I present a model to study the linkages between the market for liquidity and the international allocation of economic activity. Private assets' liquidity properties affect interest rates, with consequences on entry, production, and market capitalization. In a closed economy, the liquidity market increases the size and productivity of the sector that generates liquid assets. In an open economy, cross-country differences in financial development generate an allocation of economic activity favoring the country supplying the most liquid assets. Supporting the theory, I show that asset acceptability as collateral is negatively correlated with yields, and positively correlated with measures of economic activity.

中文翻译：

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流动性与经济活动的国际分配

我提出了一个模型来研究流动性市场与经济活动的国际分配之间的联系。私人资产的流动性会影响利率，并影响进入，生产和市值。在封闭的经济中，流动性市场增加了产生流动资产的部门的规模和生产率。在开放的经济中，跨国金融发展的差异产生了经济活动的分配，这有利于提供流动性最高的国家。支持该理论，我证明资产可接受的抵押品与收益率呈负相关，与经济活动的度量值呈正相关。