What they argued in this paper was that, if we had perfect risk management, then there would be perfect correlation of consumption across countries because if we get rid of the idiosyncratic risks, then all that's left is planet-wide risks.

他们在论文中的观点是，如果我们有完善的风险管理,那在不同国家之间的消费呈完全相关,因为如果我们消除了特有风险，那只剩下全球范围内的市场风险。

耶鲁公开课 - 金融市场课程节选