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首页> 外文期刊>Open economies review >Reconsidering Consumption Risk Sharing among OECD Countries: Some Evidence Based on Panel Cointegration
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Reconsidering Consumption Risk Sharing among OECD Countries: Some Evidence Based on Panel Cointegration

机译：重新考虑经合组织国家之间的消费风险分担：基于面板协整的一些证据

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摘要

In this paper we provide a characterization of international consumption risk sharing among a sample of OECD countries based on panel cointegration and error-correction techniques. Our results indicate that around 30% of idiosyncratic consumption risks are shared in the short run. In the long run, however, only about 10% of idiosyncratic consumption risks are shared internationally. In addition, we find that countries characterized by relatively high foreign asset and liability positions are less exposed to shocks. Moreover, the time it takes until idiosyncratic shocks exert their full impact on consumption crucially depends on the foreign asset and liability position.
机译：在本文中，我们基于面板协整和纠错技术对OECD国家样本中的国际消费风险分担进行了描述。我们的结果表明，短期内约有30％的特殊消费风险是共同承担的。但是从长远来看，国际上只有大约10％的特殊消费风险是共同承担的。此外，我们发现以外国资产和负债头寸较高为特征的国家较少受到冲击。此外，特有冲击对消费产生完全影响所花费的时间主要取决于外国资产和负债状况。

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