01807cas a2200265 a 4500 AALejournalIMF006077 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451873566 1018-5941 BD-DhAAL BD-DhAAL Matsumoto, Akito. International Risk Sharing During the Globalization Era / Akito Matsumoto, Robert Flood, Nancy Marion. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (38 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk sharing comes mostly from the convergence in rates of consumption growth among countries rather than from synchronization of consumption at the business cycle frequency. Our finding explains why many existing measures fail to detect improved risk sharing-they focus only on risk sharing at the business cycle frequency. Mode of access: Internet Flood, Robert. Marion, Nancy. IMF Working Papers; Working Paper ; No. 2009/209 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/209/001.2009.issue-209-en.xml IMF e-Library