Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
研究商品不完全流动如何影响国际风险分担，进而影响风险项目投资、福利和增长，发现即使商品市场不完全，金融市场一体化的福利收益仍然显著。
In this article we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare, and growth. Our main result is that the welfare gain from integration of financial markets is not greatly reduced by the presence of goods market imperfections, modeled as a cost of transferring goods from one country to the other. We also find that the gain is nonmonotonic with respect to investors' risk aversion and the aggregate volatility of output growth. The policy implication to be drawn is that financial market integration is a worthwhile goal to pursue even when full goods mobility has not been achieved. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.