G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5825
DP5825 Bigger is Better: Market Size, Demand Elasticity and Resistance to Technology Adoption
Stephen Parente; Klaus Desmet
发表日期2006-09-08
出版年2006
语种英语
摘要This paper presents a theoretical study of the effects of globalization on risk sharing and welfare. We model globalization as a gradual and exogenous increase in the fraction of goods that are tradable. In the absence of frictions, globalization opens new goods markets and raises welfare. We assume, however, that countries cannot commit to pay their debts. Unlike the previous literature, and motivated by changes in the institutional setup of emerging-market borrowing, we also assume that countries cannot discriminate between domestic and foreign creditors when paying their debts. Although globalization still opens new goods markets, we find that it can also open or close some asset markets. The net effect on risk sharing and welfare of this process of creation and destruction of markets might be either positive or negative depending on a variety of factors that the theory highlights.
主题International Macroeconomics
关键词Globalization Risk sharing Sovereign risk Domestic markets International markets
URLhttps://cepr.org/publications/dp5825
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/534662
推荐引用方式
GB/T 7714
Stephen Parente,Klaus Desmet. DP5825 Bigger is Better: Market Size, Demand Elasticity and Resistance to Technology Adoption. 2006.
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