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Regional Insurance against Asymmetric Shocks: An Empirical Study for the European Community

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von Hagen, Jurgen
Hammond, George W

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Abstract

The loss of the exchange rate as an independent policy instrument implied by European monetary union calls for an insurance scheme as a buffer against asymmetric shocks. The authors study the performance of such a system using historical data. A reasonable insurance scheme can be implemented on the basis of a fairly complex econometric formula. Simplifying the computation of the transfers severely worsens the performance of the system. Forcing the system to balance financially is not a critical constraint. The simulations show that stabilizing asymmetric shocks around a common trend may amplify the univariate variance of GDP for some member countries. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Article provided by Blackwell Publishing in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 66 (1998)
Issue (Month): 3 (June)
Pages: 331-53
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Handle: RePEc:bla:manch2:v:66:y:1998:i:3:p:331-53

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  2. Moller, Joachim, 2001. "Regional Adjustment Dynamics," Discussion Paper Series 26180, Hamburg Institute of International Economics. [Downloadable!]
  3. Barry Eichengreen, 1998. "Saving Europe's Automatic Stabilizers," Macroeconomics 9805013, EconWPA. [Downloadable!]
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  4. Pacheco, Luís Miguel, 2000. "Fiscal Federalism, EMU and Shock Absorption Mechanisms: A Guide to the Literature," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 4, 03. [Downloadable!]
  5. Beetsma, Roel & Debrun, Xavier & Klaassen, Frank, 2001. "Is Fiscal Policy Coordination in EMU Desirable?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  6. Amador, Joao L. M., 2000. "Fiscal Federalism in Continuous Time Stochastic Economies," FEUNL Working Paper Series wp383, Universidade Nova de Lisboa, Faculdade de Economia. [Downloadable!]
  7. Amélie Barbier-Gauchard, 2005. "Fiscal Federalism, discipline and selection adverse in the EU : Lessons from a theoretical model," Post-Print halshs-00007797_v1, HAL. [Downloadable!]
  8. BARBIER-GAUCHARD Amélie, 2005. "Fiscal federalism, discipline and selection adverse in the EU : Lessons from a theoretical model," Economics Bulletin, Economics Bulletin, vol. 5(11), pages 1-8. [Downloadable!]
  9. Engwerda, J.C. & Aarle, B. van & Plasmans, J.E.J., 1998. "Fiscal policy interaction in the EMU," Discussion Paper 113, Tilburg University, Center for Economic Research. [Downloadable!]
  10. António Afonso & Davide Furceri, 2007. "Business Cycle Synchronization and Insurance Mechanisms in the EU," Working Papers 2007/26, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
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  11. Shu-ki Tsang, 2002. "From "One Country, Two Systems" to Monetary Integration?," Working Papers 152002, Hong Kong Institute for Monetary Research. [Downloadable!]
  12. Büttner, Thiess, 1999. "Regional Stabilization by Fiscal Equalization? Theoretical Considerations and Empirical Evidence from Germany," ZEW Discussion Papers 99-23, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  13. Davide Furceri, 2004. "Does the EMU Need a Fiscal Transfer Mechanism?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 73(3), pages 418-428.
  14. Fidrmuc, Jan & Horvath, Julius & Fidrmuc, Jarko, 1999. "Stability of Monetary Unions: Lessons from the Break-up of Czechoslovakia," Transition Economics Series 10, Institute for Advanced Studies. [Downloadable!]
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