Government Size and International Consumption Risk Sharing
We investigate the influence of government size on the exposure of consumption growth to country-specific fluctuations in output growth using a sample of OECD countries. To the extent that governments are less constrained on international financial markets, it appears conceivable that governments diversify risks interna- tionally on behalf of agents. Our results indicate that the extent of international risk sharing is unrelated to the size of the public sector.
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- Sørensen, Bent E & Wu, Yi-Tsung & Yosha, Oved & Zhu, Yu, 2005.
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"The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004,"
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- Philip R. Lane & Gian Maria Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities,1970–2004," The Institute for International Integration Studies Discussion Paper Series iiisdp126, IIIS.
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- Philip R. Lane, 2002. "The Cyclical Behaviour of Fiscal Policy: Evidence from the OECD," Trinity Economics Papers 20022, Trinity College Dublin, Department of Economics.
- Philip R. Lane & Gian M Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II; Revised and Extended Estimates of Foreign Assets and Liabilities, 1970â€“2004," IMF Working Papers 06/69, International Monetary Fund.
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