| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14230 |
| DP14230 Global Risk Sharing through Trade in Goods and Assets: Theory and Evidence | |
| Inga Heiland | |
| 发表日期 | 2019-12-21 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Exporting not only provides firms with profit opportunities, but can also provide for risk diversification if is demand is stochastic and shocks are imperfectly correlated across countries. I develop a general equilibrium trade model, with risk-averse investors and complete asset markets, to show that the correlation pattern of demand shocks across countries constitutes a hitherto unexplored source of comparative advantage that shapes trade flows and persists even if financial markets are complete. The model yields a risk-augmented gravity equation, predicting that, conditional on trade costs and market size, exporters sell smaller quantities to countries whose shocks contribute more to aggregate volatility. I estimate the risk-augmented gravity equation using thirty years of data on trade flows and find support for the model’s prediction. A counterfactual experiment shows that demand-risk-based comparative advantage accounts for 4.6% of global trade. |
| 主题 | International Trade and Regional Economics |
| 关键词 | International trade Structural gravity Global risk sharing |
| URL | https://cepr.org/publications/dp14230-0 |
| 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/543116 |
| 推荐引用方式 GB/T 7714 | Inga Heiland. DP14230 Global Risk Sharing through Trade in Goods and Assets: Theory and Evidence. 2019. |
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