Risk Sharing Through Capital Gains
Risk Sharing Through Capital Gains
复制标题
通过资本收益分担风险
DOI：
10.3386/w17612
复制
发表时间：
2011
期刊：
影响因子：
--
通讯作者：
Bent E. Sørensen
中科院分区：
文献类型：
--
作者：
Faruk Balli;S. Kalemli‐Ozcan;Bent E. Sørensen
我们估计了 1992-2007 年欧洲货币联盟 (EMU)、欧盟和其他 OECD 国家之间的国际风险分担渠道。我们专注于通过储蓄、要素收入流动和资本收益来分担风险。 1999 年之前，通过要素收入和资本收益分担的风险接近于零，但此后有所增加。对于欧盟国家和经合组织国家来说，资本收益的风险分担约为 6%，高于要素收入流的风险分担。欧元区国家要素收入流的风险分担较高，达到 14%，反映出欧元区国际资产和负债持有量的增加。
We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital gains, at about 6 percent, is higher than risk sharing from factor income flows for European Union countries and OECD countries. Risk sharing from factor income flows is higher for Euro zone countries, at 14 percent, reflecting increased international asset and liability holdings in the Euro area.