Liquidity and the International Allocation of Economic Activity
构建模型研究流动性市场与经济活动的国际配置，发现金融发展差异导致经济活动向流动性资产供应国倾斜，且资产抵押接受度与收益率负相关、与经济活跃度正相关。
Abstract I present a model to study the linkages between the market for liquidity and the international allocation of economic activity. Private assets' liquidity properties affect interest rates, with consequences on entry, production, and market capitalization. In a closed economy, the liquidity market increases the size and productivity of the sector that generates liquid assets. In an open economy, cross‐country differences in financial development generate an allocation of economic activity favoring the country supplying the most liquid assets. Supporting the theory, I show that asset acceptability as collateral is negatively correlated with yields, and positively correlated with measures of economic activity.