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Contiguita' territoriale e shock sul consumo nelle regioni italiane

Listed author(s):
  • A. Scorcu

The hypothesis of complete consumption risk-sharing suggests that only uninsurable national and international disturbances should affect the growth of the regional consumption. Therefore, the correlation among regional consumption growth rates should be high.This work analyzes the issue of regional consumption risk-sharing in Italy over the period 1971-93. The empirical evidence is mixed: consumption correlations are high but other formal tests suggest the relevance of idiosincratic effects. In conclusion, the overall degree of consumption risksharing appears to be less than perfect.

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Paper provided by Dipartimento Scienze Economiche, Universita' di Bologna in its series Working Papers with number 277.

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Date of creation: Jun 1997
Handle: RePEc:bol:bodewp:277
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  1. Bayoumi, Tamim A. & Rose, Andrew K., 1993. "Domestic savings and intra-national capital flows," European Economic Review, Elsevier, vol. 37(6), pages 1197-1202, August.
  2. Frankel, Jeffrey A, 1992. "Measuring International Capital Mobility: A Review," American Economic Review, American Economic Association, vol. 82(2), pages 197-202, May.
  3. International Monetary Fund, 1990. "Capital Mobility in Developing Countries; M386Some Empirical Tests," IMF Working Papers 90/117, International Monetary Fund.
  4. Tamim Bayoumi & Ronald Macdonald, 1995. "Consumption, Income, and International Capital Market Integration," IMF Staff Papers, Palgrave Macmillan, vol. 42(3), pages 552-576, September.
  5. Montiel, Peter J, 1994. "Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates," World Bank Economic Review, World Bank Group, vol. 8(3), pages 311-350, September.
  6. Stockman, Alan C & Tesar, Linda L, 1995. "Tastes and Technology in a Two-Country Model of the Business Cycle: Explaining International Comovements," American Economic Review, American Economic Association, vol. 85(1), pages 168-185, March.
  7. Canova, Fabio & Ravn, Morten O, 1996. "International Consumption Risk Sharing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(3), pages 573-601, August.
  8. Maurice Obstfeld, 1986. "How Integrated are World Capital Markets? Some New Tests," NBER Working Papers 2075, National Bureau of Economic Research, Inc.
  9. Maurice Obstfeld, 1993. "Are Industrial-Country Consumption Risks Globally Diversified?," NBER Working Papers 4308, National Bureau of Economic Research, Inc.
  10. Cochrane, John H, 1991. "A Simple Test of Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 957-976, October.
  11. Mace, Barbara J, 1991. "Full Insurance in the Presence of Aggregate Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 928-956, October.
  12. Bayoumi, Tamim, 1994. "On the Optimality of Consumption Across Canadian Provinces," CEPR Discussion Papers 1030, C.E.P.R. Discussion Papers.
  13. Antonello Scorcu, 1998. "Consumption risk-sharing in Italy," Applied Economics, Taylor & Francis Journals, vol. 30(3), pages 407-414.
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