东亚金融合作对消费风险分担的影响

The Effect of Financial Cooperation on Consumption Risk Sharing in the East Asian

本文研究金融合作的重要性,以及东亚9国(地区)从1970-2010年消费风险分担的构成与演化。总体上讲,东亚国家(地区)消费风险分担程度依然很低,但是消费风险分担水平在逐年提高。东亚国家(地区)金融合作程度不断提高,同时东亚地区商业经济周期的变化显示,产出波动的暂时性部分加剧,所以股权资产市场分散产出波动的永久性部分较完全,但是债权资产市场分散暂时性部分仍然不足。

This paper researches the importance of financial cooperation, as well as the constitution and evolution of consumption risk sharing in East Asia 9 countries （regions） from 1970 to 2010. Overall, the degree of risk sharing consumption in the East Asian countries （regions） is still low, but the level of consumption risk sharing improves year by year. The degree of financial cooperation in East Asian countries （regions） continues to improve, meanwhile the exchanges of business cycle in East Asia indicate that temporary component of output volatility is increasing, so equity asset markets decentralize permanent component of output fluctuations more fully, but temporary component decentralized by debt asset markets is still insufficient.