Why do stocks and consumption imply such different gains from international risk sharing?

Journal of International Economics

Volumn 52, Issue 1, 2000, Pages 1-35

  Lewis, Karen K ^a,b  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

Author keywords

Consumption; International risk sharing; Stock returns

Indexed keywords

INVESTMENT; STOCK MARKET; THEORETICAL STUDY;

EID: 0033834158     PISSN: 00221996     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0022-1996(99)00027-6     Document Type: Article

References (25)

1. Diversification, integration, and emerging market closed-end funds
2. US equity investment in foreign markets: Portfolio rebalancing or return chasing?
3. Commodity trade and international risk sharing: How much do financial markets matter?
4. Risk aversion and asset prices
5. Substitution, risk-aversion, and the temporal behavior of consumption and asset returns: A theoretical framework
6. Intertemporal substitution in consumption
7. Asset returns and intertemporal preferences
8. On the 'discount' factor in growth economies
9. International diversification of investment portfolios
10. Trying to explain home bias in equities and consumption
11. Interest rates and currency prices in a two-country world
12. The equity premium: A puzzle
13. Evaluating risky consumption paths: The role of intertemporal substitutability
14. Risk-taking, global diversification, and growth
15. Portfolio selection and asset pricing models
16. Analyzing investments whose histories differ in length
17. The Penn World Table (Mark 5): An expanded set of international comparisons, 1950-1988
18. Evaluating the gains from international risk-sharing
19. Welfare gains from international risk-sharing
20. The equity premium puzzle and the risk-free rate puzzle
21. Nonexpected utility in macroeconomics