Correct assessment of consumption risk and its international diversification has important policy implications. However, existing studies of international risk sharing rely on the unrealistic assumptions that all economies are characterized by symmetric preferences and uniform transmission of global shocks. We relax these homogeneity constraints and compare our proposed approach with the conventional ones using a 44‐year panel of 120 countries. Our results confirm that consumption is only partially smoothed internationally and risk sharing is directly related to the level of development, but we do not detect a significant increase in risk sharing during the surge in financial globalization over the last four decades.
Universit y of Hawai ' i at Manoa 2424 Maile way, rooM 40 • HonolUlU, Hawai ' i 9 6822 w w w.UHero. Hawaii. edU working papers are preliMinary Materials circUl ated to stiMUl ate discUssion and critical coMMent. tHe views expressed are tHose of tHe individUal aUtHors .
Groundwater is a vital resource for humans and groundwater dependent ecosystems. Coastal aquifers and submarine groundwater discharge (SGD), both influenced by terrestrial and marine forces, are increasingly affected by climate variations and sea-level rise. Despite this, coastal groundwater resources and discharge are frequently poorly constrained, limiting our understanding of aquifer responses to external forces. We apply traditional and novel time-series approaches using an SGD dataset of previously unpublished resolution and duration, to analyze the dependencies between precipitation, groundwater level, and SGD at a model site (Kīholo Bay, Hawaiʻi). Our objectives include (1) determining the relative contribution of SGD drivers over tidal and seasonal periods, (2) establishing temporal relationships and thresholds of processes influencing SGD, and (3) evaluating the impacts of anomalous events, such as tropical storms, on SGD. This analysis reveals, for example, that precipitation is only a dominant influence during wet periods, and otherwise tides and waves dictate the dynamics of SGD. It also provides time lags between intense storm events and higher SGD rates, as well as thresholds for precipitation, wave height and tides affecting SGD. Overall, we demonstrate an approach for modeling a hydrological system while elucidating coastal aquifer and SGD response in unprecedented detail.
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