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Record Nr. |
UNINA9910788226503321 |
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Autore |
Matsumoto Akito |
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Titolo |
International Risk Sharing During the Globalization Era / / Akito Matsumoto, Robert Flood, Nancy Marion |
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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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1-4623-7190-6 |
1-282-84415-6 |
9786612844157 |
1-4527-7125-1 |
1-4518-7356-5 |
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Descrizione fisica |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Globalization |
Financial risk |
Finance: General |
Macroeconomics |
Macroeconomics: Consumption |
Saving |
Wealth |
Aggregate Factor Income Distribution |
Macroeconomics: Production |
General Financial Markets: General (includes Measurement and Data) |
Finance |
Consumption |
Income |
Production growth |
Private consumption |
Emerging and frontier financial markets |
Economics |
Production |
Economic theory |
Financial services industry |
Japan |
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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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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk sharing comes mostly from the convergence in rates of consumption growth among countries rather than from synchronization of consumption at the business cycle frequency. Our finding explains why many existing measures fail to detect improved risk sharing-they focus only on risk sharing at the business cycle frequency. |
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