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Risk sharing from international factor income: explaining cross-country differences

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  • Vadym Volosovych

    (Business Economics (Finance) - Erasmus University Rotterdam)

Abstract

Access to world capital markets and net investment income flows between countries help protect national income from country-specific output shocks. I empirically study what factors explain cross-country differences in the extent of risk sharing from international factor income. An index of investor protection is the leading causal variable for the estimated amount of risk sharing over the 1985-2004 period. Improving investor protection in Russia to Denmark's level implies five times larger risk sharing compared to the sample average. These results indicate one possible way to reap large potential benefits from international risk sharing.

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  • Vadym Volosovych, 2011. "Risk sharing from international factor income: explaining cross-country differences," Post-Print hal-00768584, HAL.
    • Handle: RePEc:hal:journl:hal-00768584
    DOI: 10.1080/00036846.2011.617703
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    2. Fratzscher, Marcel & Imbs, Jean, 2009. "Risk sharing, finance, and institutions in international portfolios," Journal of Financial Economics, Elsevier, vol. 94(3), pages 428-447, December.
    3. Faruk Balli & Faisal Rana, 2014. "Determinants of risk sharing through remittances: cross-country evidence," CAMA Working Papers 2014-12, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    4. Demyanyk, Yuliya & Volosovych, Vadym, 2008. "Gains from financial integration in the European Union: Evidence for new and old members," Journal of International Money and Finance, Elsevier, vol. 27(2), pages 277-294, March.
    5. Masayoshi Hayashi, 2013. "On the Decomposition of Regional Stabilization and Redistribution," CIRJE F-Series CIRJE-F-910, CIRJE, Faculty of Economics, University of Tokyo.
    6. Faruk Balli & Filippo Maria Pericoli & Eleonora Pierucci, 2016. "Channels of Risk Sharing at Micro Level: Savings, Investments and Risk Aversion Heterogeneity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 21(1), pages 90-104, January.
    7. Malin Gardberg, 2022. "Financial reforms and low‐income households' impact on international consumption risk sharing," International Finance, Wiley Blackwell, vol. 25(3), pages 375-395, December.
    8. Balli, F. & Pericoli, F.M. & Pierucci, E., 2014. "Foreign portfolio diversification and risk-sharing," Economics Letters, Elsevier, vol. 125(2), pages 187-190.
    9. Faruk Balli & Eleonora Pierucci, 2015. "Globalization and international risk-sharing: do political and social factors matter more than economic integration?," CAMA Working Papers 2015-04, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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    Keywords

    Social Sciences & Humanities;

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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