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Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?

Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?

Aleksandra Zdzienicka
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The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, the results of the paper show that: the effectiveness of risk sharing mechanisms in the euro area is significantly lower than in existing federations and it falls sharply in severe downturns just when it is needed most; a supranational fiscal stabilization mechanism, financed by a relatively small contribution, would be able to fully insure euro area countries against very severe, persistent and unanticipated downturns.
Pages
35
Format
ebook
Publisher
International Monetary Fund
Release
November 01, 2013
ISBN
130604572X
ISBN 13
9781306045728

Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?

Aleksandra Zdzienicka
0/5 ( ratings)
Read Download
The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, the results of the paper show that: the effectiveness of risk sharing mechanisms in the euro area is significantly lower than in existing federations and it falls sharply in severe downturns just when it is needed most; a supranational fiscal stabilization mechanism, financed by a relatively small contribution, would be able to fully insure euro area countries against very severe, persistent and unanticipated downturns.
Pages
35
Format
ebook
Publisher
International Monetary Fund
Release
November 01, 2013
ISBN
130604572X
ISBN 13
9781306045728

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