메뉴 건너뛰기




Volumn 77, Issue 1, 2009, Pages 86-100

Do trade costs in goods market lead to home bias in equities?

Author keywords

Home bias; International macroeconomics; Portfolio choice; Trade costs

Indexed keywords

GOODS EXCHANGE; INTERNATIONAL TRADE; MACROECONOMICS; NUMERICAL MODEL; STOCHASTICITY;

EID: 57849167242     PISSN: 00221996     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jinteco.2008.10.005     Document Type: Article
Times cited : (108)

References (48)
  • 1
    • 84944838161 scopus 로고
    • International portfolio choice and corporation finance: a synthesis
    • Adler M., and Dumas B. International portfolio choice and corporation finance: a synthesis. Journal of Finance 38 (1983) 925-984
    • (1983) Journal of Finance , vol.38 , pp. 925-984
    • Adler, M.1    Dumas, B.2
  • 2
    • 57849149057 scopus 로고    scopus 로고
    • Aizenman, J., Noy, I., 2005. Endogenous financial and trade openness in a volatile world. mimeo USC.
    • Aizenman, J., Noy, I., 2005. Endogenous financial and trade openness in a volatile world. mimeo USC.
  • 3
    • 0142004903 scopus 로고    scopus 로고
    • Gravity with gravitas: a solution to the border puzzle
    • Anderson J., and Van Wincoop E. Gravity with gravitas: a solution to the border puzzle. American Economic Review 93 (2003) 170-192
    • (2003) American Economic Review , vol.93 , pp. 170-192
    • Anderson, J.1    Van Wincoop, E.2
  • 6
    • 0028591186 scopus 로고
    • Dynamics of the trade balance and the terms of trade: the J-curve?
    • Backus D.K., Kehoe P.J., and Kydland F.E. Dynamics of the trade balance and the terms of trade: the J-curve?. American Economic Review 84 1 (1994) 84-103
    • (1994) American Economic Review , vol.84 , Issue.1 , pp. 84-103
    • Backus, D.K.1    Kehoe, P.J.2    Kydland, F.E.3
  • 7
    • 0035156134 scopus 로고    scopus 로고
    • The growth of world trade: tariffs, transport costs and income similarity
    • Baier S., and Bergstrand J.H. The growth of world trade: tariffs, transport costs and income similarity. Journal of International Economics 53 (2001) 1-27
    • (2001) Journal of International Economics , vol.53 , pp. 1-27
    • Baier, S.1    Bergstrand, J.H.2
  • 8
    • 0031396606 scopus 로고    scopus 로고
    • The international portfolio diversification puzzle is worse than you think
    • Baxter M., and Jermann U. The international portfolio diversification puzzle is worse than you think. American Economic Review 87 1 (1997) 170-180
    • (1997) American Economic Review , vol.87 , Issue.1 , pp. 170-180
    • Baxter, M.1    Jermann, U.2
  • 9
    • 0031685650 scopus 로고    scopus 로고
    • Non-traded goods, non-traded factors and international non-diversification
    • Baxter M., Jermann U., and King R.G. Non-traded goods, non-traded factors and international non-diversification. Journal of International Economics 44 2 (1998) 211-229
    • (1998) Journal of International Economics , vol.44 , Issue.2 , pp. 211-229
    • Baxter, M.1    Jermann, U.2    King, R.G.3
  • 10
    • 44949278340 scopus 로고
    • Commodity trade and international risk sharing: how much do financial markets matter?
    • Cole H., and Obstfeld M. Commodity trade and international risk sharing: how much do financial markets matter?. Journal of Monetary Economics 28 (1991) 3-24
    • (1991) Journal of Monetary Economics , vol.28 , pp. 3-24
    • Cole, H.1    Obstfeld, M.2
  • 12
    • 21344496561 scopus 로고
    • Home bias in equity portfolios, inflation hedging, and international capital market equilibrium
    • Cooper I., and Kaplanis E. Home bias in equity portfolios, inflation hedging, and international capital market equilibrium. Review of Financial Studies 7 (1994) 45-60
    • (1994) Review of Financial Studies , vol.7 , pp. 45-60
    • Cooper, I.1    Kaplanis, E.2
  • 13
    • 40449136103 scopus 로고    scopus 로고
    • International Risk Sharing and the Transmission of Productivity Shocks
    • Corsetti G., Dedola L., and Leduc S. International Risk Sharing and the Transmission of Productivity Shocks. Review of Economic Studies 75 2 (2008) 443-473
    • (2008) Review of Economic Studies , vol.75 , Issue.2 , pp. 443-473
    • Corsetti, G.1    Dedola, L.2    Leduc, S.3
  • 14
    • 0000111838 scopus 로고
