Financial Globalization, International Business Cycles and Consumption Risk Sharing*
نویسندگان
چکیده
منابع مشابه
International Business Cycles and Financial Frictions
Bank of Canada working papers are theoretical or empirical works-in-progress on subjects in economics and finance. The views expressed in this paper are those of the author. No responsibility for them should be attributed to the Bank of Canada. Abstract This paper builds a two-country DSGE model to study the quantitative impact of financial frictions on business cycle co-movements when investor...
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Information frictions are often invoked to explain low levels of international trade beyond those that measured trade frictions (tariffs, transportation costs, etc.) can explain. But to explain why international trade is lower then domestic trade, home firms have to know something that foreigners do not. Without information asymmetry, domestic trade and foreign trade would be inhibited equally....
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I consider a real business cycle model in which agents have private information about an idiosyncratic shock to their value of leisure. I consider the mechanism design problem for this economy and describe a computational method to solve it. This is an important contribution of the paper since the method could be used to solve a wide class of models with heterogeneous agents and aggregate uncer...
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Panel analysis of 20 industrial countries shows evidence for pro-cyclicality of capital gains on domestic stock markets in particular over a medium term horizon. Thus, with cross-border ownership of portfolio equity investments, potential for international smoothing of domestic output fluctuations by means of the capital gains channel is found. Individual country analysis reveals substantial he...
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Conventional wisdom suggests that countries that are more financially integrated can better insure against risk. Despite widespread deregulation and financial integration in recent history, there is little evidence that countries have increased risk sharing. This work shows financial integration does not necessarily lead to significant improvement in risk sharing if financial contracts are inco...
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ژورنال
عنوان ژورنال: Scandinavian Journal of Economics
سال: 2008
ISSN: 0347-0520
DOI: 10.1111/j.1467-9442.2008.00546.x