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Cited by 527

The DOI matches its Crossref record; 15 of the 15 references it cites were found in a registry or an index.

Risk-Taking, Global Diversification, and Growth

Open access
Obstfeld, Maurice·1992·National Bureau of Economic Research
DOI 10.3386/w4093
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Abstract

This paper develops a dynamic continuous-time model in which international risk sharing can yield substantial welfare gains through its positive effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe, but low-yield, capital into riskier, high-yield capital. The presence of these two types of capital is meant to capture the idea that growth depends on the availability of an ever-increasing array of specialized, hence inherently risky, production inputs. A partial calibration exercise based on Penn World Table consumption data implies steady-state welfare gains from global financial integration that for some regions amount to several times initial wealth.

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Metadata

Authors
Obstfeld, M.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
1992-06
DOI
10.3386/w4093
OpenAlex
W2115140725
Cited by
527
References
15
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: Risk-Taking, Global Diversification, and Growth. https://app.cochat.ai/papers/10.3386/w4093
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Obstfeld, M. (1992). Risk-Taking, Global Diversification, and Growth. National Bureau of Economic Research. https://doi.org/10.3386/w4093

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.