Capital mobility and international sharing of cyclical risk

被引：10

作者：

Bengui, Julien ^{[1
]}

Mendoza, Enrique G. ^{[2
,3
]}

Quadrini, Vincenzo ^{[4
]}

机构：

[1] Univ Montreal, Montreal, PQ H3C 3J7, Canada

[2] Univ Penn, Philadelphia, PA 19104 USA

[3] NBER, Cambridge, MA 02138 USA

[4] Univ So Calif, Los Angeles, CA 90089 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2013年 / 60卷 / 01期

基金：

美国国家科学基金会;

关键词：

BUSINESS CYCLES; FINANCIAL INTEGRATION; TRADE; MODEL; CONSUMPTION; TERMS;

D O I：

10.1016/j.jmoneco.2012.10.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：42 / 62

页数：21

共 33 条

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