홈바이어스가 위험분담 및 소비평준화에 미치는 영향

This paper confirms that both stock and bond home bias among OECD countries are improving and examines the economic impact of such change, with particular focus on its effect on risk sharing and consumption smoothing. Risk sharing is measured by how much the increase in a country’s total consumption depends on the global consumption growth; and consumption smoothing is measured by how low consumption volatility is compared to the income volatility. This study finds that improvement in stock home bias increases risk sharing in more recent data, but it is not the case in the bond home bias improvement. In addition, both stock and bond home bias improvement does not better consumption smoothing. On the other hand, per capita GDP growth improves both risk sharing and consumption smoothing. Such phenomenon persists after controlling financial development, trade openness, and financial crisis that it requires more detailed analysis on finding the exact channel of the effect.