Detail International Risk Sharing and Economic Growth   Oleh:  Devereux, Michael B. ; Smith, Gregor W. Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 35 no. 3 (1994), page 535-550. Topik: risks; international risk sharing; economic growth Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel International risk sharing which diversifies away income risk will reduce saving, with constant relative risk aversion. If growth arises from the external effects of human capital accumulation then reducing saving will reduce growth. Welfare also may fall with risk sharing, because endogenous growth with external effects of capital accumulation typically implies a competitive equilibrium growth rate already less than the optimal growth rate. We demonstrate these results in a standard, representative - agent economy. Diversifying away rate - of - return risk also will reduce saving and growth rates if relative risk aversion exceeds one, but this diversification always increases welfare. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

Copyright © 2006, 2007 Unika Atma Jaya, all rights reserved