Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein-Horiok...

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英文文献：Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein-Horioka Paradox Revisited-解释外国持有亚洲债券的原因:重新审视费尔德斯坦-堀冈悖论(Feldstein-Horioka Paradox)
英文文献作者：Horioka, Charles Yuji,Terada-Hagiwara, Akiko,Nomoto, Takaaki
英文文献摘要：
In this paper, we find that home bias is still present in all economies and regions, especially in the case of short-term debt securities, but that there are substantial variations among economies and regions in the strength of home bias, with the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan, showing relatively strong home bias. We then examine trends over time in foreign holdings of debt securities and find that capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia and that foreign holdings of debt securities have been increasing in advanced as well as developing Asia but for different reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher risk-adjusted returns, whereas the main reason in the case of developing Asia appears to be the growth of debt securities markets combined with relatively weak home bias and (in the case of short-term securities) lower exchange rate volatility. Finally, we find that since the Global Financial Crisis, foreign holdings of debt securities have declined (i.e., that home bias has strengthened) in all economies and regions except developing Asia, where they have increased (except for a temporary decline in 2008) but where their share is still much lower than the optimal share warranted by the capital asset pricing market model.

在这篇文章中,我们发现家里偏见仍然存在在所有国家和地区,尤其是在短期债务证券的情况下,但这有实质性的变化在经济和地区本土偏好的力量,与欧元区经济体,美国和亚洲发展中国家相对较弱的本土偏好和先进的亚洲,尤其是日本,显示相对强劲的本土偏好。然后检查趋势随着时间的推移在外国持有的债务证券,发现资本从美国和欧元区经济体流向两个先进的亚洲(尤其是日本)和亚洲发展中国家和外国持有的债务证券已经增加在发达国家以及发展中亚洲但出于不同的原因。主要原因在先进的亚洲(尤其是日本)似乎是高回报的,而在亚洲发展中国家的主要原因似乎是增长的债务证券市场结合相对薄弱的本土偏好和(在短期证券的情况下)降低汇率波动。最后,我们发现,自全球金融危机以来,外国持有的债务证券下降(即,本土偏好增强)在所有国家和地区除了亚洲发展中国家,在那里他们增加了(除了2008)暂时下降,但他们仍远低于最优资本资产定价的的市场份额模型。

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