skip to content
What can explain the apparent lack of international consumption risk sharing? Preview this item
ClosePreview this item
Checking...

What can explain the apparent lack of international consumption risk sharing?

Author: Karen K Lewis; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1995.
Series: Working paper series (National Bureau of Economic Research), working paper no. 5203.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: Recent research in international business cycles based upon complete markets has found that international consumption correlations are lower than predicted by the standard risk-sharing implications of these models. In this paper, I use regression tests to ask whether two different types of explanations can help explain this result. First, I consider whether non-separabilities between tradeables and  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Additional Physical Format: Print version:
Lewis, Karen K., 1957-
What can explain the apparent lack of international consumption risk sharing?.
Cambridge, MA : National Bureau of Economic Research, ©1995
(OCoLC)33184579
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Karen K Lewis; National Bureau of Economic Research.
OCLC Number: 646942557
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (30, [6] pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 5203.
Responsibility: Karen K. Lewis.

Abstract:

Abstract: Recent research in international business cycles based upon complete markets has found that international consumption correlations are lower than predicted by the standard risk-sharing implications of these models. In this paper, I use regression tests to ask whether two different types of explanations can help explain this result. First, I consider whether non-separabilities between tradeables and non-tradeable leisure or goods can explain the puzzle. Surprisingly, non-separabilities explain only a tiny fraction of the variation in tradeables consumption across countries. Furthermore, risk-sharing in tradeables is rejected. Second, I examine the effects of capital market restrictions on aggregate consumption risk-sharing by countries. While rejections of risk-sharing are stronger for countries facing more severe capital market restrictions, risk-sharing is still rejected for the unrestricted group of countries. Therefore, risk-sharing does not appear to be resolved by either explanation alone. However, when I allow for both non-separabilities and certain market restrictions, risk-sharing among unrestricted countries is not rejected. This evidence suggests that a combination of these two effects may be necessary to explain consumption risk-sharing across countries.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/646942557> # What can explain the apparent lack of international consumption risk sharing?
    a schema:MediaObject, schema:Book, schema:CreativeWork ;
    library:oclcnum "646942557" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/8384685#Place/cambridge_ma> ; # Cambridge, MA
    schema:about <http://id.loc.gov/authorities/subjects/sh2008104853> ; # International trade--Econometric models
    schema:about <http://id.worldcat.org/fast/876457> ; # Consumption (Economics)--Econometric models
    schema:about <http://id.loc.gov/authorities/subjects/sh2009121704> ; # Consumption (Economics)--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/8384685#Topic/consumptie> ; # Consumptie
    schema:about <http://id.worldcat.org/fast/977133> ; # International trade--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/8384685#Topic/risico_s> ; # Risico's
    schema:bookFormat schema:EBook ;
    schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
    schema:copyrightYear "1995" ;
    schema:creator <http://viaf.org/viaf/92101303> ; # Karen K. Lewis
    schema:datePublished "1995" ;
    schema:description "Abstract: Recent research in international business cycles based upon complete markets has found that international consumption correlations are lower than predicted by the standard risk-sharing implications of these models. In this paper, I use regression tests to ask whether two different types of explanations can help explain this result. First, I consider whether non-separabilities between tradeables and non-tradeable leisure or goods can explain the puzzle. Surprisingly, non-separabilities explain only a tiny fraction of the variation in tradeables consumption across countries. Furthermore, risk-sharing in tradeables is rejected. Second, I examine the effects of capital market restrictions on aggregate consumption risk-sharing by countries. While rejections of risk-sharing are stronger for countries facing more severe capital market restrictions, risk-sharing is still rejected for the unrestricted group of countries. Therefore, risk-sharing does not appear to be resolved by either explanation alone. However, when I allow for both non-separabilities and certain market restrictions, risk-sharing among unrestricted countries is not rejected. This evidence suggests that a combination of these two effects may be necessary to explain consumption risk-sharing across countries."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/8384685> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/8384685#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/8384685#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:isSimilarTo <http://www.worldcat.org/oclc/33184579> ;
    schema:name "What can explain the apparent lack of international consumption risk sharing?"@en ;
    schema:productID "646942557" ;
    schema:publication <http://www.worldcat.org/title/-/oclc/646942557#PublicationEvent/cambridge_ma_national_bureau_of_economic_research_1995> ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/8384685#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
    schema:url <http://papers.nber.org/> ;
    schema:url <http://catalog.hathitrust.org/api/volumes/oclc/33184579.html> ;
    schema:url <http://papers.nber.org/papers/w5203.pdf> ;
    schema:url <http://papers.nber.org/papers/w5203> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/646942557> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/8384685#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
    schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/8384685#Place/cambridge_ma> # Cambridge, MA
    a schema:Place ;
    schema:name "Cambridge, MA" ;
    .

<http://experiment.worldcat.org/entity/work/data/8384685#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/646942557> ; # What can explain the apparent lack of international consumption risk sharing?
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/8384685#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/646942557> ; # What can explain the apparent lack of international consumption risk sharing?
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://id.loc.gov/authorities/subjects/sh2008104853> # International trade--Econometric models
    a schema:Intangible ;
    schema:name "International trade--Econometric models"@en ;
    .

<http://id.loc.gov/authorities/subjects/sh2009121704> # Consumption (Economics)--Econometric models
    a schema:Intangible ;
    schema:name "Consumption (Economics)--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/876457> # Consumption (Economics)--Econometric models
    a schema:Intangible ;
    schema:name "Consumption (Economics)--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/977133> # International trade--Econometric models
    a schema:Intangible ;
    schema:name "International trade--Econometric models"@en ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
    schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/92101303> # Karen K. Lewis
    a schema:Person ;
    schema:birthDate "1957" ;
    schema:familyName "Lewis" ;
    schema:givenName "Karen K." ;
    schema:name "Karen K. Lewis" ;
    .

<http://www.worldcat.org/oclc/33184579>
    a schema:CreativeWork ;
    rdfs:label "What can explain the apparent lack of international consumption risk sharing?." ;
    schema:description "Print version:" ;
    schema:isSimilarTo <http://www.worldcat.org/oclc/646942557> ; # What can explain the apparent lack of international consumption risk sharing?
    .

<http://www.worldcat.org/title/-/oclc/646942557>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
    schema:about <http://www.worldcat.org/oclc/646942557> ; # What can explain the apparent lack of international consumption risk sharing?
    schema:dateModified "2018-02-09" ;
    void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.