support to member countries lacks credibility. Some form of fiscal risk sharing is indeed better than none, especially in … presence of increasing sovereign default risk of some EU member countries. The moral hazard created by risk sharing can be … costs. When these are low, risk sharing and delegation are substitutes and it is optimal to opt for high delegation and low …

building a dynamic stochastic general equilibrium model linked to global climate and a catastrophe risk model specifically for … drawing strong conclusions about the relevance of climate risk, as the model focused only on typhoons’ physical capital …

business risk of asset managers acts as strong motivation for institutional herding and ‘rational bubble-riding.' Two key …