In this policy brief we review some of the available evidence on the degree and sources of risk sharing in the Eurozone, compared with the US federation, especially drawing on Milano (2017), which updates the estimates on the variance decomposition introduced in Asdrubali et al. (1996) up to 2014 and identifies the contribution to risk sharing in the Eurozone of the EU public institutions (ESM, ESFS, ESFM).
Risk Sharing across the EMU: The Role of Public Institutions / Reichlin, Pietro; Milano, Valentina. - Enhanced Fiscal Integration in the EMU?, (2018), pp. 77-83. (Enhanced Fiscal Integration in the EMU? ESM-ECFIN-GCEE Workshop Proceedings, Bruxelles, 19 settembre 2017). [10.2765/007960].
Risk Sharing across the EMU: The Role of Public Institutions
Pietro Reichlin;Valentina Milano
2018
Abstract
In this policy brief we review some of the available evidence on the degree and sources of risk sharing in the Eurozone, compared with the US federation, especially drawing on Milano (2017), which updates the estimates on the variance decomposition introduced in Asdrubali et al. (1996) up to 2014 and identifies the contribution to risk sharing in the Eurozone of the EU public institutions (ESM, ESFS, ESFM).
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