Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19480
Authors: 
von Furstenberg, George M.
Year of Publication: 
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

Files in This Item:
File
Size
376.62 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.