decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions … prevent first-best risk sharing, but never optimal to provide incentives exclusively via this technology. Commitment problems …

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 …

When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are … an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved … allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries …

This report examines shifts in the pattern of production and employment between different countries and regions of … it comes to location decisions. This has inevitable consequences for employment, as companies expand production in some … locations and seek to rationalise production and employment in others. This study aims to summarise and illustrate these …