| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1114 |
| DP1114 Trade Liberalization and the Harmonization of Social Policies: Lessons from European Integration | |
| André Sapir | |
| 发表日期 | 1995-01-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper examines whether or not consumption risk sharing occurs in a panel of industrialized countries. We derive the international consumption insurance proposition in a simple theoretical model and show how it should be modified in more complicated models. We analyse empirically the implications of the proposition for pairs of countries over cycles of different length, and find that aggregate domestic consumption is completely insured against idiosyncratic real, demographic, fiscal and monetary shocks, but that it co-varies with domestic variables over long or infinite cycles. Also, the cross equation restrictions imposed by the theory are, in general, rejected. The policy implications of the results are discussed. |
| 主题 | International Macroeconomics |
| 关键词 | Capital mobility Consumption insurance International investments Long run convergence |
| URL | https://cepr.org/publications/dp1114 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530255 |
| 推荐引用方式 GB/T 7714 | André Sapir. DP1114 Trade Liberalization and the Harmonization of Social Policies: Lessons from European Integration. 1995. |
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