022. "Aggregate skewness and the business cycle," Working Papers 53, European Stability Mechanism.
    23. Pagano, Marco & Wagner, Christian & Zechner, Josef, 2021. "Disaster resilience and asset prices," CFS Working Paper Series 673, Center for Financial Studies (CFS).

  12. Stefano Giglio & Matteo Maggiori & Johannes Stroebel & Stephen Utkus, 2021. "Five Facts about Beliefs and Portfolios," American Economic Review, American Economic Association, vol. 111(5), pages 1481-1522, May.
    See citations under working paper version above.
  13. Antonio Coppola & Matteo Maggiori & Brent Neiman & Jesse Schreger, 2021. "Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 136(3), pages 1499-1556.
    See citations under working paper version above.
  14. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2020. "International Currencies and Capital Allocation," Journal of Political Economy, University of Chicago Press, vol. 128(6), pages 2019-2066.
    See citations under working paper version above.
  15. Stefano Giglio & Matteo Maggiori & Johannes Stroebel, 2020. "Reply to “Rational Bubbles in UK Housing Markets”," Econometrica, Econometric Society, vol. 88(4), pages 1767-1770, July.

    Cited by:

    1. Wan, Junmin, 2024. "Bubble occurrence and landing," Journal of Financial Stability, Elsevier, vol. 70(C).

  16. Emmanuel Farhi & Matteo Maggiori, 2019. "China versus the United States: IMS Meets IPS," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 476-481, May.

    Cited by:

    1. Chernov, Mikhail & Creal, Drew & Hördahl, Peter, 2023. "Sovereign credit and exchange rate risks: Evidence from Asia-Pacific local currency bonds," Journal of International Economics, Elsevier, vol. 140(C).
    2. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    3. Sebastian Horn & Carmen M. Reinhart & Christoph Trebesch, 2019. "China’s Overseas Lending," NBER Working Papers 26050, National Bureau of Economic Research, Inc.
    4. Egorov, Konstantin & Mukhin, Dmitry, 2023. "Optimal policy under dollar pricing," SAFE Working Paper Series 377, Leibniz Institute for Financial Research SAFE.
    5. Joerg Mayer, 2024. "De-dollarization: the global payment infrastructure and wholesale central bank digital currencies," FMM Working Paper 102-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    6. Laura Alfaro & Fabio Kanczuk, 2019. "Undisclosed Debt Sustainability," NBER Working Papers 26347, National Bureau of Economic Research, Inc.
    7. Konstantin Egorov & Dmitry Mukhin, 2021. "Optimal Policy under Dollar Pricing," Discussion Papers 2124, Centre for Macroeconomics (CFM).

  17. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2019. "The Rise of the Dollar and Fall of the Euro as International Currencies," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 521-526, May.
    See citations under working paper version above.
  18. Emmanuel Farhi & Matteo Maggiori, 2018. "A Model of the International Monetary System," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(1), pages 295-355.
    See citations under working paper version above.
  19. Matteo Maggiori, 2017. "Financial Intermediation, International Risk Sharing, and Reserve Currencies," American Economic Review, American Economic Association, vol. 107(10), pages 3038-3071, October.
    See citations under working paper version above.
  20. Stefano Giglio & Matteo Maggiori & Johannes Stroebel, 2016. "No‐Bubble Condition: Model‐Free Tests in Housing Markets," Econometrica, Econometric Society, vol. 84, pages 1047-1091, May.
    See citations under working paper version above.
  21. Stefano Giglio & Matteo Maggiori & Johannes Stroebel, 2015. "Editor's Choice Very Long-Run Discount Rates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 130(1), pages 1-53.

    Cited by:

