This paper offers a comprehensive view of international risk sharing and of related policy issues from the perspective of the European Union. The traditional analyses contemplate three risk-sharing channels: the capital markets channel (through cross border portfolio investments), international transfers and the credit markets channel (via savings). Comparative analyses reveal that, on average, about 80% of the shock remains unsmoothed in Europe while only about 18% of the shock is transmitted to consumers within the US. From aggregated figures, there is space for improving, particularly, the cross-border investments channel in Europe. In this sense, the completion of the Banking and Capital Markets Union are expected to boost risk sharing across European member states. We also review new additional issues usually not contemplated by the traditional literature as depreciation, migration and the role of sovereigns and two new additional channels recently considered in the literature: government consumption and the real exchange rate. Finally, we also examine recent analysis related to the geographic distribution of risk sharing.

中文翻译：

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国际风险分担政策分析述评

本文从欧盟的角度提供了国际风险分担和相关政策问题的全面观点。传统分析考虑了三种风险分担渠道：资本市场渠道（通过跨境证券投资），国际转移和信贷市场渠道（通过储蓄）。比较分析表明，平均而言，欧洲约80％的冲击仍未消除，而只有约18％的冲击传递给了美国境内的消费者。从合计数字来看，还有改进的空间，尤其是欧洲的跨境投资渠道。从这个意义上讲，银行和资本市场联盟的成立有望促进整个欧洲成员国之间的风险分担。我们还回顾了传统文献通常不考虑的新的额外问题，如折旧，移民和主权国家的作用，以及文献中最近考虑的两个新的新渠道：政府消费和实际汇率。最后，我们还研究了与风险分担的地理分布有关的最新分析。