Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable
构建了一个一般分析框架，研究金融一体化的最优程度，发现完全一体化并非最优，在简化模型中自给自足可能更优。
Integration of global financial markets was supposed to lead to greater financial stability, as risks were spread around the world. The finan cial crisis has thrown doubt on this conclusion. A failure in one part of the global economic system caused a global “meltdown.” The recent crisis has shown that in the absence of appro priate government intervention, privately profit able transactions may lead to systemic risk. This paper provides a general analytic framework within which we can analyze the optimal degree (and form) of financial integration. Within this general framework, full integration is not in general optimal. Indeed, faced with a choice between two polar regimes, full integration or autarky, in the simplified model autarky may be superior.