International Risk Sharing and European Monetary Unification

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Abstract
We explore risk sharing patterns among European Community (EC) countries and among OECD countries during the period 1966-90. We find that, for OECD as well as for EC countries, about 40 percent of shocks to GDP are smoothed at the one year frequency, with about half the smoothing achieved through national government budget deficits and half by corporate saving. (This abstract was borrowed from another version of this item.)
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