Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Yosha, Oved - Federal Reserve Bank of Kansas City - 2000
We provide empirical evidence that risk sharing enhances specialization in production. To the best of our knowledge … market integration (a measure of risk sharing) within each of these groups of regions: the EC countries, the non-EC OECD … Latin America). Finally, we perform a regression of the specialization index on the degree of risk sharing, controlling for …