Broner, Fernando (contributor); Gelos, Gaston (contributor); … - 2004
market shocks may propagate across countries
is through the effect of past gains and losses on investors’ risk aversion. The … paper first presents a
simple model examining how heterogeneous changes in investors’ risk aversion affects portfolio … aversion, emerging markets, portfolio choice,
financial crises.
JEL Classification: F30, G15.
The views expressed …