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International Diversification and the Irish Economy

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  • Philip R. Lane

    (Trinity College Dublin and CEPR)

Abstract

We take an initial step in investigating the international diversification of Irish production risk. We find evidence that Ireland displays some properties associated with international risksharing. These include: high gross stocks of foreign assets and liabilities; high international consumption correlations relative to output correlations; and pro-cyclical behaviour of the yield on net external liabilities.

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File URL: http://www.esr.ie/vol31_1/2_Lane.pdf
File Function: First version, 2000
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Bibliographic Info

Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 31 (2000)
Issue (Month): 1 ()
Pages: 37-53

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Handle: RePEc:eso:journl:v:31:y:2000:i:1:p:37-53

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References

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  1. Marianne Baxter, 1995. "International Trade and Business Cycles," NBER Working Papers 5025, National Bureau of Economic Research, Inc.
  2. Assaf Razin & Gian-Maria Milesi-Ferretti, 1996. "Current Account Sustainability," IMF Working Papers 96/110, International Monetary Fund.
  3. Acemoglu, Daron & Zilibotti, Fabrizio, 1996. "Was Prometheus Unbound by Chance? Risk, Diversification and Growth," CEPR Discussion Papers 1426, C.E.P.R. Discussion Papers.
  4. Bent E. Soerensen & Pierfederico Asdrubali & Oved Yosha, . "Channels of Interstate Risksharing: US 1963-1990," EPRU Working Paper Series 95-04, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  5. Obstfeld, Maurice, 1994. "Risk-Taking, Global Diversification, and Growth," American Economic Review, American Economic Association, vol. 84(5), pages 1310-29, December.
  6. Backus, David K & Kehoe, Patrick J & Kydland, Finn E, 1992. "International Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 745-75, August.
  7. Maurice Obstfeld, 1986. "How Integrated are World Capital Markets? Some New Tests," NBER Working Papers 2075, National Bureau of Economic Research, Inc.
  8. repec:esr:forcas:mtr02 is not listed on IDEAS
  9. Devereux, Michael B. & Saito, Makoto, 1997. "Growth and risk-sharing with incomplete international assets markets," Journal of International Economics, Elsevier, vol. 42(3-4), pages 453-481, May.
  10. Michael B. Devereux & Gregor W. Smith, 1991. "International Risk Sharing and Economic Growth," Working Papers 829, Queen's University, Department of Economics.
  11. Maurice Obstfeld, 1994. "Are Industrial-Country Consumption Risks Globally Diversified?," NBER Working Papers 4308, National Bureau of Economic Research, Inc.
  12. repec:esr:forcas:mtr06 is not listed on IDEAS
  13. Duffy, David & FitzGerald, John & Kearney, Ide & Shortall, Fergal, 1997. "Medium-Term Review 1997-2003, No. 6," Forecasting Report, Economic and Social Research Institute (ESRI), number MTR06, March.
  14. Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
  15. Philip Lane, 2001. "Do international investment income flows smooth income?," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 137(4), pages 714-736, December.
  16. Michael B. Devereux & Allan W. Gregory & Gregor W. Smith, 1990. "Realistic Cross-Country Consumption Correlations in a Two-Country, Equilibrium, Business Cycle Model," Working Papers 774, Queen's University, Department of Economics.
  17. O'Malley, Eoin & Scott, Susan & Curtis, John & FitzGerald, John, 1994. "Profit Outflows Revisited," Book Chapters, in: Cantillon, Sara (ed.), Economic Perspectives for the Medium-Term Economic and Social Research Institute (ESRI).
  18. Baxter, Marianne, 1995. "International trade and business cycles," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 35, pages 1801-1864 Elsevier.
  19. Cantillon, Sara & Curtis, John & FitzGerald, John, 1994. "Economic Perspectives for the Medium Term," Research Series, Economic and Social Research Institute (ESRI), number BMI84.
  20. Bradley, John & FitzGerald, John & Storey, R. A., 1987. "Medium-Term Review 1987-1992, No. 2," Forecasting Report, Economic and Social Research Institute (ESRI), number MTR02, March.
  21. Hess, Gregory D & Shin, Kwanho, 1997. "International and Intranational Business Cycles," Oxford Review of Economic Policy, Oxford University Press, vol. 13(3), pages 93-109, Autumn.
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Citations

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Cited by:
  1. Lane, Philip R., 2003. "Financial Globalisation and the Irish Economy," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2003(1-Spring), pages 1-10.
  2. Sorensen, Bent E. & Wu, Yi-Tsung & Yosha, Oved & Zhu, Yu, 2007. "Home bias and international risk sharing: Twin puzzles separated at birth," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 587-605, June.
  3. Philip Lane, 2003. "The Macroeconomics of International Financial Trade," The Institute for International Integration Studies Discussion Paper Series iiisdp013, IIIS.

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