دانلود مقاله ISI انگلیسی شماره 97729
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
97729 2018 44 صفحه PDF سفارش دهید 23281 کلمه
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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
International financial market integration, asset compositions, and the falling exchange rate pass-through
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Economics, Volume 110, January 2018, Pages 151-175

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چکیده انگلیسی

This paper provides an explanation for the observed decline of the exchange rate pass-through into import prices by modeling the effects of financial market integration on the optimal choice of the pricing currency in the context of rigid nominal goods prices. Contrary to previous literature, we explicitly take into account the interdependence of this decision with the optimal portfolio choice of internationally traded financial assets. Following financial integration, agents use equity, additional to bonds, to hedge against shocks. The resulting optimal portfolio includes a higher share of bonds denominated in foreign currency and impacts the correlation structure of costs and sales in such a way that producers move towards more local-currency pricing. Both predictions are in line with novel empirical evidence.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.