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International Diversification and the Irish Economy

  • Philip R. Lane

    (Trinity College Dublin and CEPR)

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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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
Contact details of provider: Web page: http://www.esr.ie

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  1. Marianne Baxter, 1995. "International Trade and Business Cycles," NBER Working Papers 5025, National Bureau of Economic Research, Inc.
  2. Maurice Obstfeld, 1992. "Risk-taking, global diversification, and growth," Discussion Paper / Institute for Empirical Macroeconomics 61, Federal Reserve Bank of Minneapolis.
  3. Acemoglu, Daron & Zilibotti, Fabrizio, 1997. "Was Prometheus Unbound by Chance? Risk, Diversification, and Growth," Journal of Political Economy, University of Chicago Press, vol. 105(4), pages 709-51, August.
  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. Milesi-Ferreti, Gian Maria & Razin, Assaf, 1996. "Current account sustainability," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34294, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  6. Philip Lane, 2001. "Do international investment income flows smooth income?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 137(4), pages 714-736, December.
  7. 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, December.
  8. 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.
  9. David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1991. "International real business cycles," Staff Report 146, Federal Reserve Bank of Minneapolis.
  10. 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, December.
  11. Devereux, Michael B & Smith, Gregor W, 1994. "International Risk Sharing and Economic Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(3), pages 535-50, August.
  12. Cantillon, Sara & Curtis, John & FitzGerald, John, 1994. "Economic Perspectives for the Medium Term," Research Series, Economic and Social Research Institute (ESRI), number BMI84.
  13. repec:esr:forcas:mtr02 is not listed on IDEAS
  14. 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.
  15. 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.
  16. 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).
  17. 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.
  18. Maurice Obstfeld, 1986. "How Integrated are World Capital Markets? Some New Tests," NBER Working Papers 2075, National Bureau of Economic Research, Inc.
  19. Maurice Obstfeld, 1993. "Are Industrial-Country Consumption Risks Globally Diversified?," NBER Working Papers 4308, National Bureau of Economic Research, Inc.
  20. repec:esr:forcas:mtr06 is not listed on IDEAS
  21. 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.
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