| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3027 |
| 来源ID | Working Paper 3027 |
| Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter? | |
| Harold L. Cole; Maurice Obstfeld | |
| 发表日期 | 1989-07-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | This paper evaluates the gains from international risk sharing in some simple general-equilibrium models with output uncertainty. Under empirically plausible calibration, the Incremental loss from a ban on international portfolio diversification is estimated to be quite small--0.15 percent of output per year is a representative figure. Even the theoretical gains from asset trade may disappear under alternative sets of assumptions on preferences and technology. The paper argues that the small magnitude of potential trade gains, when coupled with small costs of cross-border financial transactions, may explain the apparently inconsistent findings of empirical studies on the degree of international capital mobility. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w3027 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560302 |
| 推荐引用方式 GB/T 7714 | Harold L. Cole,Maurice Obstfeld. Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter?. 1989. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3027.pdf（327KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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