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Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank >
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http://hdl.handle.net/10419/19480
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| Title: | | Consumption Smoothing Across States and Time: International Insurance vs. Foreign Loans  |
| Authors: | | von Furstenberg, George M. |
| Issue Date: | | 2004 |
| Series/Report no.: | | Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,13 |
| 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. |
| Subjects: | | Consumption Smoothing International Economic Insurance Arrow-Debreu Securities Foreign Loans International Risk Sharing |
| JEL: | | F36 G22 E21 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank
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