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International Diversification and the Irish Economy

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  • Philip Lane

Abstract

We take an initial step in investigating the international diverisfication of Irish production risk. We find evidence that Ireland displays some properties associated with international risk sharing. These include: high cross stocks of foreign assets and liabilities; high international consumption correlations relative to output correlations; and procyclical behaviour of the rate of return on net external liabilities.

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Bibliographic Info

Paper provided by Trinity College Dublin, Department of Economics in its series Economics Technical Papers with number 9811.

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Date of creation: 1998
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Handle: RePEc:tcd:tcduet:9811

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Postal: Trinity College, Dublin 2
Phone: (+ 353 1) 6081325
Fax: 6772503
Web page: http://www.tcd.ie/Economics/
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  1. Lane, Philip R., 1999. "Do International Investment Income Flows Smooth Income?," CEPR Discussion Papers 2123, C.E.P.R. Discussion Papers.
  2. 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.
  3. 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.
  4. Acemoglu, Daron & Zilibotti, Fabrizio, 1996. "Was Prometheus Unbound by Chance? Risk, Diversification and Growth," CEPR Discussion Papers 1426, C.E.P.R. Discussion Papers.
  5. 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.
  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, 1994. "Are Industrial-Country Consumption Risks Globally Diversified?," NBER Working Papers 4308, National Bureau of Economic Research, Inc.
  8. 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.
  9. repec:esr:forcas:mtr02 is not listed on IDEAS
  10. Asdrubali, P. & Sorensen, B.E. & Yosha, O., 1995. "Channels of Interstate Risksharing: U.S. 1963-1990," Papers 07-95, Tel Aviv.
  11. Cantillon, Sara & Curtis, John & FitzGerald, John, 1994. "Economic Perspectives for the Medium Term," Research Series, Economic and Social Research Institute (ESRI), number BMI84.
  12. 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.
  13. Maurice Obstfeld, 1989. "How Integrated are World Capital Markets? Some New Tests," NBER Working Papers 2075, National Bureau of Economic Research, Inc.
  14. 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).
  15. Michael B. Devereux & Gregor W. Smith, 1991. "International Risk Sharing and Economic Growth," Working Papers 829, Queen's University, Department of Economics.
  16. 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.
  17. Milesi-Ferretti, G-M & Razin, A, 1996. "Current-Account Sustainability," Princeton Studies in International Economics 81, International Economics Section, Departement of Economics Princeton University,.
  18. repec:esr:forcas:mtr06 is not listed on IDEAS
  19. Marianne Baxter, 1995. "International Trade and Business Cycles," NBER Working Papers 5025, National Bureau of Economic Research, Inc.
  20. 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.
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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 R. Lane, 2003. "The Macroeconomics of International Financial Trade," Trinity Economics Papers 200314, Trinity College Dublin, Department of Economics.

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