Risk Sharing and Financial Contagion in Asia : An Asset Price Perspective /
This paper assesses financial integration in Asia in terms of risk-sharing benefit versus financial-contagion cost. We construct a new measure of risk sharing based on a term structure model, which allows identification of realized stochastic discount factors. Risk sharing is low in Asia, and varies...
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| Format: | Journal |
| Language: | English |
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Washington, D.C. :
International Monetary Fund,
2011.
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| Series: | IMF Working Papers; Working Paper ;
No. 2011/242 |
| Online Access: | Full text available on IMF |