LEADER 05165oam 22010574 450 001 9910812314803321 005 20200520144314.0 010 $a1-4623-7190-6 010 $a1-282-84415-6 010 $a9786612844157 010 $a1-4527-7125-1 010 $a1-4518-7356-5 035 $a(CKB)3170000000055353 035 $a(SSID)ssj0000941833 035 $a(PQKBManifestationID)11514420 035 $a(PQKBTitleCode)TC0000941833 035 $a(PQKBWorkID)10971666 035 $a(PQKB)10106958 035 $a(OCoLC)649706805 035 $a(IMF)WPIEE2009209 035 $a(MiAaPQ)EBC1608835 035 $a(IMF)WPIEA2009209 035 $a(EXLCZ)993170000000055353 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 205 $a1st ed. 210 1$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. 327 $aIntro -- Contents -- I. Introduction -- II. Theory -- III. Existing Measures of International Risk Sharing -- A. ? Measures -- B. ? Measures -- C. Growth Rate Volatility -- IV. A New Measure of Risk Sharing (?) -- A. ? Measure -- B. Social Welfare and Ours ?2 Measure -- C. Frequency Decomposition -- V. Taking the New Measure to Data -- A. Results and Comparison with Existing Measures -- B. Results of High-Low Frequency Decomposition -- VI. Conclusion -- References -- Appendix -- Data Source and Definitions -- Figures -- 1. Lack of Perfect Risk Sharing Due to Difference in Trend Growth and Deviation from Trend -- 2. Rolling Volatility (mean) rw=15 -- 3. Rolling Volatility (mean) rw=20 -- 4. Rolling Volatility (mean) rw=15 -- 5. Rolling Volatility (mean) rw=15 -- 6. Rolling Volatility (mean) rw=15 -- 7. Relation Between the Degree of Risk Sharing and National Income in 2003 -- 8. Relation Between the Degree of Risk Sharing and National Income in 1964 -- 9. ?15 Measure Over Time -- 10. Correlation (mean) rw=15 -- 11. Correlation Measure Over Time 15-year rolling -- 12. Rolling ? (median) rw=15 -- 13. ? Measure Over Time 15-year Rolling -- 14. Rolling RVCh (mean) rw=15 -- 15. Rolling RVCG (mean) rw=15. 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 $aAggregate Factor Income Distribution$2imf 606 $aConsumption$2imf 606 $aEconomic theory$2imf 606 $aEconomics$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial services industry$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aIncome$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aMacroeconomics: Production$2imf 606 $aPrivate consumption$2imf 606 $aProduction growth$2imf 606 $aProduction$2imf 606 $aSaving$2imf 606 $aWealth$2imf 607 $aJapan$2imf 615 0$aGlobalization. 615 0$aFinancial risk. 615 7$aAggregate Factor Income Distribution 615 7$aConsumption 615 7$aEconomic theory 615 7$aEconomics 615 7$aEmerging and frontier financial markets 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial services industry 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aIncome 615 7$aMacroeconomics 615 7$aMacroeconomics: Consumption 615 7$aMacroeconomics: Production 615 7$aPrivate consumption 615 7$aProduction growth 615 7$aProduction 615 7$aSaving 615 7$aWealth 676 $a174 700 $aMatsumoto$b Akito$01614873 701 $aFlood$b Robert$0127224 701 $aMarion$b Nancy$0617061 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812314803321 996 $aInternational Risk Sharing During the Globalization Era$94254002 997 $aUNINA