A survey of empirical studies on international risk sharing

Eleonora Pierucci

QA - Rivista dell'Associazione Rossi-Doria, 2014, issue 2

Abstract: A Survey of Empirical Studies on International Risk Sharing Risk sharing among countries is desirable since it enables economic agents to smooth consumption across time and states of nature, partially or completing offsetting the impact of income shocks on consumption choices. The aim of this work is systematically to survey the most relevant literature on international risk sharing mainly focusing on empirical contributions. The current lively debate on the impact of globalization in the form of financial integration over risk sharing is also surveyed. From a theoretical point of view there are two main approaches to risk diversification, respectively based on: consumption theory and portfolio choices. In this survey we will consider that strand of the literature theoretically founded on consumption theory and within this approach we take bearings on the extensive and fragmented empirical literature.

Keywords: Consumption smoothing; International risk sharing; Financial integration (search for similar items in EconPapers)
JEL-codes: E21 F41 F62 G10 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:rar:journl:0280

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