国际经济学workshop:Trade, Finance and International Currency

发布日期:2018-12-11 14:45:04    来源:北京大学国家发展研究院

国际经济学workshop

时间:2018年12月11日(周二)10:30 a.m.-12:00 p.m.

地点:北大国发院/中国经济研究中心 致福轩会议室

主持人:余淼杰 余昌华

主讲人:刘韬(中央财经大学)

题目:Trade, Finance and International Currency

Abstract:

Currency choices in international trade are related to the depth of financial markets, especially in the provision of trade finance. This paper examines how this financial channel affects currency internationalization and its macroeconomic implications. First, we use a novel dataset from Society for Worldwide Interbank Financial Telecommunication (SWIFT) to document empirical patterns of international currency, thereby suggesting the importance of financial market development and identifying the distinct channel of trade finance. Next, we build a two-country monetary search model featuring time-to-ship friction: goods are delivered one period after contract and the lack of commitment between exporters and importers forces them to rely on bank-intermediated trade finance. The currency choice is endogenized and related to the terms of trade, inflation levels, and financial efficiency. We further use this model to discuss several related topics. Trade finance channels propagate and amplify the monetary policy effect and influence the status of international currency. It also shows that global imbalances are partially attributed to the fact that the US dollar (USD) is the single dominant international currency. Numerical examples illustrate these results.

个人简介:

刘韬,中央财经大学国际经济与贸易学院助理教授。2017年获加州大学戴维斯分校经济学博士。研究领域为国际金融、货币经济学。

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