Risk Sharing, avversione al rischio e stabilizzazione delle economie regionali in Italia

Attilio Gardini (), Giuseppe Cavaliere and Luca Fanelli ()
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Attilio Gardini: Università di Bologna

Rivista di Politica Economica, 2005, vol. 95, issue 3, 219-266

Abstract: We investigate the extent of risk sharing among the Italian regions with respect to both longrun and short-run income fluctuations. We use Vector Equilibrium Correction Models (VEqCMs) with the aim of testing all implications of the theory without preliminar data filtering, and without imposing constraints on the homogeneity of preferences across regions. Our estimates over the 1960-1995 period show that preferences are not homogeneous across regions and that the evidence in favour of regional risk sharing is more pronounced than commonly emphasized in previous research, although for some regions a high degree of risk aversion restricts the full effectiveness of the stabilisation strategies.

JEL-codes: C32 C51 E21 F40 R20 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (3)

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Working Paper: Risk sharing, avversione al rischio e stabilizzazione delle economie regionali in Italia (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:v:95:y:2005:i:3:p:219-266

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