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Transmission Channels, Risk Sharing, and EMU Dispersions

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Author Info
Emil Stavrev () (International Monetary Fund)

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Abstract

First, using a small theoretically founded general equilibrium model fitted to the data by Bayesian techniques, the article assesses the contribution of interest rates and housing prices to dispersions within the European Monetary Union (EMU). It finds that the different behavior of interest rates just before and after the introduction of the euro has contributed significantly to growth dispersions in the EMU. However, this has been a one-off shock whose effects, particularly on construction, should decline over time. Second, the article analyzes the contribution of the financial system to sharing country-specific risks in a panel framework. It finds that further financial sector integration in the EMU could do much more to insure countries against shocks and increase consumption smoothing.

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File URL: http://journal.fsv.cuni.cz/mag/article/show/id/1127
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Publisher Info
Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

Volume (Year): 58 (2008)
Issue (Month): 03-04 (May)
Pages: 152-165
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Handle: RePEc:fau:fauart:v:58:y:2008:i:3-4:p:152-165

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Related research
Keywords: consumption smoothing; output and inflation dispersions; risk sharing;

Find related papers by JEL classification:
C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
F15 - International Economics - - Trade - - - Economic Integration
F2 - International Economics - - International Factor Movements and International Business
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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This page was last updated on 2009-12-12.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.