| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4092 |
| DP4092 Late Informed Betting and the Favourite-Longshot Bias | |
| Marco Ottaviani; Peter Norman Sørensen | |
| 发表日期 | 2003-10-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | While financial markets have recently become more complete and international capital flows well liberalized, markets for goods remain segmented. To investigate how more complete security markets may relieve the effects of this segmentation, we examine a series of two-country economies with internationally segmented good markets, distinguished by the available financial securities. We show that, under heterogeneity within countries, the financial structure matters: even with internationally complete financial markets, risk sharing is limited and the equilibrium allocation may be inefficient, depending on the location of the securities. Sufficient conditions for efficiency include complete international financial markets together with liberalized international financial flows. Under these conditions, heterogeneous agents from the same country engage in ?financial shipping?, using securities as a substitute for the international shipment of goods. This allows them to partially circumvent the segmentation, allowing for efficient risk sharing. |
| 主题 | Financial Economics |
| 关键词 | Market segmentation Financial innovation Risk sharing International capital flows |
| URL | https://cepr.org/publications/dp4092 |
| 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/533068 |
| 推荐引用方式 GB/T 7714 | Marco Ottaviani,Peter Norman Sørensen. DP4092 Late Informed Betting and the Favourite-Longshot Bias. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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