This paper surveys the literatures on two questions that are essential to the discussion of
mobility and taxation that is the focus of this special issue of the National Tax Journal. First, it …

This paper reviews the relatively more recent literature on equity home bias–the empirical
finding that people overinvest in domestic stocks relative to the optimal investment portfolio …

We establish currency as an important factor shaping global portfolios. Using a new security-
level data set, we demonstrate that investor holdings are biased toward their own currencies …

Home bias is a perennial feature of international capital markets. We review various
explanations of this puzzling phenomenon highlighting recent developments in …

NBER WORKING PAPER SERIES FINANCIAL CRASH, COMMODITY PRICES AND GLOBAL
IMBALANCES Ricardo J. Caballero Emmanuel Farhi Pierre-Oli Page 1 NBER WORKING PAPER …

Abstract The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing
our understanding of macrofinancial linkages, the two-way interactions between the real …

During the past three decades, many countries have lifted restrictions on cross-border
financial transactions. We present a simple model that can account for the observed effects …

Two of the main puzzles in international economics are the consumption and the portfolio
home biases. We solve for international equity portfolios in a two-country/two-good …

This paper presents a model of international portfolios with real exchange rate and non-
financial risks that account for observed levels of equity home bias. Bonds matter: in …

In contrast to studies that focus on investment accounts, this study examines local bias in
investor attention by analyzing messages posted by investors on China's Internet stock …