Trade Costs, Asset Market Frictions, and Risk Sharing
利用双边进口数据检验贸易成本和资产市场摩擦对国际消费风险分担失败的解释力，发现资产市场摩擦显著阻碍了发达国家与发展中国家之间的最优风险分担，而贸易成本对所有国家的风险分担均有显著阻碍。
I use bilateral import data to test for and quantify the importance of trade costs and asset market frictions in explaining the failure of perfect international consumption risk sharing. I find that while frictions in international asset markets significantly impede optimal consumption risk sharing between developed and developing countries over the period 1970–2000, developed countries are close to optimal risk sharing with each other. Trade costs, in contrast, significantly impede risk sharing for all countries.