, culture, craft industry, health, education and training, macroeconomic support), taking into account cross-cutting issues …

to shocks. We use a stylised two-bloc, two-period model of the global economy, with a simple stochastic productivity … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … distributed and how they affect global consumption and current account positions. The results suggest that international spillover …