12期编辑：王巍 审核：李超Topic 3: Risk Sharing (3)Are Industrial-Country Consumption Risks Globally Diversified?Risk-Taking, Global Diversification and GrowthEffects of Financial Globalization on Developing Countries: Some Empirical Evidence 1. Are Industrial-Country Consumption Risks Globally Diversified?NBER Working Paper No. 4308, 1993Maurice Obstfeld, University of CaliforniaAbstractWhat idiosyncratic consumption risks can countries trade away on international asset markets? This paper develops an empirical methodology for answering the question. The tests are based on the proposition that in an integrated world asset market with representative national agents, the ex post difference between two countries' intertemporal marginal rates of substitution in consumption is uncorrelated with any random variable on which contractual payoffs can be conditioned.
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