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Financial Integration and International Risk Sharing
Bai, Yan - 2009
Conventional wisdom suggests that financial liberalization can help countries insure against idiosyncratic risk. There … is little evidence, however, that countries have increased risk sharing despite recent widespread financial …, financial contracts are incomplete and enforceability of debt repayment is limited. Default risk of debt contracts constrains …
Persistent link: https://www.econbiz.de/10013153048
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Intra- and International Risk-Sharing in the Short Run and the Long Run
Becker, Sascha O.; Hoffmann, Mathias - 2021
We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one … and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross … share any of their permanent idiosyncratic risk. Our results suggest that purely transaction cost based theories cannot …
Persistent link: https://www.econbiz.de/10013319551
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International Risk Sharing in the EMU
Ferrari, Alessandro - 2017
states to smooth consumption and share risk. With the objective of evaluating the economic performance of euro area countries … the Synthetic Control Method. In order to get some preliminary measures of risk sharing, we first compute bilateral … consumption correlations and Brandt-Cochrane-Santa Clara Indexes across euro area member states. We then decompose risk sharing in …
Persistent link: https://www.econbiz.de/10012950577
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International Risk Sharing and Low Cross-Country Consumption Correlations : Are They Really Inconsistent?
Pakko, Michael R. - 1998
In dynamic equilibrium trade models, the common assumption that asset markets are complete implies that correlations of consumption across countries should be quite high. In contrast, measured consumption correlations tend to be rather low. While some suggest this implies that asset market...
Persistent link: https://www.econbiz.de/10014077155
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International Business Cycles and Exchange Rates
Zimmermann, Christian - 1999
International real business cycle models are not able to account for the high volatility of imports, exports, the trade balance and the terms of trade. By introducing exogenous exchange rate movements in addition to standard technological shocks, the model presented here comes much closer to...
Persistent link: https://www.econbiz.de/10014184124
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Trade in commodities and business cycle volatility
Kohn, David; Leibovici, Fernando; Tretvoll, Hakon - 2018
This paper studies the role of differences in the patterns of production and international trade on the business cycle volatility of emerging and developed economies. We study a multi-sector small open economy in which firms produce and trade commodities and manufactures. We estimate the model...
Persistent link: https://www.econbiz.de/10011911446
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Floating versus fixed : how exchange rate regimes affect business cycles comovement between advanced and emerging economies
Elgahry, Baher Ahmed - In: Cogent economics & finance 10 (2022) 1, pp. 1-18
This article investigates the effects of the different exchange rate regimes on business cycles comovement between advanced and emerging countries. We use the Granger Causality test (VAR model) on panel data to examine the causal relationships. Our findings show the existence of a bidirectional...
Persistent link: https://www.econbiz.de/10013373499
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The Great Recession : a self-fulfilling global panic
Bacchetta, Philippe; Van Wincoop, Eric - 2013
While the 2008-2009 fi nancial crisis originated in the United States, we witnessed steep declines in output, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong home bias in goods and fi nancial markets, what can account...
Persistent link: https://www.econbiz.de/10009751195
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Business cycle volatility and globalization : a survey
Buch, Claudia M. - 2002
The globalization of capital and product markets has many implications for economic welfare. Countries can specialize in the production of goods for which they have comparative advantages, and capital is allocated more efficiently. However, one potentially adverse effect of globalization is the...
Persistent link: https://www.econbiz.de/10011474806
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The Great Recession: a self-fulfilling global panic
Bacchetta, Philippe; Van Wincoop, Eric - 2013
While the 2008-2009 financial crisis originated in the United States, we witnessed steep declines in output, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong home bias in goods and financial markets, what can account...
Persistent link: https://www.econbiz.de/10010222107