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A survey of empirical studies on international risk sharing

Author

Listed:
  • Eleonora Pierucci

Abstract

A Survey of Empirical Studies on International Risk Sharing Risk sharing among countries is desirable since it enables economic agents to smooth consumption across time and states of nature, partially or completing offsetting the impact of income shocks on consumption choices. The aim of this work is systematically to survey the most relevant literature on international risk sharing mainly focusing on empirical contributions. The current lively debate on the impact of globalization in the form of financial integration over risk sharing is also surveyed. From a theoretical point of view there are two main approaches to risk diversification, respectively based on: consumption theory and portfolio choices. In this survey we will consider that strand of the literature theoretically founded on consumption theory and within this approach we take bearings on the extensive and fragmented empirical literature.

Suggested Citation

  • Eleonora Pierucci, 2014. "A survey of empirical studies on international risk sharing," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 2, July.
    • Handle: RePEc:rar:journl:0280
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    Citations

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    Cited by:

    1. Pilar Poncela & Filippo Pericoli & Anna Manca & Filippo Michela Nardo, 2016. "Risk Sharing in Europe," JRC Research Reports JRC104621, Joint Research Centre.

    More about this item

    Keywords

    Consumption smoothing; International risk sharing; Financial integration;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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