"We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other … OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing … through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital …

currency areas. The disaggregated data structure allows us to examine whether foreign exchange and equity risk measures trigger … behavior aimed at reducing both exchange rate and equity risk exposure"--National Bureau of Economic Research web site …