Limited stock market participation can potentially explain the disconnect between international asset prices and macro quantities. An incomplete markets model in which risk sharing for stockholders is high generates highly correlated equity returns and relatively smooth exchange rates. Risk sharing for nonstockholders is limited because of their nonparticipation in stock markets and borrowing constraints, reducing the aggregate consumption correlation and the correlation between aggregate consumption differentials and exchange rates. Financial integration widens the disconnect by benefiting stockholders but hurting nonstockholders. Survey data indicate that international risk sharing for stockholders is better than that for nonstockholders, consistent with the predictions.

中文翻译：

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有限的风险分担和国际股票收益

有限的股票市场参与可能解释国际资产价格和宏观数量之间的脱节。股东风险分担率高的不完全市场模型会产生高度相关的股本回报率和相对平稳的汇率。非股东的风险分担是有限的，因为他们不参与股票市场和借款限制，从而降低了总消费相关性以及总消费差异与汇率之间的相关性。金融一体化通过使股东受益，但又伤害了非股东，扩大了分离。调查数据表明，与预测相符，股东的国际风险分担要好于非股东的风险分担。