international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …

The U.S. could be the source of the global financial risk because it longs risky assets and shorts safe assets in the … international capital market. This paper builds a stylized two-country model to highlight that when the developed country's risk …-bearing capacity improves, it holds more foreign risky assets and issue more risk-free debt. The foreign country's risk …

gains through lower volatility of aggregate consumption. This paper empirically looks at international consumption risk … financial liberalization and financial integration has a significantly positive impact on international consumption risk sharing … can thus partly explain why the degree of risk sharing is lower in developing countries than in advanced economies. …

condition of international risk sharing, namely for systematic patterns between idiosyncratic output fluctuations and financial …

Perfect consumption risk sharing requires both, frictionless goods as well as frictionless financial market integration …. This project aims at analyzing the consequences of both type of frictions for the allocation of risk across countries in a … consumption risk sharing depending on the nature of the underlying shock. …

is negative in all countries except Canada (where it is positive) in the case of bond flows. Under the assumption of risk …