The Economics of Currency Risk
综述了货币风险与国家风险的宏观经济根源与影响，发现安全货币国享有更低利率和资本回报率，从而积累更多资本，并探讨了其对资本配置、汇率政策、贸易赤字和跨国溢出效应的重要性。
This article reviews the literature on currency and country risk with a focus on their macroeconomic origins and implications. A growing body of evidence shows that countries with safer currencies enjoy persistently lower interest rates and a lower required return to capital. As a result, they accumulate relatively more capital than countries with currencies that international investors perceive as risky. Whereas earlier research focused mainly on the role of currency risk in generating violations of uncovered interest parity and other financial anomalies, more recent evidence points to important implications for the allocation of capital across countries, the efficacy of exchange rate stabilization policies, the sustainability of trade deficits, and the spillovers of shocks across international borders.