Risk sharing through capital gains

Faruk Balli, Sebnem Kalemli‐Ozcan and Bent Sorensen

Canadian Journal of Economics/Revue canadienne d'économique, 2012, vol. 45, issue 2, 472-492

Abstract: 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. On examine les canaux de partage international du risque entre l’Union monétaire européenne, l’Union européenne, et les autres pays de l’OCDE (1992–2007). On se concentre sur le partage du risque via les épargnes, les flux de revenus des facteurs, et les gains de capitaux. Le partage du risque via les revenus des facteurs et les gains de capitaux a été presque nul avant 1999, mais s’est accru depuis. Le partage du risque via les gains de capitaux (à peu près 6%) est plus grand que le partage du risque via les flux de revenus des facteurs pour les pays de l’Union européenne et les pays de l’OCDE. Le partage du risque vis les flux de revenus des facteurs est plus élevé pour l’Euro zone (à quelques 14%), reflétant le fait que les actifs et passifs internationaux détenus dans la zone Euro se sont accrus.

Date: 2012
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Citations: View citations in EconPapers (16)

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https://doi.org/10.1111/j.1540-5982.2012.01702.x

Related works:
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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Persistent link: https://EconPapers.repec.org/RePEc:wly:canjec:v:45:y:2012:i:2:p:472-492

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