Contents: 1. Jürgen von Hagen, Jean Pisani-Ferry - Forum Economique Franco-Allemand /Deutsch-Französisches Wirtschaftspolitisches Forum .... 1 -- 2. Jürgen von Hagen - The First Year of EMU ... 3 -- 3. Dominique Guellec - Economic Growth in Europe: Entering a New Era? ... 17 -- 4. Jean-Louis...

A general feature of national fiscal systems is that they provide buffers against regional fluctuations in output and employment by redistributing income between the different regions of a country. Recent literature in connection with European monetary integration has stressed the insurance...

We provide empirical estimates of the risk-sharing and redistributive properties of the German federal from 1970 until 2006, with special attention to the effects of German fiscal system base unification. We find that tax revenue sharing between the states and the federal government and the...

We study the channels of interstate risk sharing in Germany for the time period 1970 to 2006 following the methodology of Asdrubali et al. (1996). Their framework allows us to estimate the degree of smoothing of a shock to a state’s gross domestic product by factor markets, the government...