Arbeitspapier

Banks, Financial Markets and International Consumption Risk Sharing

to connected objects

In this paper we empirically explore how characteristics of the domestic financial system influence the international allocation of consumption risk using a sample of OECD countries. Our results show that the extent of risk sharing achieved does not depend on the overall development of the domestic financial system per se. Rather, it depends on how the financial system is organized. Specifically, we find that coun- tries characterized by developed financial markets are less exposed to idiosyncratic risk, whereas the development of the banking sector contributes little to the inter- national diversification of consumption risk.

Language: Englisch

Bibliographic citation: Series: Working Paper ; No. 0914

Classification: Wirtschaft
Financial Aspects of Economic Integration
Open Economy Macroeconomics

Subject: International Risk Sharing
Financial Development
Financial System
Kapitalmarktregulierung
Marktintegration
Internationaler Finanzmarkt
Spillover-Effekt
OECD-Staaten
Weltwirtschaftsordnung
Welt

Event: Geistige Schöpfung

(who): Leibrecht, Markus
Scharler, Johann

Event: Veröffentlichung

(who): Johannes Kepler University of Linz, Department of Economics

(where): Linz

(when): 2009

Handle: http://hdl.handle.net/10419/73636

Last update: 10.03.2025, 11:44 AM CET

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Object type

Arbeitspapier

Associated

Leibrecht, Markus
Scharler, Johann
Johannes Kepler University of Linz, Department of Economics

Time of origin

2009

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