Goods and Asset Market Interdependence in a Risky World
探讨国际资产市场与商品贸易之间的关系，发现资源分配的内生性导致两者互补而非替代，对理解全球化风险分担机制有参考价值。
This paper explores the link between international asset markets and international trade in goods to determine whether trade along these dimensions tends to be complementary or plays the role of substitutes. International financial markets permit agents in different countries to pool away the idiosyncratic portion of risk, while in the absence of international financial markets, countries will pursue other means to insure against unanticipated disturbances. The author shows that the endogeny of resource allocations to market completeness leads to a relationship of complementarity between trade in goods and trade in assets. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.