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.
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.
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.
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.