Nontraded goods, nontraded factors, and international non-diversification
نویسندگان
چکیده
منابع مشابه
Nontraded goods , nontraded factors , and international non - diversification
Can the presence of nontraded consumption goods or nontraded factors of production explain the high degree of ‘‘home bias’’ displayed by investor portfolios? We find that the answer is no, so long as individuals have access to free international trade in financial assets. In particular, it is never optimal to exhibit home bias with respect to domestic traded-good equities. By contrast, holdings...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 1998
ISSN: 0022-1996
DOI: 10.1016/s0022-1996(97)00018-4