On the spillovers of US Quantitative Easing”, CEPR Discussion Paper No 9195, October 2012. 8  See M. Obstfeld, “Evaluating risky consumption paths: The role of intertemporal substitutability”, European Economic Review, vol. 38, no. 7, August 1994, pp. 1471–86, and “Risk-taking, global diversification, and growth”, American Economic Review, vol. 84, no. 5, December 1994, pp. 1310–29.
See also more recently, K. Lewis and E. Liu, “Evaluating International Consumption Risk Sharing Gains: An Asset Return View”, October 2012, working paper presented at the 2013 American Economic Association meeting. 2  BIS central bankers’ speeches  One simple metric often used to gauge the extent of international risk-sharing is the ratio of gross foreign assets relative to GDP in major economies.