On the determination mechanism of bilateral flow of funds among countries

我们利用几个国际金融模型，特别是一些具有不完全市场的两国模型，构建了一个案例，其中两国之间出现双边资金流动，以分担国家特有的冲击，包括灾难性的冲击。我们的理论研究得出的最重要的结论之一是，通过持有大规模多头和空头头寸来扩大外部资产负债表，将有助于改善各国之间的风险分担。除了上述研究外，我们还利用理论和实证方法研究了包括自然灾害和健康恶化在内的灾难性冲击如何在国内代理人之间共享。

Employing several models of international finance, in particular some two-country models with incomplete markets, we have constructed a case where bilateral flow of funds emerges between two countries to share country-specific shocks, including catastrophic ones. One of the most important implications from our theoretical investigation is that expanding external balance sheets by holding large-scale long and short positions would help to improve risk-sharing among countries. In addition to the above research, we have investigated how catastrophic shocks including natural disaster and health deterioration may be shared among domestic agents using both theoretical and empirical methods.