来自《耶鲁大学开放课程：金融市场 第3集 第3集》
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perfect correlation of consumption across countries那在不同国家之间的消费呈完全相关 -
because if we get rid of the idiosyncratic risks,因为如果我们消除了特有风险 -
then all that's left is planet-wide risks.那只剩下全球范围内的市场风险 -
If we had perfect financial markets--如果我们有完善的金融市场 -
and this is intuitive--这就很直观 -
and I don't know how obvious this is, it's obvious to me,我不知道这有多直观 至少我觉得显而易见 -
but it's an intuitive point of great importance--这是一个很重要的观点 -
nobody would suffer alone.也就是 没有人会独自承担风险 -
Anytime there's a risk that hits one person or one country如果有风险袭击一个人或者一个国家 -
the financial markets would spread it out over everybody金融市场就会将风险分摊到所有人身上 -
and it gets very small.风险就变得微乎其微 -
What's left?剩下什么