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National Insurance against Unevenly Distributed Shocks in a European Monetary Union

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  • Jacques MÉLITZ

    (INSEE)

  • Silvia VORI

    (Banca d’Italia)

Abstract

We examine proposals to introduce national insurance against unevenly distributed shocks in the European Community. This insurance would operate differently from tax and government spending activities that now yield regional insurance within countries, since these activities are mainly designed for other purpose 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 Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 1993014.

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Length: 24
Date of creation: 01 Mar 1993
Date of revision:
Handle: RePEc:ctl:louvre:1993014

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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. Barry Eichengreen, 1998. "Saving Europe's Automatic Stabilizers," Macroeconomics 9805013, EconWPA.
  3. 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.
  4. 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.
  5. Enzo Dia, 2004. "The bank’s risk insurance and the EMU," Working Papers 72, University of Milano-Bicocca, Department of Economics, revised May 2004.
  6. Dominick Salvatore, 1998. "International Monetary and Financial Arrangements: Present and Future," Open Economies Review, Springer, vol. 9(1), pages 375-416, January.
  7. Goodhart, Charles, 1996. "European monetary integration," European Economic Review, Elsevier, vol. 40(3-5), pages 1083-1090, April.

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