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Title:Consumption Smoothing Across States and Time: International Insurance vs. Foreign Loans PDF Logo
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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