동아시아의 소득충격과 리스크쉐어링 효과

Abstract

This study analyzes the risk sharing in terms of consumption smoothing through the integration of financial markets. We analyze the effects of international financial integration on the risk sharing of country-specific idiosyncratic shocks to income in the East Asian Region. The results show that risk sharing was improved since 1997 when there was a financial crisis in Asia and the risk sharing effect has been enlarged. The risk sharing in the East Asian economy, however, is found to be still limited. Therefore, enhancing the level of financial market integration in East Asia requires the establishment of a mechanism to cope with the cases of unique impact for currency integration.