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How Does Financial Globalization Affect Risk Sharing? Patterns and Channels

How Does Financial Globalization Affect Risk Sharing? Patterns and Channels »

Source: How Does Financial Globalization Affect Risk Sharing? Patterns and Channels

Volume/Issue: 2007/238

Series: IMF Working Papers

Author(s): Marco Terrones , Ayhan Kose , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2007

ISBN: 9781451868029

Keywords: risk sharing, emerging markets, financial globalization,

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk...

Information Asymmetries in Developing Country Financing

Information Asymmetries in Developing Country Financing »

Source: Information Asymmetries in Developing Country Financing

Volume/Issue: 1994/79

Series: IMF Working Papers

Author(s): George Anayotos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1994

ISBN: 9781451955781

Keywords: risk sharing, moral hazard, information asymmetries, capital markets, capital market

This paper assesses the impact of information asymmetries on developing country financing and considers alternative techniques to reduce the adverse implications of such asymmetries. Following an introduction, Sect...

Pooling Risk Among Countries

Pooling Risk Among Countries »

Source: Pooling Risk Among Countries

Volume/Issue: 2007/132

Series: IMF Working Papers

Author(s): Jean Imbs , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451866964

Keywords: Risk Sharing, Diversification, Enforceability, standard deviation, emerging markets, samples,

In this paper, we identify the groups of countries where international risk-sharing opportunities are most attractive. We show that the bulk of risk-sharing gains can be achieved in groups consisting of as few as s...

U.S. Investors' Emerging Market Equity Portfolios

U.S. Investors' Emerging Market Equity Portfolios »

Source: U.S. Investors' Emerging Market Equity Portfolios : A Security-Level Analysis

Volume/Issue: 2003/238

Series: IMF Working Papers

Author(s): Francis Warnock , and Hali Edison

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2003

ISBN: 9781451875768

Keywords: portfolio choice, home bias, international risk sharing, investors, cost of capital, foreign ownership, foreign securities, institutional investors, and international risk sharing,

We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by U.S. investors. We...

International Risk Sharing During the Globalization Era

International Risk Sharing During the Globalization Era »

Source: International Risk Sharing During the Globalization Era

Volume/Issue: 2009/209

Series: IMF Working Papers

Author(s): Akito Matsumoto , Robert Flood , and Nancy Marion

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

ISBN: 9781451873566

Keywords: International risk sharing, incomplete market, risk sharing, emerging markets, private consumption, income growth, Macroeconomic Aspects Of International Trade And Finance, Saving, Production, Employment

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 i...

The International Diversification Puzzle when Goods Prices Are Sticky

The International Diversification Puzzle when Goods Prices Are Sticky »

Source: The International Diversification Puzzle when Goods Prices Are Sticky : It's Really About Exchange-Rate Hedging, not Equity Portfolios

Volume/Issue: 2009/12

Series: IMF Working Papers

Author(s): Akito Matsumoto , and Charles Engel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2009

ISBN: 9781451871593

Keywords: international risk sharing, international portfolio allocation, exchange rate hedging, equity home bias, exchange rate, hedge, home currency, nominal exchange rate, Equity Home Bias International Risk Sharing,

This paper develops a two-country monetary DSGE model in which households choose a portfolio of home and foreign equities, and a forward position in foreign exchange. Some nominal goods prices are sticky. Trade in...

Cross-country Consumption Risk Sharing, a Long-run Perspective

Cross-country Consumption Risk Sharing, a Long-run Perspective »

Source: Cross-country Consumption Risk Sharing, a Long-run Perspective

Volume/Issue: 2010/64

Series: IMF Working Papers

Author(s): Zhaogang Qiao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451982084

Keywords: Consumption risk sharing, Intertemporal smoothing, Nonstationary panel analysis, Cointegration, risk sharing, equation, time series, statistic, Macroeconomics and Monetary Economics: General, International Economics: General,

This paper estimates an empirical nonstationary panel regression model that tests long-run consumption risk sharing across a sample of OECD and emerging market (EM) countries. This is in contrast to the existing li...

Toward A Fiscal Union for the Euro Area

Toward A Fiscal Union for the Euro Area »

Source: Toward A Fiscal Union for the Euro Area

Volume/Issue: 2013/9

Series: Staff Discussion Notes

Author(s): Céline Allard , Petya Koeva Brooks , John Bluedorn , Fabian Bornhorst , Franziska Ohnsorge , and Katharine Christopherson Puh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2013

ISBN: 9781484307373

Keywords: Euro Area, Fiscal Union, Fiscal Integration, Fiscal Federalism, Fiscal Governance, Risk Sharing, fiscal risk, fiscal rules, fiscal discipline, fiscal policies,

This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged in Europe, and it wi...

The Challenge of Diversification in the Caribbean

The Challenge of Diversification in the Caribbean »

Source: The Challenge of Diversification in the Caribbean

Volume/Issue: 2002/196

Series: IMF Working Papers

Author(s): A. Salehizadeh , Peter Berezin , and Elcior Santana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

ISBN: 9781451859973

Keywords: growth, diversification, risk-sharing, export earnings, service exports, aggregate consumption, export diversification, trade liberalization, General,

It is typically assumed that countries in the Caribbean suffer from a lack of output and export diversification. Contrary to this popular perception, we find no evidence that output variability is higher in Caribbe...

International Risk Sharing

International Risk Sharing »

Source: International Risk Sharing : Through Equity Diversification or Exchange Rate Hedging?

Volume/Issue: 2009/138

Series: IMF Working Papers

Author(s): Akito Matsumoto , and Charles Engel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2009

ISBN: 9781451872859

Keywords: International portfolio choice, international risk sharing, international diversification, exchange rate, hedge, home currency,

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 common...