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Type	Book Chapter
Scope	Discipline-based scholarship
Title	Declining home bias and the increase in international risk sharing: lessons from European integration
Organization Unit	International Trade and Finance (Mathias Hoffmann)
Authors	Michael J Artis Mathias Hoffmann
Editors	Lars Jonung Christoph Walkner Max Watson
Item Subtype	Original Work
Refereed	Yes
Status	Published in final form
Language	English
Booktitle	Building the financial foundations of the euro: experiences and challenges
ISBN	978-92-79-05295-8
Place of Publication	London
Publisher	Routledge / Taylor & Francis
Page Range	242 - 258
Date	2008-06-24
Abstract Text	This paper provides further evidence on the recent increase in international consumption risk sharing. We show that this increase is more pronounced among EU and EMU countries than among non-E(M)U industrialised countries. We also show that the patterns of international but intra-European risk sharing have started to diverge from what is found at the level of the OECD as a whole. During the 1990s, capital income flows have started to play a relatively more important role between European countries, whereas the increase in international risk sharing among the OECD as a whole is almost exclusively driven by better consumption smoothing through the accumulation or decumulation of foreign assets. This EMU effect on the pattern of risk sharing survives once we control for differences in international portfolio holdings: while we find that countries with higher equity cross-holdings also tend to share more risk through capital income flows there remains an independent EMU-effect on the way how risk is shared. While it is too early to evaluate these findings conclusively, we discuss some possible interpretations and their implications for economic policy.
Official URL	http://www.routledge.co.uk/books/Building-the-Financial-Foundations-of-the-Euro-isbn9789279052958
Related URLs	http://www.cepr.org/pubs/dps/DP6617.asp https://www.recherche-portal.ch/primo_library/libweb/action/search.do?fn=search&mode=Advanced&vid=ZAD&vl%28186672378UI0%29=isbn&vl%281UI0%29=contains&vl%28freeText0%29=978-92-79-05295-8
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Additional Information	This is an electronic version of an article published in Building the financial foundations of the euro. Building the financial foundations of the euro is available online at http://www.routledge.co.uk/books/Building-the-Financial-Foundations-of-the-Euro-isbn9789279052958. Der Artikel ist auch verfügbar als Discussion Paper No. 6617 des Centre for Economic Policy Research (CEPR) unter http://www.cepr.org.