On the Gains to International Trade in Risky Financial Assets PDF Download
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Languages : en
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Book Description
The U.S. National Bureau of Economic Research (NBER) presents an abstract of "On the Gains to International Trade in Risky Financial Assets," one of the papers in the NBER Working Paper Series by Steven J. Davis, Jeremy Nalewaik, and Paul Willen. The paper develops a method for quantifying the gains to international trade in risky financial assets. The full text of the paper is available for purchase.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The U.S. National Bureau of Economic Research (NBER) presents an abstract of "On the Gains to International Trade in Risky Financial Assets," one of the papers in the NBER Working Paper Series by Steven J. Davis, Jeremy Nalewaik, and Paul Willen. The paper develops a method for quantifying the gains to international trade in risky financial assets. The full text of the paper is available for purchase.
Author: Steven J. Davis
Publisher:
ISBN:
Category : International trade
Languages : en
Pages : 76
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Book Description
This paper develops and implements a framework for quantifying the gains to international trade in risky financial assets. The framework can handle may agents, many assets, incomplete markets and limited participation in asset markets. It delivers closed-form analytic solutions for consumption, portfolio allocations, asset prices and the gains to trade. We find enormous gains to trade when asset returns are calibrated to observed risk premia and all agents participate in asset markets. The gains-to-trade puzzle is closely related to, but distinct from, the equity premium puzzle. High risk aversion merely alters the form of the gains-to-trade puzzle, but limited participation in asset markets goes a long way towards addressing both puzzles. We also identify three reasons for limited international risk sharing. First, the requirement that asset markets span the space of national output shocks fails in a serious way. Second, for many countries the cost of using financial assets to hedge national output shocks greatly exceeds the benefits. Third, limited asset market participation reduces the feasible gains from international risk sharing.
Author: Jean Benielli
Publisher:
ISBN:
Category :
Languages : es
Pages : 61
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Author: S. J. Davis
Publisher:
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Category :
Languages : en
Pages :
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Author: Miklós Koren
Publisher: International Monetary Fund
ISBN: 1451875614
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
The paper provides a general-equilibrium model where incomplete international financial markets lead to insufficient industrial specialization and low international trade. As international portfolio diversification is limited and productivity is uncertain, investors wish to maintain a diversified industrial structure rather than specializing according to their comparative advantage. Financial globalization then induces more specialization and more trade. The present framework yields explicit closed-form solutions for the volume and the structure of trade. Empirical results support the implications of the theory. Trade in financially open countries is (i) higher, (ii) more dependent on productivity differences, and (iii) less sensitive to industry risks.
Author: Lars E. O. Svensson
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 42
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Author: Aaditya Mattoo
Publisher: Oxford University Press
ISBN: 019923521X
Category : Business & Economics
Languages : en
Pages : 675
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Book Description
This title provides a comprehensive introduction to the key issues in trade and liberalization of services. Providing a useful overview of the players involved, the barriers to trade, and case studies in a number of service industries, this is ideal for policymakers and students interested in trade.
Author: Ben S. Bernanke
Publisher: MIT Press
ISBN: 9780262571739
Category : Business & Economics
Languages : en
Pages : 370
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Book Description
Current issues in macroeconomics.
Author: Mr.Enrique G. Mendoza
Publisher: International Monetary Fund
ISBN: 1451946058
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
A dynamic stochastic equilibrium model of a small open economy is used to quantify the macroeconomic effects of introducing capital controls to stabilize the balance of trade. This model focuses on the role of international trade and foreign debt as instruments that help smooth consumption in response to productivity or terms-of-trade disturbances. The model rationalizes some key empirical regularities that characterize business fluctuations and the dynamics of savings and investment in post-war Canada. The results show that capital controls have small effects on both the basic characteristics of macroeconomic fluctuations and the level of welfare. A fiscal strategy that successfully enforces capital controls by introducing taxes on foreign interest income is also studied in some detail.
Author: Matthew Bishop
Publisher: Bloomberg Press
ISBN: 9781861975805
Category : Business & Economics
Languages : en
Pages : 282
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