    1. Òscar Jordà & Katharina Knoll & Dmitry Kuvshinov & Moritz Schularick & Alan M. Taylor, 2017. "The Rate of Return on Everything, 1870–2015," NBER Working Papers 24112, National Bureau of Economic Research, Inc.
    2. Olga Filippova & Cuong Nguyen & Ilan Noy & Michael Rehm, 2019. "Who cares? Future sea-level-rise and house prices," CESifo Working Paper Series 7595, CESifo.
    3. Mauleón, Ignacio, 2019. "Optimizing individual renewable energies roadmaps: Criteria, methods, and end targets," Applied Energy, Elsevier, vol. 253(C), pages 1-1.
    4. Gollier, Christian, 2019. "Valuation of natural capital under uncertain substitutability," Journal of Environmental Economics and Management, Elsevier, vol. 94(C), pages 54-66.
    5. Bahadır Dursun & Resul Cesur, 2016. "Transforming lives: the impact of compulsory schooling on hope and happiness," Journal of Population Economics, Springer;European Society for Population Economics, vol. 29(3), pages 911-956, July.
    6. Eisenbach, Thomas M. & Schmalz, Martin C., 2016. "Anxiety in the face of risk," Journal of Financial Economics, Elsevier, vol. 121(2), pages 414-426.
    7. Gautier, Pieter A. & Vuuren, Aico van, 2019. "The effect of land lease on house prices," Journal of Housing Economics, Elsevier, vol. 46(C).
    8. David Backus & Nina Boyarchenko & Mikhail Chernov, 2016. "Term structures of asset prices and returns," Working Papers 16-08, New York University, Leonard N. Stern School of Business, Department of Economics.
    9. Rong Rong & Therese C. Grijalva & Jayson Lusk & W. Douglass Shaw, 2019. "Interpersonal discounting," Journal of Risk and Uncertainty, Springer, vol. 58(1), pages 17-42, February.
    10. Singh, Yadawendra & Chakraborty, Lekha, 2024. "Tax Transfers and Demographic Transition: Empirical Evidence for 16th Finance Commission," Working Papers 24/417, National Institute of Public Finance and Policy.
    11. Zerrahn, Alexander, 2017. "Wind Power and Externalities," Ecological Economics, Elsevier, vol. 141(C), pages 245-260.
    12. Daniel L. Tortorice, 2019. "Long-Run Expectations, Learning and the US Housing Market," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 45(4), pages 497-531, October.
    13. Singh, Yadawendra & Chakraborty, Lekha, 2024. "Tax Transfers and Demographic Transition: Empirical Evidence for 16th Finance Commission," MPRA Paper 121658, University Library of Munich, Germany.
    14. Igor Fedotenkov, 2016. "Population ageing and inflation with endogenous money creation," Bank of Lithuania Working Paper Series 23, Bank of Lithuania.
    15. van Binsbergen, Jules H. & Koijen, Ralph S.J., 2017. "The term structure of returns: Facts and theory," Journal of Financial Economics, Elsevier, vol. 124(1), pages 1-21.
    16. Neves, Pedro Cunha & Afonso, Óscar & Sequeira, Tiago Neves, 2018. "Population growth and the wage skill premium," Economic Modelling, Elsevier, vol. 68(C), pages 435-449.
    17. Sumit Agarwal & Jing Li & Ernie Teo & Alan Cheong, 2018. "Strategic Sequential Bidding for Government Land Auction Sales – Evidence from Singapore," The Journal of Real Estate Finance and Economics, Springer, vol. 57(4), pages 535-565, November.
    18. Gollier, Christian, 2016. "Evaluation of long-dated assets: The role of parameter uncertainty," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 66-83.
    19. Fesselmeyer, Eric & Liu, Haoming & Salvo, Alberto, 2016. "How Do Households Discount over Centuries? Evidence from Singapore's Private Housing Market," IZA Discussion Papers 9862, IZA Network @ LISER.
    20. D. Pennesi, 2016. "Intertemporal discrete choice," Working Papers wp1061, Dipartimento Scienze Economiche, Universita' di Bologna.
    21. Agarwal, Sumit & He, Jia & Sing, Tien Foo & Song, Changcheng, 2019. "Do real estate agents have information advantages in housing markets?," Journal of Financial Economics, Elsevier, vol. 134(3), pages 715-735.
    22. Bracke, Philippe & Pinchbeck, Edward W. & Wyatt, James, 2017. "The time value of housing: historical evidence on discount rates," LSE Research Online Documents on Economics 86393, London School of Economics and Political Science, LSE Library.
    23. Robert F. Engle III & Stefano Giglio & Bryan T. Kelly & Heebum Lee & Johannes Stroebel, 2019. "Hedging Climate Change News," NBER Working Papers 25734, National Bureau of Economic Research, Inc.
    24. Benjamin Volland, 2018. "Après nous le déluge? Perceived distance of climate change impacts and pro-environmental behaviour," IRENE Working Papers 18-05, IRENE Institute of Economic Research.
    25. Fedotenkov, Igor, 2015. "Population ageing and prices in an OLG model with money created by credits," MPRA Paper 66056, University Library of Munich, Germany.
    26. Dew-Becker, Ian & Giglio, Stefano & Le, Anh & Rodriguez, Marius, 2017. "The price of variance risk," Journal of Financial Economics, Elsevier, vol. 123(2), pages 225-250.
    27. Therese C. Grijalva & Jayson L. Lusk & Rong Rong & W. Douglass Shaw, 2018. "Convex Time Budgets and Individual Discount Rates in the Long Run," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 71(1), pages 259-277, September.
    28. Zviadadze, Irina, 2018. "Term Structure of Risk in Expected Returns," CEPR Discussion Papers 13414, Centre for Economic Policy Research.
    29. Mauleón, Ignacio, 2019. "Assessing PV and wind roadmaps: Learning rates, risk, and social discounting," Renewable and Sustainable Energy Reviews, Elsevier, vol. 100(C), pages 71-89.
    30. Gollier, Christian, 2018. "Stochastic volatility implies fourth-degree risk dominance: Applications to asset pricing," Journal of Economic Dynamics and Control, Elsevier, vol. 95(C), pages 155-171.
    31. Igor Fedotenkov, 2016. "Labour Shares, Fertility and Longevity in an OLG model," Bank of Lithuania Working Paper Series 28, Bank of Lithuania.

  22. Xavier Gabaix & Matteo Maggiori, 2015. "International Liquidity and Exchange Rate Dynamics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 130(3), pages 1369-1420.
    See citations under working paper version above.
  23. Lettau, Martin & Maggiori, Matteo & Weber, Michael, 2014. "Conditional risk premia in currency markets and other asset classes," Journal of Financial Economics, Elsevier, vol. 114(2), pages 197-225.
    See citations under working paper version above.

Chapters

  1. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back into Geoeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, pages 23-87, National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  2. Roland Beck & Antonio Coppola & Angus Lewis & Matteo Maggiori & Martin Schmitz & Jesse Schreger, 2024. "The geography of capital allocation in the euro area," IFC Bulletins chapters, in: Bank for International Settlements (ed.), External statistics in a fragmented and uncertain world, volume 62, Bank for International Settlements.
    See citations under working paper version above.Sorry, no citations of chapters recorded.
IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.