    • International portfolio non-diversification and exchange rate variability
    • Dellas H., and Stockmann A. International portfolio non-diversification and exchange rate variability. Journal of International Economics 26 (1989) 271-290
    • (1989) Journal of International Economics , vol.26 , pp. 271-290
    • Dellas, H.1    Stockmann, A.2
  • 15
    • 57849119664 scopus 로고    scopus 로고
    • Devereux, M.B., Sutherland, A., 2006a. Solving for Country Portfolios in Open Economy Macro Models. mimeo UBC.
    • Devereux, M.B., Sutherland, A., 2006a. Solving for Country Portfolios in Open Economy Macro Models. mimeo UBC.
  • 16
    • 57849111826 scopus 로고    scopus 로고
    • Devereux, M.B., Sutherland, A., 2006b. Country Portfolio Dynamics. mimeo UBC.
    • Devereux, M.B., Sutherland, A., 2006b. Country Portfolio Dynamics. mimeo UBC.
  • 18
    • 0000815950 scopus 로고
    • Investor diversification and international equity markets
    • French K., and Poterba J. Investor diversification and international equity markets. American Economic Review 81 2 (1991) 222-226
    • (1991) American Economic Review , vol.81 , Issue.2 , pp. 222-226
    • French, K.1    Poterba, J.2
  • 20
    • 0036216912 scopus 로고    scopus 로고
    • Financial autarky and international business cycles
    • Heathcote J., and Perri F. Financial autarky and international business cycles. Journal of Monetary Economics 49 3 (2002) 601-627
    • (2002) Journal of Monetary Economics , vol.49 , Issue.3 , pp. 601-627
    • Heathcote, J.1    Perri, F.2
  • 21
    • 57849127962 scopus 로고    scopus 로고
    • Heathcote, J., Perri, F., 2007. The international diversification puzzle is not as bad as you think. Minneapolis FED Staff Report 398.
    • Heathcote, J., Perri, F., 2007. The international diversification puzzle is not as bad as you think. Minneapolis FED Staff Report 398.
  • 22
    • 57849101102 scopus 로고    scopus 로고
    • Hummels, D., 2001. Towards a Geography of Trade Costs. mimeo Purdue University.
    • Hummels, D., 2001. Towards a Geography of Trade Costs. mimeo Purdue University.
  • 23
    • 57849164538 scopus 로고    scopus 로고
    • Imbs, J., Mejean, I., 2008. Elasticity Optimism. mimeo HEC-Lausanne.
    • Imbs, J., Mejean, I., 2008. Elasticity Optimism. mimeo HEC-Lausanne.
  • 24
    • 57849115769 scopus 로고    scopus 로고
    • Kollmann, R., 2006a. International Portfolio Equilibrium and the Current Account. mimeo University Paris XII.
    • Kollmann, R., 2006a. International Portfolio Equilibrium and the Current Account. mimeo University Paris XII.
  • 25
    • 33645018848 scopus 로고    scopus 로고
    • A dynamic general equilibrium model of international portfolio holdings: comment
    • Kollmann R. A dynamic general equilibrium model of international portfolio holdings: comment. Econometrica 74 (2006) 269-273
    • (2006) Econometrica , vol.74 , pp. 269-273
    • Kollmann, R.1
  • 26
    • 0034239610 scopus 로고    scopus 로고
    • International investment positions: a cross-sectional analysis
    • Lane P. International investment positions: a cross-sectional analysis. Journal of International Money and Finance 19 4 (2000) 513-534
    • (2000) Journal of International Money and Finance , vol.19 , Issue.4 , pp. 513-534
    • Lane, P.1
  • 29
    • 0001582485 scopus 로고    scopus 로고
    • Trying to explain home bias in equities and consumption
    • Lewis K. Trying to explain home bias in equities and consumption. Journal of Economic Literature XXXVII (1999) 571-608
    • (1999) Journal of Economic Literature , vol.XXXVII , pp. 571-608
    • Lewis, K.1
  • 30
    • 0013148655 scopus 로고
    • Interest rates and currency prices in a two-country world
    • Lucas R. Interest rates and currency prices in a two-country world. Journal of Monetary Economics 10 (1982) 335-359
    • (1982) Journal of Monetary Economics , vol.10 , pp. 335-359
    • Lucas, R.1
  • 31
    • 57849161452 scopus 로고    scopus 로고
    • Matsumoto, A., 2007. The Role of Nonseparable Utility and Nontradeables in International Business Cycle and Portfolio Choice. Unpublished manuscript.
    • Matsumoto, A., 2007. The Role of Nonseparable Utility and Nontradeables in International Business Cycle and Portfolio Choice. Unpublished manuscript.
  • 32
    • 0000435116 scopus 로고
    • National borders matter: Canada-US trade patterns
