Our aim is to explore how globalisation has affected consumption risk-sharing in emerging market economies. To that end …, we implement a consumption risk-sharing test, using the Barro-Ursua Macroeconomic data set. Its span lets us explore … historic episodes in which globalisation has markedly changed. We account for risk aversion heterogeneity by using the …

This study investigates the apparent lack of insurance against country-specific risk observed internationally. Using a …-movements of prices and quantities suggesting that risk sharing is worse in emerging economies than in advanced economies. I then … international risk sharing. I show that shocks to trend productivity growth provide a compelling explanation for the distinct risk …