This study investigates the apparent lack of insurance against country‐specific risk observed internationally. Using a sample of 21 emerging and 21 advanced economies over the period 1980–2014, I document new evidence from international co‐movements of prices and quantities suggesting that risk sharing is worse in emerging economies than in advanced economies. I then extend a standard international business cycle model to assess the implications of the “cycle is the trend” hypothesis for international risk sharing. I show that shocks to trend productivity growth provide a compelling explanation for the distinct risk‐sharing features of emerging market economies. The findings of this study are relevant for the conduct of stabilization policy, as it critically depends on the nature of the shocks that affect an economy.

中文翻译：

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新兴经济体的国际风险分担

这项研究调查了国际上明显缺乏针对特定国家风险的保险。我使用1980年至2014年期间21个新兴经济体和21个发达经济体的样本，记录了国际价格和数量共同变动的新证据，表明新兴市场经济体的风险分担比发达经济体差。然后，我扩展了标准的国际商业周期模型，以评估“周期就是趋势”假设对国际风险分担的含义。我表明，对趋势生产率增长的冲击为新兴市场经济体的独特风险分担特征提供了令人信服的解释。这项研究的发现与稳定政策的实施有关，因为它主要取决于影响经济的冲击的性质。