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Interregional risk sharing and fiscal redistribution in unified Germany

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  • Falko Jü�en

Abstract

This article provides empirical evidence of interregional risk sharing in unified Germany. The focus is on two related questions. First, to what extent do private institutions and the public sector provide insurance against idiosyncratic shocks to individual regions? Second, to what extent does the public sector reduce long-term differences between regions? While the federal government channel is not found to have a stabilising effect, private capital flows provide almost complete insurance against short-term shocks. In sharp contrast, the fiscal transfer system achieves a substantial reduction of long term disparities between regions. These results show that fiscal transfers in unified Germany are mainly concerned with redistribution in favor of depressed regions rather than providing insurance against idiosyncratic shocks. Copyright (c) 2006 the author(s). Journal compilation (c) 2006 RSAI.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Papers in Regional Science.

Volume (Year): 85 (2006)
Issue (Month): 2 (06)
Pages: 235-255

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Handle: RePEc:bla:presci:v:85:y:2006:i:2:p:235-255

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1056-8190

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  1. Pierfederico Asdrubali & Soyoung Kim, 2000. "Dynamic Risk Sharing in the United States and Europe," Econometric Society World Congress 2000 Contributed Papers, Econometric Society 1621, Econometric Society.
  2. Bernard Fingleton & Enrique López-Bazo, 2006. "Empirical growth models with spatial effects," Papers in Regional Science, Wiley Blackwell, Wiley Blackwell, vol. 85(2), pages 177-198, 06.
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Cited by:
  1. Hepp, Ralf & von Hagen, Jürgen, 2009. "Fiscal federalism in Germany: Stabilization and redistribution before and after unification," ZEI Working Papers B 01-2009, ZEI - Center for European Integration Studies, University of Bonn.

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