Channels of Interstate Risk Sharing: United States 1963-1990
The authors develop a framework for quantifying the amount of risk sharing among states in the United States and construct data that allow them to decompose the cross-sectional variance in gross state product into several components which they refer to as levels of smoothing. They find that 39 percent of shocks to gross state product are smoothed by capital markets, 13 percent are smoothed by the federal government, and 23 percent are smoothed by credit markets. The remaining 25 percent are not smoothed. The authors also decompose the federal government smoothing into subcategories: taxes, transfers, and grants to states. Copyright 1996, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.
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Volume (Year): 111 (1996)
Issue (Month): 4 (November)
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