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Risk Sharing in the EMU: A Time-Varying Perspective
JCMS: Journal of Common Market Studies ( IF 2.500 ) Pub Date : 2021-07-14 , DOI: 10.1111/jcms.13217
Pasquale Foresti 1, 2 , Oreste Napolitano 3
Affiliation  

The development of effective risk sharing mechanisms is one of the main passages for the success and longevity of a monetary union. In this paper, we study risk sharing, measured as income and consumption smoothing, in the EMU. As we employ time-varying estimations, we are able to retrieve time patterns of risk sharing for each member country and to compare them with the degree of economic asymmetry within the EMU. Other than documenting the need for stronger risk sharing mechanisms in the EMU, our results also suggest that much more attention should be dedicated to fostering homogeneity in risk sharing across member countries. We document the existence of increasing heterogeneity in the risk sharing capacity between member countries that can potentially exacerbate and amplify the impact of asymmetric shocks and further destabilize the EMU.

中文翻译:

EMU 中的风险分担:时变视角

发展有效的风险分担机制是货币联盟成功和长久的主要途径之一。在本文中,我们研究了 EMU 中以收入和消费平滑衡量的风险分担。由于我们采用时变估计,我们能够检索每个成员国风险分担的时间模式,并将它们与 EMU 内的经济不对称程度进行比较。除了证明 EMU 需要建立更强有力的风险分担机制外,我们的结果还表明,应该更加关注促进成员国之间风险分担的同质性。我们记录了成员国之间风险分担能力日益异质性的存在,这可能会加剧和放大不对称冲击的影响,并进一步破坏欧洲货币联盟的稳定。
更新日期:2021-07-14
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