International Risk Sharing During The Globalization Era
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International Risk Sharing During The Globalization Era
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Author : Mr.Akito Matsumoto
language : en
Publisher: International Monetary Fund
Release Date : 2009-09-01
International Risk Sharing During The Globalization Era written by Mr.Akito Matsumoto and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-01 with Business & Economics categories.
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.
How Does Financial Globalization Affect Risk Sharing Patterns And Channels
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Author : M. Ayhan Kose
language : en
Publisher: International Monetary Fund
Release Date : 2007-10
How Does Financial Globalization Affect Risk Sharing Patterns And Channels written by M. Ayhan Kose and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-10 with Business & Economics categories.
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 sharing among different groups of countries and examines how international financial integration has affected the evolution of these patterns. Using a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The most interesting result is that even emerging market economies, which have experienced large increases in cross-border capital flows, have seen little change in their ability to share risk. We find that the composition of flows may help explain why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our results suggest that portfolio debt, which has dominated the external liability stocks of most emerging markets until recently, is not conducive to risk sharing.
International Risk Sharing And Gains From Financial Globalization
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Author : Julian Fischer
language : en
Publisher: GRIN Verlag
Release Date : 2017-09-04
International Risk Sharing And Gains From Financial Globalization written by Julian Fischer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-04 with Business & Economics categories.
Seminar paper from the year 2017 in the subject Economics - International Economic Relations, grade: 2,0, University of Göttingen (Professur für Empirische Außenwirtschaft), course: International Financial Markets, language: English, abstract: In this paper, potential of international risk sharing for emerging markets will be investigated, particularly in terms of financial integration and liberalization. The incentives of financial integration will be surveyed in terms of international risk sharing, indicate benefits for emerging market economies. In addition, it will be investigated if huge foreign capital inflows show positive effects of risk sharing for them. Several government leaders all over the world recognize the potential of financial globalization for their country. A strong incentive for deeper financial linking can be observed. Three of the development countries in Africa already grew up to the so called emerging markets: Egypt, Morocco and South Africa. To keep up with the fast growing population and facilitating the economic growth, they want to stimulate employments for agriculture and infrastructure by investment partnerships with the G20, whereas Donald Trump, the President of the USA, would like to cut funding World Bank programs like credit guarantees or small business access to finance for these countries. Indeed, these development countries, also including emerging markets, need to implement more structural changes like liberalizing financial markets and financial transparency for these intentions. Is international risk sharing able to smooth uncertainties in the emerging markets? Will they catch up the distance to industrial countries? In light of ongoing financial integration and economic development, the influence of international risk sharing in terms of financial globalization for emerging markets will be investigated. Just little evidence of risk sharing can be seen throughout the last decades, but still some persuasive inquiries are to be considered. Improvements in international risk sharing potentially lead to stabilizing effects, scarcer sudden stops and smaller risk premiums. Structural policy changes and better financial integration could surmount the threshold effect.
How Does Financial Globalization Affect Risk Sharing Patterns And Channels
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Author : M. Ayhan Kose
language : en
Publisher:
Release Date : 2009
How Does Financial Globalization Affect Risk Sharing Patterns And Channels written by M. Ayhan Kose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
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 sharing among different groups of countries and examines how international financial integration has affected the evolution of these patterns. Using a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The most interesting result is that even emerging market economies, which have experienced large increases in cross-border capital flows, have seen little change in their ability to share risk. We find that the composition of flows may help explain why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our results suggest that portfolio debt, which has dominated the external liability stocks of most emerging markets until recently, is not conducive to risk sharing.
Financial Globalization International Business Cycles And Consumption Risk Sharing
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Author : Michael J. Artis
language : en
Publisher:
Release Date : 2004
Financial Globalization International Business Cycles And Consumption Risk Sharing written by Michael J. Artis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business cycles categories.
International Trade Policies In The Era Of Globalization
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Author : Co?kun zer, Ahu
language : en
Publisher: IGI Global
Release Date : 2019-07-05
International Trade Policies In The Era Of Globalization written by Co?kun zer, Ahu and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-05 with Business & Economics categories.
Though globalization has removed commercial walls between countries and implemented new international trade policies, trade barriers still exist. Due to the various political barriers surrounding other countries, the future of world trade has become uncertain. Understanding these barriers and their implications is imperative to implementing successful foreign trade policies. International Trade Policies in the Era of Globalization provides relevant theoretical frameworks and the latest empirical research findings on international trade and improves the understanding of the strategic role of trade policies and their importance in the global economy. The content within this publication contains reports on global trade, trade wars, and foreign policy. This research is designed for policymakers, government officials, economists, business professionals, researchers, and international business students.
Pooling Risk Among Countries
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Author : Jean Imbs
language : en
Publisher: International Monetary Fund
Release Date : 2007-06
Pooling Risk Among Countries written by Jean Imbs and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06 with Business & Economics categories.
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 seven members, and that further marginal benefits quickly become negligible. For many such small groups, the welfare gains associated with risk sharing can amount to one order of magnitude larger than Lucas's classic calibration suggested for the United States, under similar assumptions on utility. Why do we not observe more arrangements of this type? Large welfare gains can only be achieved within groups where contracts are probably seen as relatively difficult to enforce. International diversification can thus yield substantial gains, but these may remain untapped owing to potential partners' weak institutional quality and a history of default on international obligations. Noting that existing risk sharing arrangements often have a regional dimension, we speculate that shared economic interests such as common trade may help sustain such arrangements, though risk-sharing gains are smaller when membership is constrained on a regional basis.
International Business In Korea
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Author : O. Yul Kwon
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008
International Business In Korea written by O. Yul Kwon and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Globalization categories.
The study assesses that the South Korean market and business practices will maintain some sui generis characteristics because of the country's idiosyncratic culture and singular form of institutional development in the recent past. The book contains comprehensive analysis of macro-level topics (such as business opportunities, cultural influence, country risk and market configuration) and micro-level topics (including business negotiation, business ethics, management of international joint ventures and the management system).
Applying Risk Sharing Finance For Economic Development
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Author : Putri Swastika
language : en
Publisher: Palgrave Macmillan
Release Date : 2021-10-15
Applying Risk Sharing Finance For Economic Development written by Putri Swastika and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-15 with Social Science categories.
This book examines the application of risk-sharing finance as a national economic policy in history and how it stimulated economic recovery during a short period in Germany between 1933 and 1935. Economic history indicates that risk-sharing instruments have promoted socio-economic development in many parts of the world while risk-shifting methods have imposed huge socio-economic costs on many nations, leading to debt slavery on individual members. This book highlights lessons to be learned from history and argues that risk-sharing is a powerful tool for generating rapid economic recovery and resumption of growth.
Risk Sharing And Financial Contagion In Asia
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Author : Mr.Phurichai Rungcharoenkitkul
language : en
Publisher: International Monetary Fund
Release Date : 2011-10-01
Risk Sharing And Financial Contagion In Asia written by Mr.Phurichai Rungcharoenkitkul and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-01 with Business & Economics categories.
This paper assesses financial integration in Asia in terms of risk-sharing benefit versus financial-contagion cost. We construct a new measure of risk sharing based on a term structure model, which allows identification of realized stochastic discount factors. Risk sharing is low in Asia, and varies across time and countries, whereas contagion risks are more significant intra-regionally, and relatively stable over the past decade. An overall tradeoff exists between risk sharing and contagion, but the terms of tradeoffs vary across countries, depending on relative economic fluctuations and inflation differentials. Asia, therefore, can potentially enhance risk sharing without raising contagion risk.