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Can I read Limited Risk Sharing and International Equity Returns on EtoBox?
Limited Risk Sharing and International Equity Returns by ZHANG, SHAOJUN is a Economics, Econometrics and Finance article available to read on EtoBox.
What is Limited Risk Sharing and International Equity Returns about?
Limited stock market participation can potentially explain the disconnect between international asset prices and macro quantities. An incomplete markets model in which risk sharing for stockholders is high generates highly correlated equity returns and relatively smooth exchange rates. Risk sharing for non-stockholders is limited because of their non-participation in stock markets and borrowing constraints, reducing the aggregate consumption correlation and the correlation between aggregate consumption differentials and exchange rates. Financial integration widens the disconnect by benefiting stockholders but hurting non-stockholders. Survey data indicate that international risk sharing for stockholders is better than that for non-stockholders, consistent with the predictions.
Who reads Limited Risk Sharing and International Equity Returns?
It is typically read by researchers, students, and practitioners in Economics, Econometrics and Finance.
- Author
- ZHANG, SHAOJUN
- Publisher
- John Wiley and Sons; Wiley (Blackwell Publishing); Blackwell Publishing Inc.; Wiley; JSTOR (ISSN 0022-1082)
- Published
- 2020
- Language
- EN
- Field
- Economics, Econometrics and Finance (Social Sciences)