The sovereign debt crisis apparently suggests that Eurozone economies should now move substantially closer towards fiscal union. Current policy discussions revolve much more around how such a fiscal union should be designed than whether fiscal union can solve Europe’s underlying problems of economic coherence. What can we expect from a fiscal union?
Don't expect too much from EZ fiscal union – and complete the unfinished integration of European capital markets!
Mathias Hoffmann, Bent E. Sørensen, 9 November 2012
Do capital gains on international portfolios have risk sharing benefits? Evidence from Europe
Sebnem Kalemli-Ozcan, Bent E. Sørensen, 23 May 2012
A common currency and harmonised financial regulation has led to increased financial integration in Europe which, according to standard theory, should lead to increased risk sharing, i.e. income and consumption smoothing in the face of country-specific shocks.
Incentive and insurance effects of tax financed unemployment insurance
Torben M. Andersen, 27 September 2010
Topics: Europe's nations and regions, Labour markets, Taxation, Welfare state and social Europe
Tags: flexicurity, incentives, Risk sharing, search, unemployment benefits
Financial globalisation has improved international risk sharing
Robert Flood, Akito Matsumoto, Nancy P. Marion, 12 January 2010
Sharing risk is basic to market economies. Many institutions, such as insurance companies and equity and derivatives markets, are designed to spread risk. Indications are that markets are pretty good at spreading risk within countries.
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Adelman, 28 October 2013
Reichlin, Giugliano, 7 November 2013
Holmes, McGrattan, Prescott
Beck, De Haas, Ongena
CEPR Policy Research
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