Ripartizione del rischio nelle aree territoriali italiane: un’indagine nel lungo e nel breve periodo
In this paper we evaluate the existence of consumption risk sharing among specific geographical areas within Italy. By using an approach based upon the cointegration properties of the series and the error correction mechanisms, we analyze the emergence of risk sharing in the long- and in the short-run, encompassing the usual approach focussing on the short-run behavior only. The empirical evidence suggest that idiosyncratic risks are neutralized to a larger extent than previously found. In particular, only few areas were unable or unwilling to share their idiosyncratic risks.
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Volume (Year): 92 (2002)
Issue (Month): 3 (May-June)
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