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Record Nr. |
UNINA9910464011703321 |
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Autore |
Engel Charles |
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Titolo |
International risk sharing [[electronic resource] ] : through equity diversification or exchange rate hedging? / / prepared by Charles Engel and Akito Matsumoto |
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Pubbl/distr/stampa |
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[Washington D.C.], : International Monetary Fund, 2009 |
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ISBN |
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1-4623-3256-0 |
1-4527-5511-6 |
9786612843525 |
1-282-84352-4 |
1-4518-7285-2 |
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Descrizione fisica |
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1 online resource (47 p.) |
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Collana |
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IMF working paper ; ; WP/09/138 |
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Altri autori (Persone) |
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Soggetti |
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Risk |
Hedging (Finance) |
Electronic books. |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. A General Result in a Static Framework; III. A Dynamic Sticky-Price Model with Local-Currency Pricing; A. Household Problem; B. Firms; C. Equilibrium Portfolios under LCP and Flexible Wages; D. Equilibrium Portfolios under LCP and Sticky Wages; E. A Dynamic Sticky-Price Model with Producer-Currency Pricing; IV. Conclusion; Tables; 1. Optimal Portfolios under LCP, Flexible Wages; 2. Optimal Portfolios under LCP, Sticky Wages; 3. Optimal Portfolios under PCP, Flexible Wages; 4. Optimal Portfolios under PCP, Sticky Wages; References |
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Sommario/riassunto |
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Well-known empirical puzzles in international macroeconomics concern the large divergence of equilibrium outcomes for consumption across countries from the predictions of models with full risk sharing. It is commonly believed that these risk-sharing puzzles are related to another empirical puzzle-the home-bias in equity puzzle. However, we show in a series of dynamic models that the full risk sharing equilibrium may not require much diversification of equity portfolios |
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