Discussion of "Capital mobility and international sharing of cyclical risk"

Research output: Contribution to journalComment/debatepeer-review

Abstract

This is a comment on "Capital mobility and international sharing of cyclical risk." The comment focuses on the authors' choice of portfolio adjustment costs in explaining limited international risk sharing. The comment raises two main issues. One is that investors hold large gross positions that vary significantly in value over the business cycle. The second is that it is difficult to identify portfolio adjustment costs from trade costs within the authors' environment.

Original languageEnglish (US)
Pages (from-to)63-65
Number of pages3
JournalJournal of Monetary Economics
Volume60
Issue number1
DOIs
StatePublished - Jan 1 2013

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

Keywords

  • Business cycles
  • Capital flows
  • International risk sharing

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