Risk-Sharing and Emu
Risk-Sharing and Emu
复制标题
风险分担和欧洲货币联盟
DOI：
10.1111/j.0021-9886.2004.00531.x
复制
发表时间：
2004
期刊：
影响因子：
--
通讯作者：
J. Melitz
中科院分区：
文献类型：
--
作者：
J. Melitz
欧洲货币联盟的风险分担是否有可能达到美国的水平？到目前为止，由于美国的风险分担依赖于通过联邦政府预算进行的地区间转移，这种前景并不乐观。到目前为止，由于美国的风险分担是通过市场渠道进行的，所以要好得多。论文论述了这一问题的理论和证据。有证据表明，在通过投资组合多样化分担风险方面，欧洲货币联盟仍远远落后于美国。但在借贷以平抑冲击的能力方面，欧元区和美国似乎已经没有什么区别了。因此，通过这一渠道，欧元区应该已经出现了一些额外的风险分担。多少钱?此外，还有证据表明，过去10年欧洲经济和货币一体化的进展，增强了商业周期的对称性。这个证据很难解释。这甚至可能是资本市场仍存在缺陷的一个迹象。论文中的一个问题是，Asdrubali， Sorensen和Yosha提出的处理所有这些问题的总体框架是否足够。
What are the prospects that risk sharing in EMU will ever attain the levels in the U.S.? So far, as the risk sharing in the U.S. depends on interregional transfers through the budget of the federal government, those prospects are poor. So far, as the risk sharing in the U.S. 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 U.S. as regards the pooling of risks through portfolio diversification. But there already seems to be little to distinguish the euro area from the U.S. 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, Sorensen and Yosha have proposed for dealing with all of these questions.