Capital mobility and international sharing of cyclical risk
成果类型：
Article
署名作者：
Bengui, Julien; Mendoza, Enrique G.; Quadrini, Vincenzo
署名单位：
Universite de Montreal; University of Pennsylvania; National Bureau of Economic Research; University of Southern California
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.001
发表日期：
2013
页码：
42-62
关键词：
摘要：
This paper investigates whether the international globalization of financial markets allows for significant cross-country risk-sharing at the business cycle frequency. We find that cross-country risk-sharing is still limited and this is unlikely to be the result of financial frictions that limit state-contingent contracts. Part of the limited international risk sharing could be the consequence of frictions that de-facto reduce the short-term mobility of financial capital. But even with these frictions we find significant divergence between model predictions and the data. (c) 2012 Elsevier B.V. All rights reserved.
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