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Cross-country insurance mechanisms in currency unions

Author

Listed:
  • Nancy van Beers
  • Michiel Bijlsma
  • Gijsbert T. J. Zwart

Abstract

Countries in a monetary union can adjust to shocks either through internal or external mechanisms. We quantitatively assess for the European Union a number of relevant mechanisms suggested by Mundell’s optimal currency area theory, and compare them to the United States. For this purpose, we update a number of empirical analyses in the economic literature that identify (1) the size of asymmetries across countries and (2) the magnitude of insurance...

Suggested Citation

  • Nancy van Beers & Michiel Bijlsma & Gijsbert T. J. Zwart, 2014. "Cross-country insurance mechanisms in currency unions," Working Papers 821, Bruegel.
    • Handle: RePEc:bre:wpaper:821
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    Cited by:

    1. Jeroen Hessel, 2019. "Medium-term asymmetric fluctuations and EMU as an optimum currency area," DNB Working Papers 644, Netherlands Central Bank, Research Department.
    2. Fecht, Falko & Inderst, Roman & Pfeil, Sebastian, 2015. "A theory of the boundaries of banks with implications for financial integration and regulation," IMFS Working Paper Series 87, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    3. Alessandro Ferrari & Anna Rogantini Picco, 2016. "International Risk Sharing in the EMU," Working Papers 17, European Stability Mechanism.
    4. Giovannini, Alessandro & Ioannou, Demosthenes & Stracca, Livio, 2022. "Public and private risk sharing: friends or foes? The interplay between different forms of risk sharing," Occasional Paper Series 295, European Central Bank.
    5. Anderson, Nicola & Brooke, Martin & Hume, Michael & Kürtösiová, Miriam, 2015. "Financial Stability Paper 33: A European Capital Markets Union: implications for growth and stability," Bank of England Financial Stability Papers 33, Bank of England.
    6. Ferrari, Alessandro & Rogantini Picco, Anna, 2023. "Risk sharing and the adoption of the Euro," Journal of International Economics, Elsevier, vol. 141(C).
    7. Berthold Busch & Jürgen Matthes, 2019. "A Eurozone Budget – For Which Purposes Exactly?," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(02), pages 23-27, August.

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