Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens

Antonio Coppola, Matteo Maggiori, Brent Neiman, Jesse Schreger Working Paper, August 2019

A methodology to restate global capital flow statistics from a residency to a nationality basis. Unmasks issuance in tax havens. Flows from developed countries to emerging market are much larger than previously known.


EXCHANGE RATE RECONNECT

Andrew Lilley, Matteo Maggiori, Brent Neiman, Jesse Schreger Working Paper, June 2019

After the 2008 financial crisis, exchange rates reconnected to U.S. purchases of foreign bonds and measures of risk premia. Sheds new light on exchange rate disconnect.


The Rise of the Dollar and Fall of the Euro as International Currencies

Matteo Maggiori, Brent Neiman, Jesse Schreger AEA Papers and Proceedings, May 2019

Starting with the 2008 financial crisis, the U.S. dollar experienced an increase in its international currency role, while the Euro experienced a corresponding decline. The switch is broad-based across bonds, loans, and invoicing in goods markets.


International Currencies and Capital Allocation

Matteo Maggiori, Brent Neiman, Jesse Schreger Journal of Political Economy, Forthcoming

Establishes the presence of home currency bias and shows that in bonds home bias is largely the result of home currency bias. The U.S. dollar’s special status allows U.S. firms to overcome foreigners’ home currency bias.