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Partage du risque dans l'Union européenne. Expériences interrégionales et internationales

  • Frédéric Zumer
  • Jacques Mélitz

How much risk sharing takes place between regions within countries, between countries internationally, and what are the lessons for EMU? We propose a method of assessing the smoothing of shocks regions get via insurance, credit, and the central budget. The insurance comes from the holding of claims against the output of other regions. The credit channel relates to borrowing from other regions. We test the model on US and Canadian data, and then we extend the tests to two international samples: 23 OECD members and the 15 countries in the EU. We are able to conclude that even though the surrender of monetary policy will reduce the theoretical capacity of the members of EMU to smooth shocks via public action, the change will promote smoothing of shocks via the two market channels. JEL codes : C33, E20, F20, F30.

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 83 bis (2002)
Issue (Month): 5 ()
Pages: 299-323

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Handle: RePEc:cai:reofsp:reof_074_0299
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