How Does Financial Globalization Affect Risk Sharing?: Patterns and Channels
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...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2007
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 07/238 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (41 p) |
| ISBN: | 1451868022 9781451868029 |
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| index_date | 2024-07-03T20:13:23Z |
| indexdate | 2024-07-10T09:35:31Z |
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| series2 | IMF Working Papers |
| spelling | Terrones, Marco Verfasser aut How Does Financial Globalization Affect Risk Sharing? Patterns and Channels Terrones, Marco Washington, D.C International Monetary Fund 2007 1 Online-Ressource (41 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/238 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 Online-Ausg Kose, M. Ayhan Sonstige oth Prasad, Eswar Sonstige oth http://elibrary.imf.org/view/IMF001/08780-9781451868029/08780-9781451868029/08780-9781451868029.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Terrones, Marco How Does Financial Globalization Affect Risk Sharing? Patterns and Channels |
| title | How Does Financial Globalization Affect Risk Sharing? Patterns and Channels |
| title_auth | How Does Financial Globalization Affect Risk Sharing? Patterns and Channels |
| title_exact_search | How Does Financial Globalization Affect Risk Sharing? Patterns and Channels |
| title_exact_search_txtP | How Does Financial Globalization Affect Risk Sharing? Patterns and Channels |
| title_full | How Does Financial Globalization Affect Risk Sharing? Patterns and Channels Terrones, Marco |
| title_fullStr | How Does Financial Globalization Affect Risk Sharing? Patterns and Channels Terrones, Marco |
| title_full_unstemmed | How Does Financial Globalization Affect Risk Sharing? Patterns and Channels Terrones, Marco |
| title_short | How Does Financial Globalization Affect Risk Sharing? |
| title_sort | how does financial globalization affect risk sharing patterns and channels |
| title_sub | Patterns and Channels |
| url | http://elibrary.imf.org/view/IMF001/08780-9781451868029/08780-9781451868029/08780-9781451868029.xml |
| work_keys_str_mv | AT terronesmarco howdoesfinancialglobalizationaffectrisksharingpatternsandchannels AT kosemayhan howdoesfinancialglobalizationaffectrisksharingpatternsandchannels AT prasadeswar howdoesfinancialglobalizationaffectrisksharingpatternsandchannels |