时间：2015/06/25, 10:00~11:30

地点：威廉希尔一楼院史馆

主讲人: Marcel Schroder

主讲题目：Valuation Effects, Risk Sharing, and Consumption Smoothing

主讲人介绍：马塞尔•施罗德是黎巴嫩美国大学经济学助理教授。他获得澳大利亚国立大学的经济学博士学位。主要研究领域是国际经济学和发展经济学。

内容摘要：In theory, valuation effects (changes in net external assets of a country arising from movements in exchange rates or asset returns) are an important channel of international risk sharing as they facilitate external adjustment. However, the effects can also be economically destabilizing in the presence of frictions in the international financial system. Despite the growing significance of valuation effects in an era of financial globalization, the nature and extent of their macroeconomic effect has not yet been systematically examined, especially in relation to emerging market economies (EMEs). The study examines the macroeconomic impact of valuation effects for 53 countries from 1980–2010. Valuation effects seem to operate as a risk sharing channel in high income countries. For EMEs the results depend on how valuation effects correlate with domestic consumption growth. There is weak evidence that valuation effects act as a risk sharing channel only if the correlation is negative, and are destabilizing otherwise.