时间：2018年12月11日（周二）10：30 a.m.－12：00 p.m.
题目：Trade, Finance and International Currency
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.