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Regional Versus Global Risk Sharing in East Asia

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Author Info
Soyoung Kim (Department of Economics Korea University 5-1 Anam-Dong, Sungbuk-Ku Seoul South Korea 136-701)
Sunghyun H. Kim (Department of Economics Tufts University Medford, MA 02155 USA)
Yunjong Wang (SK Research Institute for SUPEX Management 99 Seorin-dong, Jongro-gu Seoul South Korea 110-110)

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Abstract

This paper estimates the degree of risk sharing for each of 10 East Asian countries with countries in the region and with OECD countries by using cross-country consumption correlations and formal regression analysis. Risk sharing is found to be far from complete and quite low for most of the countries. Taiwan and Singapore have the highest risk sharing. Indonesia and Malaysia have the lowest (and significantly negative) risk sharing. The degree of risk sharing does not increase in most countries over 1970-2000. For the less-developed countries, potential gains from risk sharing would be larger with OECD countries than with East Asian countries. Copyright (c) 2005 Center for International Development and the Massachusetts Institute of Technology.

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Article provided by MIT Press in its journal Asian Economic Papers.

Volume (Year): 3 (2004)
Issue (Month): 3 ()
Pages: 182-201
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Handle: RePEc:tpr:asiaec:v:3:y:2004:i:3:p:182-201

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  1. Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006. "Regional and Global Financial Integration in East Asia," MPRA Paper 695, University Library of Munich, Germany. [Downloadable!]
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  2. Shin, Kwanho & Yang, Doo Yong, 2006. "Complementarity between Bilateral Trade and Financial Integration," MPRA Paper 694, University Library of Munich, Germany. [Downloadable!]
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