@techreport{vonFurstenberg2004Consumption,
abstract = {When countries, and macroeconomic models, open up to international capital markets,
the welfare gains available through completion of financial markets for contingencies
potentially are much greater than those available from access to noncontingent
international borrowing. Intercasual insurance, reducing exposure to differences in
contingent future cases, and not intertemporal smoothing between now and then is the
big story in open economies although the two must be told together.},
author = {George M. von Furstenberg},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {F36; G22; E21; 330; Consumption Smoothing; International Economic Insurance; Arrow-Debreu Securities; Foreign Loans; International Risk Sharing; Versicherung; international; Internationale Anleihe; Gesamtwirtschaftlicher Konsum; Zeitpr\"{a}ferenz; Risiko; Wohlfahrtseffekt; Theorie; Sch\"{a}tzung; Welt; risk sharing},
language = {eng},
number = {2004,13},
title = {Consumption Smoothing Across States and Time: International Insurance vs. Foreign Loans},
type = {Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank},
url = {http://hdl.handle.net/10419/19480},
year = {2004}
}
