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Government Size and International Consumption Risk Sharing

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  • Markus Leibrecht
  • Johann Scharler

Abstract

We investigate the influence of government size on the exposure of consumption growth to country-specific fluctuations in output growth using a sample of OECD countries. To the extent that governments are less constrained on international financial markets, it appears conceivable that governments diversify risks interna- tionally on behalf of agents. Our results indicate that the extent of international risk sharing is unrelated to the size of the public sector.

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Bibliographic Info

Paper provided by Department of Economics, Johannes Kepler University Linz, Austria in its series Economics working papers with number 2009-17.

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Length: 11 pages
Date of creation: Nov 2009
Date of revision:
Handle: RePEc:jku:econwp:2009_17

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Keywords: Government Size; International Risk Sharing;

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  1. Lane, Philip R., 2003. "The cyclical behaviour of fiscal policy: evidence from the OECD," Journal of Public Economics, Elsevier, vol. 87(12), pages 2661-2675, December.
  2. Sorensen, Bent E. & Wu, Yi-Tsung & Yosha, Oved & Zhu, Yu, 2007. "Home bias and international risk sharing: Twin puzzles separated at birth," Journal of International Money and Finance, Elsevier, Elsevier, vol. 26(4), pages 587-605, June.
  3. Markus Leibrecht & Johann Scharler, 2008. "Reconsidering Consumption Risk Sharing among OECD Countries: Some Evidence Based on Panel Cointegration," Open Economies Review, Springer, Springer, vol. 19(4), pages 493-505, September.
  4. Philip R. Lane & Gian-Maria Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II," IMF Working Papers 06/69, International Monetary Fund.
  5. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5644, C.E.P.R. Discussion Papers.
  6. Markus Leibrecht & Johann Scharler, 2011. "Borrowing constraints and international risk sharing: evidence from asymmetric error-correction," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 43(17), pages 2177-2184.
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