The Risk Content of Exports: A Portfolio View of International Trade
---- Acknowledgments ----
We would like to thank Michael Alexeev, Christian Broda, Thomas Chaney, Shawn Cole, Pierre-Olivier Gourinchas, Chang-Tai Hsieh, Jean Imbs, Ayhan Kose, Akito Matsumoto, Rodney Ramcharan, Jaume Ventura, seminar participants at various institutions, and especially Romain Rancière 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, its management, or the National Bureau of Economic Research.