Corporate Debt Structure with Home and International Currency Bias
本摘要源自该文的 NBER 工作论文版（2023），正式发表版可能有调整。
We explore the consequences of global capital market segmentation by currency for the optimal currency composition of borrowing by firms.Global bond portfolios are driven by the currency of denomination of assets as investors prefer to lend in their home currency or the international currency, the US Dollar.Larger and more productive firms select into foreign currency issuance.International segmentation results in a quantity-dimension of the exorbitant privilege whereby US firms that only issue in the domestic currency benefit from being able to more easily borrow from global investors.