摘要
文章利用1970-2004年的相关数据,度量了东亚13个经济体的消费风险分担的程度以及东亚地区在实现完全风险分担后带来的潜在福利收益。实证结果表明:东亚区域资本市场在平滑GDP冲击方面的作用非常小,对区域借贷市场虽有一定的作用,但较为有限,这说明东亚的消费风险分担程度还相当低;相比OECD国家和欧盟国家,东亚各经济体风险分担的福利收益是比较高的。
By using the related data from 1970 to 2004, this paper estimates the degree of consumption risk sharing and calculates the potential welfare benefits from full risk sharing among 13 East Asian economies. Estimation results show that the degree of consumption risk sharing is still quite low in East Asia. East Asia＇s capital markets have little effects in smoothing idiosyncratic GDP shocks, and its credit markets serve a positive but limited function. Compared to OECD and European Union countries, potential welfare benefits from consumption risk sharing in East Asia countries are quite larger.
出处
《财经研究》
CSSCI
北大核心
2008年第9期91-100,共10页
Journal of Finance and Economics
关键词
东亚
消费风险分担
福利收益
East Asia
consumption risk sharing
welfare benefit
