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https://hdl.handle.net/10419/55550
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Giduskova, Maria | en |
dc.contributor.author | Larrain, Borja | en |
dc.date.accessioned | 2008-06-12 | - |
dc.date.accessioned | 2012-02-23T07:59:28Z | - |
dc.date.available | 2012-02-23T07:59:28Z | - |
dc.date.issued | 2006 | - |
dc.identifier.uri | http://hdl.handle.net/10419/55550 | - |
dc.description.abstract | We 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.iso | eng | en |
dc.publisher | |aFederal Reserve Bank of Boston |cBoston, MA | en |
dc.relation.ispartofseries | |aWorking Papers |x06-17 | en |
dc.subject.jel | E21 | en |
dc.subject.jel | F3 | en |
dc.subject.jel | G1 | en |
dc.subject.jel | O16 | en |
dc.subject.jel | O4 | en |
dc.subject.ddc | 330 | en |
dc.title | International risk-taking, volatility, and consumption growth | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 568812573 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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