Integrating Out Natural Disaster Shocks
研究了国际金融一体化在缓冲自然灾害冲击中的作用，发现一体化程度高的国家在灾后产出、消费和投资表现更好，对发达经济体效果最明显。
We study the role of international financial integration in buffering natural disaster shocks, using a large sample of advanced and emerging economies. Natural disasters are largely unpredictable and unrelated to the state of financial integration. We document that integration improves the absorption of such shocks: Output, consumption, and investment are significantly higher after a natural disaster in states with high than in states with low integration. The benefits are most clear for advanced economies. Emerging markets tend to profit from financial integration, too, but the estimates are less precise unless we condition on institutional quality or consider only debt assets.