【摘要】 经济的周期波动会对消费者收入水平造成某种程度的冲击,而金融市场一体化的演进,却使各国消费者的跨国风险分担成为可能,即通过增持扩张经济体资产或减持衰退经济体资产来规避风险获取收益。学者们对该风险分担所获福利收益的程度持有不同的观点。这主要是因对福利收益的度量方式以及有关参数和随机过程设定的不同而造成的。未来的研究可以考虑将两种分析框架加以整合,在多边框架体制下,通过对禀赋的随机过程进行内生化处理来分析。对跨国风险分担理论进行梳理,有助于人们深化对当前国际金融危机的认识和研究。更多还原

【Abstract】 Theoretically,financial market integration can bring large benefits for all the countries by reducing the volatility and providing the mechanisms for international risk sharing. But the welfare gains from risk sharing that have been reported range from negligible to enormous. The differences mainly come from the differences in the measurement of the welfare gains as well as the assumptions of the parameters and the stochastic processes. Future research should seek to combine the two approaches into a multi-country framework by endogenzing the stochastic processes of the endowment. Reviewing on the theories of the international risk sharing could deepen the understanding and research of the current financial crisis.更多还原