Global Capital Allocation
综述了全球资本配置的文献，涵盖跨境投资增长、组合投资转向、微观数据揭示的模式、资产计价货币的重要性以及避税天堂和离岸金融中心的作用，并指出未来研究方向。
We survey the literature on global capital allocation. We begin by reviewing the rise of cross-border investment, the shift toward portfolio investment, and the literature focusing on aggregate patterns in multilateral and bilateral positions. We then turn to the recent literature that uses micro data to document patterns in global capital allocations. We focus on the importance of the currency of denomination of assets in international portfolios and the role that tax havens and offshore financial centers play in intermediating global capital. We conclude with directions for future research in this area.