Partage du risque dans l'Union européenne. Expériences interrégionales et internationales

Frédéric Zumer and Jacques Melitz

Revue de l'OFCE, 2002, vol. n° 83 bis, issue 5, 299-323

Abstract: How much risk sharing takes place between regions within countries, between countries internationally, and what are the lessons for EMU? We propose a method of assessing the smoothing of shocks regions get via insurance, credit, and the central budget. The insurance comes from the holding of claims against the output of other regions. The credit channel relates to borrowing from other regions. We test the model on US and Canadian data, and then we extend the tests to two international samples: 23 OECD members and the 15 countries in the EU. We are able to conclude that even though the surrender of monetary policy will reduce the theoretical capacity of the members of EMU to smooth shocks via public action, the change will promote smoothing of shocks via the two market channels. JEL codes : C33, E20, F20, F30.

JEL-codes: C33 E20 F20 F30 (search for similar items in EconPapers)
Date: 2002
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_074_0299 (application/pdf)
http://www.cairn.info/revue-de-l-ofce-2002-5-page-299.htm (text/html)
free

Related works:
Working Paper: Partage du risque dans l'Union européenne: expériences interrégionales et internationales (2002)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:reofsp:reof_074_0299

Access Statistics for this article

More articles in Revue de l'OFCE from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().