This paper criticizes the standard methodology used to measure the importance of different channels of risk-sharing in federal states such as the one used in Asdrubali et al.'s (1996) seminal contribution. It argues that the methodology chosen in these papers systematically underestimates the role federal governments play in stabilizing the business cycle in its member states (and overstates the role of financial markets in stabilization) as it (a) ignores the possibility of direct spending by the federal government in a single state stabilizing state GDP, (b) strips out effects of transfers and grants in national recessions, (c) counts smoothing of distributed profits by domestic firms as 'smoothing by capital markets' and (d) counts a normal variation of households' savings to smooth consumption as 'smoothing by credit markets'.

中文翻译：

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联邦体系中金融市场的风险分担：对现有实证评估的批判

本文批评了用于衡量联邦州不同风险分担渠道重要性的标准方法，例如 Asdrubali 等人 (1996) 开创性贡献中使用的方法。它认为，这些论文中选择的方法系统地低估了联邦政府在稳定其成员国商业周期方面的作用（并夸大了金融市场在稳定中的作用），因为它 (a) 忽略了联邦政府直接支出的可能性。单一国家政府稳定国家 GDP，(b) 剔除国家经济衰退中转移和赠款的影响，(c) 将国内企业分配利润的平滑计算为“资本市场平滑”，以及 (d) 计算正常变化家庭储蓄以平滑消费为“