The Risk Content of Exports: A Portfolio View of International Trade
Chapter in NBER book NBER International Seminar on Macroeconomics 2011 (2012), Jeffrey Frankel and Christopher Pissarides, organizers (p. 97 - 151)
---- Acknowledgments ----
We would like to thank Michael Alexeev, Christian Broda, Thomas Chaney, Shawn Cole, Pierre-Olivier Gourinchas, Chang-Tai Hsieh, Jean Imbs, Beata Javorcik, Sebnem Kalemli-Ozcan, Miklos Koren, Ayhan Kose, Akito Matsumoto, Rodney Ramcharan, Assaf Razin, Silvana Tenreyro, Jaume Ventura, seminar participants at various institutions, and especially Romain Ranciere for helpful suggestions. Piyush Chandra provided excellent research assistance. The views expressed in this paper are those of the authors and should not be attributed to the International Monetary Fund, its Executive Board, or its management.