Eijffinger, Sylvester C. W.; Wagner, Wolf - 2001
We argue that since there are several impediments to international risk sharing, the welfare gains from full … international risk sharing, which have been the object of analysis in the previous literature, are not suggestive. Instead, we study … the gains from feasible risk sharing and find that they are considerable (0:5% increase inpermanent consumption). Marginal …
