Risk sharing through capital gains
研究了1992-2007年间欧洲货币联盟、欧盟及其他OECD国家通过储蓄、要素收入流和资本利得实现国际风险分担的渠道，发现1999年后资本利得的风险分担作用增强。
Abstract We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries, 1992–2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital gains, at about 6%, is higher than risk sharing from factor income flows for European Union countries and OECD countries. Risk sharing from factor income flows is higher for euro zone countries, at 14%, reflecting increased international asset and liability holdings in the euro area.