000			02030cam a22003257 4500
001			w3027
003			NBER
005			20211020114834.0
006			m o d
007			cr cnu||||||||
008			210910s1989 mau fo 000 0 eng d
100	1		_aCole, Harold L. _98265
245	1	0	_aCommodity Trade and International Risk Sharing: _bHow Much Do Financial Markets Matter? / _cHarold L. Cole, Maurice Obstfeld.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1989.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w3027
500			_aJuly 1989.
520	3		_aThis paper evaluates the gains from international risk sharing in some simple general-equilibrium models with output uncertainty. Under empirically plausible calibration, the Incremental loss from a ban on international portfolio diversification is estimated to be quite small--0.15 percent of output per year is a representative figure. Even the theoretical gains from asset trade may disappear under alternative sets of assumptions on preferences and technology. The paper argues that the small magnitude of potential trade gains, when coupled with small costs of cross-border financial transactions, may explain the apparently inconsistent findings of empirical studies on the degree of international capital mobility.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF - International Economics _2Journal of Economic Literature class.
700	1		_aObstfeld, Maurice.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w3027.
856	4	0	_uhttps://www.nber.org/papers/w3027
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w3027
942			_2ddc _cW-PAPER
999			_c345498 _d304060