impact upon international risk sharing. The empirical literature so far has only investigated on one aspect of globalization … standard framework of consumption insurance tests to gauge the extent of risk sharing among countries, we obtain some … interesting results. One of the main findings is that economic and social integration help better cope with idiosyncratic risk …

heightened risk aversion, leading to shifts in investment portfolio allocations and cross-border capital flows; a nd t he r eal e …

-specific distortions. The actual policy worsens allocative efficiency, decreasing aggregate total factor productivity (TFP) by 0.15%, but …