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Contiguita' territoriale e shock sul consumo nelle regioni italiane

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
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Handle: RePEc:bol:bodewp:277
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  1. Cochrane, John H, 1991. "A Simple Test of Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 957-76, October.
  2. Ronald MacDonald & Tamim Bayoumi, 1994. "Consumption, Income, and International Capital Market Integration," IMF Working Papers 94/120, International Monetary Fund.
  3. Maurice Obstfeld., 1993. "Are Industrial-Country Consumption Risks Globally Diversified?," Center for International and Development Economics Research (CIDER) Working Papers C93-014, University of California at Berkeley.
  4. 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.
  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 311-50, September.
  6. Frankel, Jeffrey A, 1992. "Measuring International Capital Mobility: A Review," American Economic Review, American Economic Association, vol. 82(2), pages 197-202, May.
  7. Mace, Barbara J, 1991. "Full Insurance in the Presence of Aggregate Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 928-56, October.
  8. Antonello Scorcu, 1998. "Consumption risk-sharing in Italy," Applied Economics, Taylor & Francis Journals, vol. 30(3), pages 407-414.
  9. Fabio Canova & Morten O. Ravn, 1993. "International consumption risk sharing," Economics Working Papers 135, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 1995.
  10. Maurice Obstfeld, 1986. "How Integrated are World Capital Markets? Some New Tests," NBER Working Papers 2075, National Bureau of Economic Research, Inc.
  11. Bayoumi, Tamim, 1994. "On the Optimality of Consumption Across Canadian Provinces," CEPR Discussion Papers 1030, C.E.P.R. Discussion Papers.
  12. Alan C. Stockman & Linda L. Tesar, 1991. "Tastes and technology in a two-country model of the business cycle: explaining international co-movements," Working Paper 9019, Federal Reserve Bank of Cleveland.
  13. International Monetary Fund, 1990. "Capital Mobility in Developing Countries; M386Some Empirical Tests," IMF Working Papers 90/117, International Monetary Fund.
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