globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies …

wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and … integration would have been expected to result in better risk-sharing opportunities, especially for developing countries …

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different … a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and …

Though theory suggests financial globalization should improve international risk sharing, empirical support has been …. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk … limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing …

We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has … risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK … index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the …

This paper estimates an empirical nonstationary panel regression model that tests long-run consumption risk sharing … risk sharing, which is mainly about risks at business cycle frequency. Since our methodology focuses on identifying … cointegrating relationships while allowing for arbitrary short-run dynamics, we can obtain a consistent estimate of long-run risk …

declined over the same period. In short, the recent era of globalization has witnessed the emergence of regional business …

We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives … and covering a large set of advanced and emerging economies since 1950. World cycles, both real and financial, exist and … time. Although this is true for prices (goods and assets), this not true for quantities (output and credit). The world …