concerns about a global risk-off event. Risk-off episodes—periods of increased global risk aversion—are characterized by sharp …

We develop a structural model of the global banking network and analyze its role in facilitating risk sharing and … explains variation in risk sharing and amplification across countries. Moreover, we show that cross‐border loan supply has … become less elastic over time, resulting in a decline in risk sharing. While shock amplification has also declined on average …

World of Risk -- 7 Derivatives and the Stability of the State -- Glossary -- Notes -- Bibliography -- Index …Frontmatter -- Contents -- Preface -- 1 Global Flows and the Politics of Circulation -- 2 Derivatives, Risk, and …The market for financial derivatives is far and away the largest and most powerful market in the world, and it is …

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

Front Cover -- Globalization at Risk: Challenges to Finance and Trade -- Copyright Page -- CONTENTS -- Preface …

consumption across countries from the predictions of models with full risk sharing. It is commonly believed that these risk … that the full risk sharing equilibrium may not require much diversification of equity portfolios when there is price …