Patterns of Risk Sharing among OECD and European Community Countries

这项研究有两个目的。其一是量化经合组织和欧洲共同体(欧共体)成员之间的风险分担程度，目的是评估现有的市场和欧共体机构是否针对具体国家的冲击提供了足够的保险。另一种是比较成功的货币联盟美国与OECD和EC国家的资本和信贷市场一体化程度。将完成1966年至1992年的数据集的构建，其中包括按国家分列的要素收入净流量、国内生产总值、国民生产总值、资本折旧、个人收入、公司利润等数据。然后，将对经合组织和欧洲共同体国家国内生产总值的横截面差异进行分解分析。还将量化在不同国家集团内、在不同时间段和使用各种不同频率在不同级别上实现的收入和消费平滑的数额。将开发专门针对该项目中使用的统计方法的计算机程序。这项研究很重要，因为研究结果将增进对经合组织和欧洲共同体国家之间风险分担机制的理解。与美国经验的比较将为欧洲统一进程提供潜在的经验教训。

The research has two objective. One is to quantify the amount of risk sharing among OECD and European Community (EC) members, with the goal of assessing whether existing market and EC institutions provide sufficient insurance against country specific shocks. The other is to compare the degree of capital and credit market integration in the United States, a successful monetary union, with that of OECD and EC countries. The construction of a data set from 1966 to 1992 will be completed which includes data by country on net factor income flows, GDP, GNP, capital depreciation, personal income, corporate profits, etc. Then, a decomposition analysis of the cross-sectional variance in the Gross Domestic Product of OECD and European Community countries will be undertaken. Quantifying the amount of income and consumption smoothing achieved at various levels, within various groups of countries, during various time periods, and using various different frequencies will also be undertaken. Computer programs tailored specifically for the statistical methods employed in this project will be developed. This research is important because the results will increase the understanding of risk sharing mechanisms among OECD and European Community Countries. The comparison with the US experience will provide potential lessons for the process of European unification.