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010   $a9786612844157
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035   $a(IMF)WPIEE2009209
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100   $a20020129d2009      uf             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aInternational Risk Sharing During the Globalization Era /$fAkito Matsumoto, Robert Flood, Nancy Marion
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2009.
215   $a38 p. $cill
225 1 $aIMF Working Papers
300   $aBibliographic Level Mode of Issuance: Monograph
311   $a1-4519-1778-3 
320   $aIncludes bibliographical references.
330 3 $aThough theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk sharing comes mostly from the convergence in rates of consumption growth among countries rather than from synchronization of consumption at the business cycle frequency. Our finding explains why many existing measures fail to detect improved risk sharing-they focus only on risk sharing at the business cycle frequency.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2009/209
606   $aGlobalization
606   $aFinancial risk
606   $aFinance: General$2imf
606   $aMacroeconomics$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aSaving$2imf
606   $aWealth$2imf
606   $aAggregate Factor Income Distribution$2imf
606   $aMacroeconomics: Production$2imf
606   $aGeneral Financial Markets: General (includes Measurement and Data)$2imf
606   $aFinance$2imf
606   $aConsumption$2imf
606   $aIncome$2imf
606   $aProduction growth$2imf
606   $aPrivate consumption$2imf
606   $aEmerging and frontier financial markets$2imf
606   $aEconomics$2imf
606   $aProduction$2imf
606   $aEconomic theory$2imf
606   $aFinancial services industry$2imf
607   $aJapan$2imf
615  0$aGlobalization.
615  0$aFinancial risk.
615  7$aFinance: General
615  7$aMacroeconomics
615  7$aMacroeconomics: Consumption
615  7$aSaving
615  7$aWealth
615  7$aAggregate Factor Income Distribution
615  7$aMacroeconomics: Production
615  7$aGeneral Financial Markets: General (includes Measurement and Data)
615  7$aFinance
615  7$aConsumption
615  7$aIncome
615  7$aProduction growth
615  7$aPrivate consumption
615  7$aEmerging and frontier financial markets
615  7$aEconomics
615  7$aProduction
615  7$aEconomic theory
615  7$aFinancial services industry
700   $aMatsumoto$b Akito$01472697
701   $aFlood$b Robert$0127224
701   $aMarion$b Nancy$0617061
712 02$aInternational Monetary Fund.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788226503321
996   $aInternational Risk Sharing During the Globalization Era$93741569
997   $aUNINA