International Currencies and Capital Allocation
研究发现货币是影响全球投资组合的重要因素，各国投资者倾向于持有本币计价的债务证券，而美元计价跨境持有份额在2008年后激增。
We establish currency as an important factor shaping global portfolios. Using a new security-level data set, we demonstrate that investor holdings are biased toward their own currencies to such an extent that countries typically hold most of the foreign-debt securities denominated in their currency. While large firms issue in foreign currency and borrow from foreigners, most firms issue only in local currency and do not directly access foreign capital. These patterns hold broadly across countries except for the United States, as foreign investors hold significant shares of US dollar bonds. The share of dollar-denominated cross-border holdings surged after 2008.