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讲座:Global Safe Assets and the US Exorbitant Privilege

发布者:经济系    发布时间:2021-06-17

    目:Global Safe Assets and the US Exorbitant Privilege

嘉 宾:陈泽丰 助理教授 北京大学光华管理学院

主持人:徐   玏 助理教授 上海交通大学安泰经济与管理学院

时 间:2021623日(周三)14:30-16:00

地 点:上海交通大学 徐汇校区安泰楼A507

内容简介:

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

演讲人简介:

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

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