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Partage du risque interrégional. Une étude des canaux budgétaires et financiers aux États-Unis et en Europe

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  • Mickaël Clévenot
  • Vincent Duwicquet

Abstract

Risk-sharing shall allow asymmetric shocks smoothing into a monetary union. Three adjustment channels could play: public transfers, credits, financial incomes between regions/countries. The literature underlines the actual weakness of this mechanism in Europe whereas it tends generally to suggest that it plays a major role in United-States. In this work, we show for the United-States that financial channel is overestimated. The lack of appropriate data conduces to attribute a too big smoothing part to the risk-sharing instead of Optimum Currency Area effects. Finally, we produce the estimations on euro area where data are much precise and showing that financial channel is more small as predict. These results induce a reappraisal of federal budget. JEL classification: E61, F15, F36.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 119 (2011)
Issue (Month): 4 ()
Pages: 5-33

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Handle: RePEc:cai:reofsp:reof_119_0005

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

Related research

Keywords: monetary unions; asymmetric shocks; financial integration; risk-sharing;

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Cited by:
  1. Vincent Duwicquet & Jacques Mazier & Jamel Saadaoui, 2012. "Exchange Rate Misalignments, Fiscal Federalism and Redistribution: How to Adjust in a Monetary Union," Post-Print halshs-00848886, HAL.
  2. Duwicquet, Vincent & Mazier, Jacques & Saadaoui, Jamel, 2012. "Désajustements de change, fédéralisme budgétaire et redistribution : comment s’ajuster en union monétaire
    [Exchange Rate Misalignments, Fiscal Federalism and Redistribution: How to Adjust in
    ," MPRA Paper 42858, University Library of Munich, Germany.
  3. Saadaoui, Jamel, 2012. "Déséquilibres globaux, taux de change d’équilibre et modélisation stock-flux cohérente
    [Global Imbalances, Equilibrium Exchange Rates and Stock-Flow Consistent Modelling]
    ," MPRA Paper 51332, University Library of Munich, Germany.

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