    • Mc Callum. National borders matter: Canada-US trade patterns. American Economic Review 85 (1995) 615-623
    • (1995) American Economic Review , vol.85 , pp. 615-623
    • Mc Callum1
  • 33
    • 0028826968 scopus 로고
    • The terms of trade, the real exchange rate, and economic fluctuations
    • Mendoza E.G. The terms of trade, the real exchange rate, and economic fluctuations. International Economic Review 36 1 (1995) 101-137
    • (1995) International Economic Review , vol.36 , Issue.1 , pp. 101-137
    • Mendoza, E.G.1
  • 35
    • 0039193070 scopus 로고    scopus 로고
    • The six major puzzles in international macroeconomics: is there a common cause?
    • Obstfeld M., and Rogoff K. The six major puzzles in international macroeconomics: is there a common cause?. NBER Macroeconomics Annual 15 (2000)
    • (2000) NBER Macroeconomics Annual , vol.15
    • Obstfeld, M.1    Rogoff, K.2
  • 37
    • 0000474505 scopus 로고
    • Private saving and terms of trade shocks: evidence from developing countries
    • Ostry J., and Reinhart C.M. Private saving and terms of trade shocks: evidence from developing countries. IMF Staff Papers 39 3 (1992)
    • (1992) IMF Staff Papers , vol.39 , Issue.3
    • Ostry, J.1    Reinhart, C.M.2
  • 40
    • 14644417866 scopus 로고    scopus 로고
    • The determinants of cross-border equity flows
    • Portes R., and Rey H. The determinants of cross-border equity flows. Journal of International Economics 65 2 (2005) 269-296
    • (2005) Journal of International Economics , vol.65 , Issue.2 , pp. 269-296
    • Portes, R.1    Rey, H.2
  • 41
    • 57849098105 scopus 로고    scopus 로고
    • Sercu, P., Vanpee, R., 2007, Home Bias in International Equity Portfolios: a Review. Mimeo Leuven School of Business and Economics.
    • Sercu, P., Vanpee, R., 2007, Home Bias in International Equity Portfolios: a Review. Mimeo Leuven School of Business and Economics.
  • 42
    • 0011937407 scopus 로고    scopus 로고
    • A dynamic equilibrium model of international portfolio holdings
    • Serrat A. A dynamic equilibrium model of international portfolio holdings. Econometrica 69 (2001) 1467-1489
    • (2001) Econometrica , vol.69 , pp. 1467-1489
    • Serrat, A.1
  • 43
    • 0000890517 scopus 로고
    • Tastes and technology in a two country model of the business cycle: explaining international comovements
    • Stockman A.C., and Tesar L. Tastes and technology in a two country model of the business cycle: explaining international comovements. American Economic Review 85 1 (1995) 165-188
    • (1995) American Economic Review , vol.85 , Issue.1 , pp. 165-188
    • Stockman, A.C.1    Tesar, L.2
  • 44
    • 0035138122 scopus 로고    scopus 로고
    • The role of consumption substitutability in the international transmission of shocks
    • Tille C. The role of consumption substitutability in the international transmission of shocks. Journal of International Economics 53 (2001) 421-444
    • (2001) Journal of International Economics , vol.53 , pp. 421-444
    • Tille, C.1
  • 45
    • 57849151576 scopus 로고    scopus 로고
    • Tille, C., Van Wincoop, E., 2007. International Capital Flows. mimeo University of Virginia.
    • Tille, C., Van Wincoop, E., 2007. International Capital Flows. mimeo University of Virginia.
  • 46
    • 84993917301 scopus 로고
    • A general equilibrium model of international portfolio choice
    • Uppal R. A general equilibrium model of international portfolio choice. Journal of Finance 48 2 (1993) 529-553
    • (1993) Journal of Finance , vol.48 , Issue.2 , pp. 529-553
    • Uppal, R.1
  • 47
    • 0000510157 scopus 로고    scopus 로고
    • How Big are Potential Gains from International Risksharing?
    • Van Wincoop E. How Big are Potential Gains from International Risksharing?. Journal of International Economics 47 1 (1999) 109-135
    • (1999) Journal of International Economics , vol.47 , Issue.1 , pp. 109-135
    • Van Wincoop, E.1
  • 48
    • 57849084384 scopus 로고    scopus 로고
    • Van Wincoop, E., Warnock, F.E., 2007. Is home bias in assets related to home bias in goods? mimeo University of Virginia.
    • Van Wincoop, E., Warnock, F.E., 2007. Is home bias in assets related to home bias in goods? mimeo University of Virginia.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.