全球智库信息集成服务系统(G2TT): Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w6994
来源ID	Working Paper 6994
	Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
	Bernard Dumas; Raman Uppal
发表日期	1999-03-01
出版年	1999
语种	英语
摘要	In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion and the aggregate volatility of output growth. Our main result is that the welfare gain from integration is not drastically reduced by the presence of goods market imperfections, modeled as a cost of transferring goods from one country to the other. Hence, financial market integration may be a worthwhile goal to pursue even at a time when full goods mobility has not been achieved.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w6994
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/564516
推荐引用方式 GB/T 7714	Bernard Dumas,Raman Uppal. Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods. 1999.