Consumption smoothing across states and time: International insurance versus foreign loans
When countries, and macroeconomic models, open up to international capital markets, the welfare gains available through completion of financial markets for contingencies potentially are much greater than those available from gaining access to non-contingent international borrowing alone. This paper...
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| Veröffentlicht in: | Journal of policy modeling 2006, Vol.28 (1), p.1-23 |
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| container_title | Journal of policy modeling |
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| creator | Furstenberg, George M. von |
| description | When countries, and macroeconomic models, open up to international capital markets, the welfare gains available through completion of financial markets for contingencies potentially are much greater than those available from gaining access to non-contingent international borrowing alone. This paper goes beyond underscoring this well-known possibility numerically by showing how changes from shadow to market prices enable utility gains as first international borrowing and then insurance capabilities are introduced. However, the victory of Arrow-Debreu securities is not total when insurance payments themselves are at risk because riskless assets placed in escrow then may enhance insurability. |
| doi_str_mv | 10.1016/j.jpolmod.2005.08.002 |
| format | Article |
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| ispartof | Journal of policy modeling, 2006, Vol.28 (1), p.1-23 |
| issn | 0161-8938 1873-8060 |
| language | eng |
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| source | RePEc; Elsevier ScienceDirect Journals |
| subjects | Arrow-Debreu securities Capital markets Consumption smoothing Economic policy Foreign loans Insurability International economic insurance International risk sharing Macroeconomics Risk Studies |
| title | Consumption smoothing across states and time: International insurance versus foreign loans |
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