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National Insurance Against Unevenly Distributed Shocks in a European Monetary Union

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  • Mélitz, Jacques
  • Vori, Silvia

Abstract

We examine proposals to introduce in the European Community national insurance against unevenly distributed shocks. This would operate differently from tax and government spending activities that now yield regional insurance within countries, since the latter are mainly designed for other purposes such as income redistribution and general revenue-raising. According to our evidence, the appeal of such insurance is very limited because the risks are too highly correlated and there is an excessive chance that a country in difficulty would not receive aid. The costs of a continuing programme are likely to exceed the benefits.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 697.

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Date of creation: Sep 1992
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Handle: RePEc:cpr:ceprdp:697

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Keywords: European Monetary Union; Fiscal Federalism; Regional Insurance;

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Cited by:
  1. Mariano Tommasi & Pablo Sanguinetti, 2003. "Intergovernmental Transfers and Fiscal Behavior: Insurance versus Aggregate Discipline," Working Papers 60, Universidad de San Andres, Departamento de Economia, revised Aug 2003.
  2. Eichengreen, Barry, 1996. "Saving Europe's Automatic Stabilizers," Center for International and Development Economics Research, Working Paper Series qt9zb6q3ms, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  3. Enzo Dia, 2004. "The bank’s risk insurance and the EMU," Working Papers 72, University of Milano-Bicocca, Department of Economics, revised May 2004.
  4. Goodhart, Charles, 1996. "European monetary integration," European Economic Review, Elsevier, vol. 40(3-5), pages 1083-1090, April.
  5. Dominick Salvatore, 1998. "International Monetary and Financial Arrangements: Present and Future," Open Economies Review, Springer, vol. 9(1), pages 375-416, January.
  6. Cavaliere, Giuseppe & Fanelli, Luca & Gardini, Attilio, 2006. "Regional consumption dynamics and risk sharing in Italy," International Review of Economics & Finance, Elsevier, vol. 15(4), pages 525-542.
  7. Rui Henrique Alves & Óscar Afonso, 2007. "Fiscal Federalism in the European Union: How Far Are We?," FEP Working Papers 244, Universidade do Porto, Faculdade de Economia do Porto.

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