and thus on the extent of risk sharing across member states. The literature to date has focused on financial and credit … markets as well as on transfer schemes as channels of risk sharing. In this paper, we show how the standard approach to … quantify risk sharing can be extended to account for migration as an additional channel of cross-country risk sharing. In …

We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … risk sharing: we find that countries with the most highly developed markets for securitized mortgage debt have consumption … risk sharing in tranquil times but that it actually fails to provide international insurance in severe crisis periods …