000			02312cam a22003617 4500
001			w17331
003			NBER
005			20211020110814.0
006			m o d
007			cr cnu||||||||
008			210910s2011 mau fo 000 0 eng d
100	1		_aGeromichalos, Athanasios. _929800
245	1	0	_aAsset Liquidity and International Portfolio Choice / _cAthanasios Geromichalos, Ina Simonovska.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2011.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w17331
500			_aAugust 2011.
520	3		_aWe study optimal portfolio choice in a two-country model where assets represent claims on future consumption and facilitate trade in markets with imperfect credit. Assuming that foreign assets trade at a cost, agents hold relatively more domestic assets. Consequently, agents have larger claims to domestic over foreign consumption. Moreover, foreign assets turn over faster than domestic assets because the former have desirable liquidity properties, but represent inferior saving tools. Our mechanism offers an answer to a long-standing puzzle in international finance: a positive relationship between consumption and asset home bias coupled with higher turnover rates of foreign over domestic assets.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE44 - Financial Markets and the Macroeconomy _2Journal of Economic Literature class.
690		7	_aF15 - Economic Integration _2Journal of Economic Literature class.
690		7	_aF36 - Financial Aspects of Economic Integration _2Journal of Economic Literature class.
690		7	_aG11 - Portfolio Choice • Investment Decisions _2Journal of Economic Literature class.
700	1		_aSimonovska, Ina. _930081
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w17331.
856	4	0	_uhttps://www.nber.org/papers/w17331
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w17331
942			_2ddc _cW-PAPER
999			_c330792 _d289354