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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...
Persistent link: https://www.econbiz.de/10013118134
the language of Obstfeld and Taylor (2004). We find evidence that capital market integration within the EU is less than …
Persistent link: https://www.econbiz.de/10012759795
We measure the amount of smoothing achieved through various components of the government deficit in EU and OECD … countries. For EU countries, at the 1-year frequency percent of shocks to GDP are smoothed via government consumption, 18 …. Government transfers provide more smoothing of negative than of positive shocks among EU countries. There seems to be no trade …
Persistent link: https://www.econbiz.de/10013225817
very large firm-level dataset from EU countries over time, we construct a measure of "deep" financial integration at the … transposition dates of EU-wide legislation, we find that high trust regions in countries who harmonized capital markets sooner have …
Persistent link: https://www.econbiz.de/10013144963