Partage du risque interrégional. Une étude des canaux budgétaires et financiers aux États-Unis et en Europe
AbstractRisk-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 InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): n° 119 (2011)
Issue (Month): 4 ()
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Web page: http://www.cairn.info/revue-de-l-ofce.htm
monetary unions; asymmetric shocks; financial integration; risk-sharing;
Find related papers by JEL classification:
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F15 - International Economics - - Trade - - - Economic Integration
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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- Duwicquet, Vincent & Mazier, Jacques & Saadaoui, Jamel, 2012. "Exchange Rate Misalignments, Fiscal Federalism and Redistribution: How to Adjust in a Monetary Union," MPRA Paper 48697, University Library of Munich, Germany.
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- Vincent Duwicquet & Jacques Mazier & Jamel Saadaoui, 2013. "Désajustements de change, fédéralisme budgétaire et redistribution. Comment s'ajuster en union monétaire," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 57-96.
- Saadaoui, Jamel, 2012.
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