Risk Sharing in the EMU: A Time‐Varying Perspective
本文使用时变估计方法，研究了欧洲货币联盟成员国之间的风险分担（收入与消费平滑）随时间的变化模式，发现成员国间风险分担能力异质性加剧，可能放大不对称冲击的影响。
Abstract The development of effective risk sharing mechanisms is one of the main passages for the success and longevity of a monetary union. In this paper, we study risk sharing, measured as income and consumption smoothing, in the EMU. As we employ time‐varying estimations, we are able to retrieve time patterns of risk sharing for each member country and to compare them with the degree of economic asymmetry within the EMU. Other than documenting the need for stronger risk sharing mechanisms in the EMU, our results also suggest that much more attention should be dedicated to fostering homogeneity in risk sharing across member countries. We document the existence of increasing heterogeneity in the risk sharing capacity between member countries that can potentially exacerbate and amplify the impact of asymmetric shocks and further destabilize the EMU.