Risk-Taking, Global Diversification, and Growth
建立随机连续时间模型，证明国际风险分担通过促进预期消费增长带来显著福利收益，机制是全球投资组合从低收益安全资本转向高风险高收益资本。
This paper develops a stochastic continuous-time model in which international risk sharing can yield substantial welfare gains through its positive effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe but low-yield capital into riskier high-yield capital. The presence of these two types of capital is meant to capture the idea that growth depends on the availability of an ever-increasing array of specialized, hence inherently risky, production inputs. Calibration exercises based on international consumption and stock market data imply that most countries reap large steady-state welfare gains from global financial integration.