of competitiveness on cross-border capital flows, and shows how stages of economic development and country-specific risk … of its impact varies over different stages of development and across country risk levels …

At least since the euro area sovereign debt crisis, it is evident that country risk premium shocks have adverse … model, we find that increases in the risk premium lower output under monetary union, yet not in countries with flexible … show that capital controls substantially attenuate the effects of risk premium shocks. However, the welfare gain of …

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … risk sharing. In this paper, we provide a comprehensive empirical evaluation of the patterns of risk sharing among … different groups of countries and examine how international financial integration has affected the evolution of risk sharing …

certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing …In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different …

larger when facing debt-elastic country risk premia. Also, government spending is more expansionary with more home bias in …