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Regional Versus Global Risk Sharing in East Asia

Author

Listed:
  • 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)

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.

Suggested Citation

  • Soyoung Kim & Sunghyun H. Kim & Yunjong Wang, 2004. "Regional Versus Global Risk Sharing in East Asia," Asian Economic Papers, MIT Press, vol. 3(3), pages 182-201.
    • Handle: RePEc:tpr:asiaec:v:3:y:2004:i:3:p:182-201
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    Cited by:

    1. Kym Anderson & Glyn Wittwer, 2019. "Asia’s Evolving Role in Global Wine Markets," World Scientific Book Chapters, in: Kym Anderson (ed.), The International Economics of Wine, chapter 14, pages 347-377, World Scientific Publishing Co. Pte. Ltd..
    2. Shin, Kwanho & Yang, Doo Yong, 2006. "Complementarity between Bilateral Trade and Financial Integration," MPRA Paper 694, University Library of Munich, Germany.
    3. Tony Cavoli, 2006. "Financial Integration in East Asia: How Far? How Much Further to Go?," Working Papers id:372, eSocialSciences.
    4. Chun‐Yu Ho & Wai‐Yip Alex Ho, 2015. "Dynamics and Heterogeneity of Inter‐ and Intranational Risk Sharing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(1), pages 123-142, February.
    5. Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006. "Regional and Global Financial Integration in East Asia," MPRA Paper 695, University Library of Munich, Germany.
    6. Joongsan Ko, 2020. "Intranational Consumption Risk Sharing in South Korea: 2000–2016," Asian Economic Journal, East Asian Economic Association, vol. 34(1), pages 29-49, March.
    7. Doo Yong Yang, 2013. "Impacts Of External Shocks On Asian Economies: Panel Vector Autoregressive Regression With Latent Dynamic Components Approach," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 58(04), pages 1-19.

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