G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w3027
来源IDWorking 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
URLhttps://www.nber.org/papers/w3027
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/560302
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Harold L. Cole,Maurice Obstfeld. Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter?. 1989.
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