Risk sharing through capital gains

Faruk Balli, Sebnem Kalemli-Ozcan and Bent Sorensen

Canadian Journal of Economics, 2012, vol. 45, issue 2, 472-492

Abstract: We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries, 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital gains, at about 6%, is higher than risk sharing from factor income flows for European Union countries and OECD countries. Risk sharing from factor income flows is higher for euro zone countries, at 14%, reflecting increased international asset and liability holdings in the euro area.

JEL-codes: F21 F36 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (33)

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Journal Article: Risk sharing through capital gains (2012)
Working Paper: Risk Sharing through Capital Gains (2011)
Working Paper: Risk Sharing through Capital Gains (2011)
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