国际金融一体化在货币政策传递中的作用.pdf

1、The Role of International Financial Integrationin Monetary Policy TransmissionaJing Cynthia Wu1Yinxi Xie2Ji Zhang31Notre Dame and NBER2Bank of Canada3Tsinghua PBCSFaThe views are our own and do not necessarily represent those of the Governing Council of theBank of Canada.Variations in Cross-Country

2、Bond HoldingsJapanUnited StatesSlovakiaPortugalDenmarkBelgiumSloveniaAustraliaSpainItalyFranceMaltaCanadaGermanyUnited KingdomNorwayAustriaSwedenFinlandGreeceLithuaniaEstoniaIrelandNetherlandsLuxembourgLatviaCyprus 00.20.40.60.81Int.Debt/Total DebtChinaThailandCzechiaMalaysiaPolandIsraelHungaryPhili

3、ppinesArgentinaCroatiaChileBulgariaTurkeyPeruSaudi Arabia 00.20.40.60.81Int.Debt/Total DebtInternationally-Issued Debt in 2022Q1 Some countries engage in international market,while some not1/19Maturity Breakdown for G7JapanUnited StatesItalyFranceCanadaGermanyUnited Kingdom00.020.040.060.080.1Short

4、term/Long termPrivate DebtGovernment DebtInternationally-Issued Debt in 2022Q1 Cross-country debt holdings are predominantly long-term2/19Maturity Breakdown for the U.S.Treasury2012201420162018202020220.110.120.130.140.150.160.170.18short term/long termForeign Holdings of Outstanding U.S.Treasury Fo

5、reign holdings are predominantly long-term bonds3/19Summary Countries engage in international bond market in various degrees Cross-country debt holdings are predominantly long-term4/19What We Do?Two-country New Keynesian model with financial integration:key feature:allow cross-country holdings of lo

6、ng-term bonds study how financial integration affects MP transmission inspect the key features of financial integration study how it interacts with trade openness5/19A Two-Country New KeynesianModelModel IngredientsFinancial market financial intermediaries can hold foreign-issued long-term bonds seg