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dc.contributor.authorGiduskova, Mariaen
dc.contributor.authorLarrain, Borjaen
dc.date.accessioned2008-06-12-
dc.date.accessioned2012-02-23T07:59:28Z-
dc.date.available2012-02-23T07:59:28Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/55550-
dc.description.abstractWe show that countries that take on more international risk are rewarded with higher expected consumption growth. International risk is defined as the beta of a country's consumption growth with world consumption growth. High-beta countries hold more foreign assets, as predicted by the theory. Despite the positive effects of beta, a country's idiosyncratic volatility is negatively correlated with expected consumption growth. Therefore, uninsured shocks affect not only current growth, but also future consumption growth. High-volatility countries have worse net foreign asset positions, suggesting that solvency constraints limit their future growth.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of Boston |cBoston, MAen
dc.relation.ispartofseries|aWorking Papers |x06-17en
dc.subject.jelE21en
dc.subject.jelF3en
dc.subject.jelG1en
dc.subject.jelO16en
dc.subject.jelO4en
dc.subject.ddc330en
dc.titleInternational risk-taking, volatility, and consumption growth-
dc.typeWorking Paperen
dc.identifier.ppn568812573en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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