Commodity trade and international risk sharing
通过校准到美日数据的模拟模型，估计禁止国际资产组合多元化每年造成约0.20%的产出损失，并指出潜在贸易收益很小，可能解释国际资本流动性实证研究的不一致发现。
This paper evaluates the social gains from international risk sharing in some simple general-equilibrium models with output uncertainty. A simulation model calibrated to selected moments of U.S. and Japanese data estimates the incremental loss from a ban on international portfolio diversification to be on the order of 0.20 percent of output per year. Even the theoretical gains from asset trade may disappear under alternative sets of assumptions on preferences and technology. The paper argues that the small magnitude of potential trade gains may help explain the apparently inconsistent findings of empirical studies on the degree of international capital mobility.