国际金融一体化在货币政策传递中的作用

TheRoleofInternationalFinancialIntegrationinMonetaryPolicyTransmissionaJingCynthiaWu1YinxiXie2JiZhang31NotreDameandNBER2BankofCanada3TsinghuaPBCSFaTheviewsareourownanddonotnecessarilyrepresentthoseoftheGoverningCounciloftheBankofCanada.VariationsinCross-CountryBondHoldingsJapanUnited StatesSlovakiaPortugalDenmarkBelgiumSloveniaAustraliaSpainItalyFranceMaltaCanadaGermanyUnited KingdomNorwayAustriaSwedenFinlandGreeceLithuaniaEstoniaIrelandNetherlandsLuxembourgLatviaCyprus 00.20.40.60.81Int. Debt / Total DebtChinaThailandCzechiaMalaysiaPolandIsraelHungaryPhilippinesArgentinaCroatiaChileBulgariaTurkeyPeruSaudi Arabia 00.20.40.60.81Int. Debt / Total DebtInternationally-IssuedDebtin2022Q1•Somecountriesengageininternationalmarket,whilesomenot1/19MaturityBreakdownforG7JapanUnited StatesItalyFranceCanadaGermanyUnited Kingdom00.020.040.060.080.1Short term / Long termPrivate DebtGovernment DebtInternationally-IssuedDebtin2022Q1•Cross-countrydebtholdingsarepredominantlylong-term2/19MaturityBreakdo