基于合同的国际风险分担实证分析

Empiracal Analysis of the International Risk Sharing Based on Contract

随着经济全球化步伐的不断加快,在世界各国之间进行高度的风险分担对于建立国际经济新秩序具有极其重要的意义。虽然目前某些国家之间确实存在某种形式的风险分担,但却没有一种风险分担是基于正式的金融合同之上的。本文运用行为金融学的研究成果对如何构建国际风险分担合同的心理框架进行了重点分析,并介绍了一个定价模型——CARP模型,然后运用CARP模型对亚太经合组织的10个成员国进行了实证分析。

With the acceleration of the pace of economic globlization, high risk sharing among the nations of the world plays a very important part in the establishment of new international economic order. At the present time, although some form of risk sharing actually exists among some nations. There is no risk sharing based on formal financial contract. This paper applies the research results of behavioral finance to analyze that in the Construction of the mental frame of the contract of international risk sharing, and a pricing model （CARP） is introduced. Finally, empirical analysis is made on 10 member states of APEC by applying CARP model.