haku: @indexterm International economics / yhteensä: 437
viite: 57 / 437
| Tekijä: | Lewis, K. |
| Otsikko: | Why do stocks and consumption imply such different gains from international risk sharing? |
| Lehti: | Journal of International Economics
2000 : OCT, VOL. 52:1, p. 1-36 |
| Asiasana: | INTERNATIONAL ECONOMICS STOCK RETURNS CONSUMPTION |
| Kieli: | eng |
| Tiivistelmä: | Estimates of the gains to international risk-sharing based upon stock returns tend to find dramatically higher gains than do estimates from consumption-based models. In this paper, the author examines the reasons for these differences. Using a common theoretical framework for both approaches, the author finds that the differences are largely due to the much higher variability of stock returns and its implied intertemporal substitution in marginal unity. |
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