| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12482 |
| 来源ID | Working Paper 12482 |
| Globalization and Risk Sharing | |
| Jaume Ventura; Fernando A. Broner | |
| 发表日期 | 2006-08-24 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper presents a theoretical study of the e¤ects 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 e¤ect 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 | Macroeconomics ; Consumption and Investment ; International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w12482 |
| 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/570139 |
| 推荐引用方式 GB/T 7714 | Jaume Ventura,Fernando A. Broner. Globalization and Risk Sharing. 2006. |
| 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 | ||
| w12482.pdf（501KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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