Corporate Debt Structure with Home and International Currency Bias

IF 3.3 2区经济学 Q1 BUSINESS, FINANCE Imf Economic Review Pub Date : 2024-08-30 DOI:10.1057/s41308-024-00254-x

Matteo Maggiori, Brent Neiman, Jesse Schreger

引用次数: 0

Abstract

We explore the consequences of global capital market segmentation by currency for the optimal currency composition of borrowing by firms. Global bond portfolios are driven by the currency of denomination of assets as investors prefer to lend in their home currency or the international currency, the US Dollar. Larger and more productive firms select into foreign currency issuance. International segmentation results in a quantity dimension of the exorbitant privilege whereby US firms that only issue in the domestic currency benefit from being able to more easily borrow from global investors.

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带有本币和国际货币偏见的公司债务结构

我们探讨了按货币划分的全球资本市场对企业最佳借贷货币构成的影响。全球债券投资组合受资产计价货币的驱动，因为投资者更愿意以本国货币或国际货币美元进行借贷。规模较大、生产力较高的企业会选择发行外币债券。国际分割导致了数量层面的高昂特权，即仅以本国货币发行债券的美国公司因能够更容易地从全球投资者处借款而受益。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Imf Economic Review Multiple-

CiteScore

5.50

自引率

4.70%

发文量

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