中文摘要
我们利用一个涵盖发达经济体与新兴经济体的大样本, 研究国际金融一体化在缓冲自然灾害冲击中的作用。自然灾害在很大程度上不可预测, 且与金融一体化的状态无关。我们发现, 一体化改善了对此类冲击的吸收: 自然灾害发生后, 高一体化状态下的产出、消费和投资显著高于低一体化状态。此类收益在发达经济体中最为明显。新兴市场也倾向于从金融一体化中获益, 但除非以制度质量为条件或仅考察债务资产, 否则估计不够精确。(JEL E21, E22, E23, F32, F33, F34, Q54)
Abstract
We study the role of international financial integration in buffering natural disaster shocks, using a large sample of advanced and emerging economies. Natural disasters are largely unpredictable and unrelated to the state of financial integration. We document that integration improves the absorption of such shocks: Output, consumption, and investment are significantly higher after a natural disaster in states with high than in states with low integration. The benefits are most clear for advanced economies. Emerging markets tend to profit from financial integration, too, but the estimates are less precise unless we condition on institutional quality or consider only debt assets. (JEL E21, E22, E23, F32, F33, F34, Q54)