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A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions …, employing a newly constructed multi-country and multi-regional data set. Within countries, we find signifcant evidence for risk …. We identify this failure of risk sharing as a border effect. We find that the border effect is substantially (but not …
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emerging market economies, based on Mundell's hypothesis. An important pre-requisite for the risk-sharing benefits of a single … markets supports this assumption. In this case, we show that a single currency area may support risk sharing that could not be … achieved under floating exchange rates. Based on a simple quantitative evaluation of our model, we show that the implied risk …
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A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions …, employing a newly constructed multi-country and multi-regional data set. Within countries, we find signifcant evidence for risk …. We identify this failure of risk sharing as a border effect. We find that the border effect is substantially (but not …
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Models of risk-sharing predict that relative consumption growth rates across locations should be positively related to …-regional data set. Within countries, we find evidence for risk-sharing: episodes of high relative regional consumption growth are … accounts for 53 percent of the deviations from full risk-sharing. Since cross-border real exchange rates involve different …
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