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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.

Suggested Citation

  • Philip R. Lane, 2000. "International Diversification and the Irish Economy," The Economic and Social Review, Economic and Social Studies, vol. 31(1), pages 37-53.
    • Handle: RePEc:eso:journl:v:31:y:2000:i:1:p:37-53
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    1. Marian E. Bond, 1977. "A Model of International Investment Income Flows (Un modèle des flux internationaux de revenu des investissements) (Un modelo de los flujos internacionales de la renta de la inversión)," IMF Staff Papers, Palgrave Macmillan, vol. 24(2), pages 344-379, July.
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    Cited by:

    1. Philip Lane, 2003. "The Macroeconomics of International Financial Trade," The Institute for International Integration Studies Discussion Paper Series iiisdp013, IIIS.
    2. Nagy, András, 1999. "Írország Európai Uniós csatlakozásának tanulságai [The lessons of Ireland's accession to the European Union]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1092-1115.
    3. Agustin S. Benetrix, 2015. "International Risk Sharing and the Irish Economy," The Economic and Social Review, Economic and Social Studies, vol. 46(1), pages 29-49.
    4. 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.
    5. Feldstein, Martin, 2001. "Economic Problems of Ireland in Europe - incorporating 2 other Papers The Cost and Distribution of Tax Expenditure on Occupational Pensions in Ireland by G Hughes and The National Pensions Reserve Fun," Research Series, Economic and Social Research Institute (ESRI), number GLS31, June.
    6. Philip R. Lane, 2019. "Globalisation: A Macro-Financial Perspective," The Economic and Social Review, Economic and Social Studies, vol. 50(2), pages 249-263.
    7. Philip Ifeakachukwu Nwosa & Akinyemi Alao Ajibola, 2018. "Monetary Policy and Export Diversification in Nigeria," Valahian Journal of Economic Studies, Sciendo, vol. 9(1), pages 17-28, April.
    8. 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.

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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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