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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 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
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  1. 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.
  2. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Maurice Obstfeld, 1986. "How Integrated are World Capital Markets? Some New Tests," NBER Working Papers 2075, National Bureau of Economic Research, Inc.
  4. Michael B. Devereux & Gregor W. Smith, 1991. "International Risk Sharing and Economic Growth," Working Papers 829, Queen's University, Department of Economics.
  5. 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.
  6. Maurice Obstfeld., 1993. "Risk-Taking, Global Diversification, and Growth," Center for International and Development Economics Research (CIDER) Working Papers C93-016, University of California at Berkeley.
  7. 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.
  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, December.
  9. Daron Acemoglu & Fabrizio Zilibotti, 1994. "Was Prometheus unbound by chance? Risk, diversification and growth," Economics Working Papers 98, Department of Economics and Business, Universitat Pompeu Fabra.
  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. Marianne Baxter, 1995. "International Trade and Business Cycles," NBER Working Papers 5025, National Bureau of Economic Research, Inc.
  12. Philip Lane, 2001. "Do international investment income flows smooth income?," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 137(4), pages 714-736, December.
  13. 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).
  14. 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.
  15. repec:esr:forcas:mtr06 is not listed on IDEAS
  16. Maurice Obstfeld., 1993. "Are Industrial-Country Consumption Risks Globally Diversified?," Center for International and Development Economics Research (CIDER) Working Papers C93-014, University of California at Berkeley.
  17. 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.
  18. Milesi-Ferretti, G-M & Razin, A, 1996. "Current-Account Sustainability," Princeton Studies in International Economics 81, International Economics Section, Departement of Economics Princeton University,.
  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. 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.
  21. repec:esr:forcas:mtr02 is not listed on IDEAS
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