| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP4446
|
| DP4446 Business Groups and Risk Sharing Around the World |
| YIshay Yafeh; Tarun Khanna
|
| 发表日期 | 2004-06-23
|
| 出版年 | 2004
|
| 语种 | 英语
|
| 摘要 | What are the prospects that risk sharing in EMU will ever attain the levels in the US? So far as the risk sharing in the US depends on interregional transfers through the budget of the federal government, those prospects are poor. So far as the risk sharing in the US takes place though market channels, they are much better. The Paper addresses the theory and evidence on the subject. The evidence would indicate that EMU still lags far behind the US as regards the pooling of risks through portfolio diversification. But there already seems to be little to distinguish the euro area from the US concerning the ability to borrow to smooth shocks. Thus, some extra risk sharing should already be taking place in the euro area through this channel. How much? Further, there is also evidence that the progress of European economic and monetary integration over the last decade has increased the symmetry of business cycles. This evidence is difficult to interpret. It could even be a sign of remaining capital-market imperfections. One of the issues in the Paper is the adequacy of the general framework that Asdrubali, Sørensen and Yosha have proposed for dealing with all of these questions. |
| 主题 | International Macroeconomics
|
| 关键词 | Risk sharing
Emu
Fiscal federalism
Portfolio diversification
Current account balance
|
| URL | https://cepr.org/publications/dp4446
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533396
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推荐引用方式
GB/T 7714 |
YIshay Yafeh,Tarun Khanna. DP4446 Business Groups and Risk Sharing Around the World. 2004.
|
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