Interregional and International Risk Sharing and Lessons for EMU

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Interregional and International Risk Sharing and Lessons for EMU

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Mélitz, Jacques
Zumer, Frédéric

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Jacques Melitz

Abstract

How much risk sharing takes place between regions within countries, between countries internationally, and what are the lessons for EMU? We study these questions based on regional data from the US, Canada, the UK and Italy, and national data from an international sample of 23 OECD countries, including all 15 EU members, and do so with the aid of a modified version of a model by Asdrubali, Sørensen and Yosha. In conclusion, we find that even though the surrender of monetary policy will reduce the capacity of the members of EMU to smooth shocks via macroeconomic policy, the regime will promote smoothing of shocks via market channels.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2154.

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Date of creation: May 1999
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Handle: RePEc:cpr:ceprdp:2154

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Article
- Melitz, Jacques & Zumer, Frederic, 1999. "Interregional and international risk-sharing and lessons for EMU," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 51(1), pages 149-188, December. [Downloadable!] (restricted)
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Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
F20 - International Economics - - International Factor Movements and International Business - - - General
F30 - International Economics - - International Finance - - - General

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