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

Citations

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Cited by:

  1. Bofinger, Peter & Feld, Lars P. & Schmidt, Christoph M. & Schnabel, Isabel & Wieland, Volker, 2018. "Vor wichtigen wirtschaftspolitischen Weichenstellungen. Jahresgutachten 2018/19 [Setting the Right Course for Economic Policy. Annual Report 2018/19]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201819, September.
  2. Eleonora Cavallaro & Ilaria Villani, 2023. "Financial asymmetries, risk sharing and growth in the EU," Working Papers 2023.12, International Network for Economic Research - INFER.
  3. Roel Beetsma & Simone Cima & Jacopo Cimadomo, 2021. "Fiscal Transfers without Moral Hazard?," International Journal of Central Banking, International Journal of Central Banking, vol. 17(3), pages 95-153, September.
  4. Thirion, Gilles, 2017. "European Fiscal Union: Economic rationale and design challenges," CEPS Papers 12160, Centre for European Policy Studies.
  5. Mathias Dolls & Clemens Fuest & Dirk Neumann & Andreas Peichl, 2018. "An unemployment insurance scheme for the euro area? A comparison of different alternatives using microdata," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(1), pages 273-309, February.
  6. Marius Clemens & Guillaume Claveres, 2017. "Unemployment Insurance Union," 2017 Meeting Papers 1340, Society for Economic Dynamics.
  7. Giovanni Dosi & Marcello Minenna & Andrea Roventini & Roberto Violi, 2021. "Making the Eurozone work: a risk-sharing reform of the European Stability Mechanism," Annals of Operations Research, Springer, vol. 299(1), pages 617-657, April.
  8. Cinzia Alcidi & Mathias Dolls & Clemens Fuest & Carla Krolage & Florian Neumeier, 2017. "The Nature of Shocks in the Eurozone and Their Absorption Channels," EconPol Policy Reports 3, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
  9. Mara Giua & Filippo Maria Pericoli & Eleonora Pierucci, 2024. "EU Cohesion Policy and Inter‐regional Risk‐sharing: First Evidence and Lessons Learned," Journal of Common Market Studies, Wiley Blackwell, vol. 62(1), pages 142-167, January.
  10. Francesco Spadafora, 2020. "Completing the Economic and Monetary Union: Wisdom Come Late?," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 6(3), pages 379-409, November.
  11. Jan Stráský, 2016. "Priorities for completing the European Union's Single Market," OECD Economics Department Working Papers 1315, OECD Publishing.
  12. Pierre Jaillet & Edouard Vidon, 2018. "What risk sharing and macroeconomic policy instruments in the Economic and Monetary Union?," Rue de la Banque, Banque de France, issue 58, march.
  13. Ábrahám, Árpád & Brogueira de Sousa, João & Marimon, Ramon & Mayr, Lukas, 2023. "On the design of a European Unemployment Insurance System," European Economic Review, Elsevier, vol. 156(C).
  14. Belke, Ansgar & Gros, Daniel, 2017. "Optimal adjustment paths in a monetary union," Economic Modelling, Elsevier, vol. 67(C), pages 338-345.
  15. Doris Prammer & Lukas Reiss, 2018. "How to increase fiscal stabilization at the euro area level?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2/18, pages 111-131.
  16. Moyen, Stéphane & Stähler, Nikolai & Winkler, Fabian, 2019. "Optimal unemployment insurance and international risk sharing," European Economic Review, Elsevier, vol. 115(C), pages 144-171.
  17. Carlo Gianelle & Letizia Montinari & Simone Salotti, 2017. "Interregional Trade, Specialization, and the Business Cycle: Policy Implications for the EMU," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 13(1), pages 1-27, May.
  18. Alessandro Ferrari & Anna Rogantini Picco, 2016. "International Risk Sharing in the EMU," Working Papers 17, European Stability Mechanism.
  19. Roman Horvath, 2018. "Financial market fragmentation and monetary transmission in the euro area: what do we know?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 21(4), pages 319-334, October.
  20. Mariam Camarero & Alejandro Muñoz & Cecilio Tamarit, 2021. "50 Years of Capital Mobility in the Eurozone: Breaking the Feldstein-Horioka Puzzle," Open Economies Review, Springer, vol. 32(5), pages 867-905, November.
  21. 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.
  22. Orlowski, Lucjan T., 2020. "Capital markets integration and economic growth in the European Union," Journal of Policy Modeling, Elsevier, vol. 42(4), pages 893-902.
  23. Paolo D’Imperio & Waltraud Schelkle, 2017. "What Difference Would a Capital Markets Union Make for Risk-Sharing in the EU?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 86(2), pages 77-88.
  24. Plamen Nikolov & Paolo Pasimeni, 2023. "Fiscal Stabilization in the United States: Lessons for Monetary Unions," Open Economies Review, Springer, vol. 34(1), pages 113-153, February.
  25. Lannoo, Karel & Thomadakis, Apostolos, 2019. "Rebranding Capital Markets Union: A market finance action plan," ECMI Papers 500, Centre for European Policy Studies.
  26. Jacques Drèze & Alain Durré & Jacques Drèze & Jean-François Carpantier, 2014. "Fiscal Integration and Growth Stimulation in Europe," Recherches économiques de Louvain, De Boeck Université, vol. 80(2), pages 5-45.
  27. Gabrisch, Hubert, 2018. "A fire department for the Euro area: reflections on a fiscal risk-sharing capacity," MPRA Paper 83965, University Library of Munich, Germany.
  28. Olanubi, Sijuola Orioye & Osode, Oluwanbepelumi Esther & Adegboye, Abiodun Adewale, 2020. "Public sector efficiency in the design of a euro-area social benefit scheme," Journal of Policy Modeling, Elsevier, vol. 42(3), pages 615-627.
  29. Heikki Oksanen, 2016. "Smoothing Asymmetric Shocks vs. Redistribution in the Euro Area: a Simple Proposal for Dealing with Mistrust," CESifo Economic Studies, CESifo Group, vol. 62(2), pages 332-375.
  30. Nicolas Carnot & Stéphanie Pamies Sumner, 2017. "GDP-linked Bonds: Some Simulations on EU Countries," European Economy - Discussion Papers 073, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  31. Beetsma, Roel & Cima, Simone & Cimadomo, Jacopo, 2018. "A minimal moral hazard central stabilisation capacity for the EMU based on world trade," CEPR Discussion Papers 12600, C.E.P.R. Discussion Papers.
  32. Cimadomo, Jacopo & Ciminelli, Gabriele & Furtuna, Oana & Giuliodori, Massimo, 2020. "Private and public risk sharing in the euro area," European Economic Review, Elsevier, vol. 121(C).
  33. Ansgar Belke & Daniel Gros, 2015. "Banking Union as a Shock Absorber," Ruhr Economic Papers 0548, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  34. Kuester, Keith & Jung, Philip & Ignaszak, Marek, 2020. "Federal unemployment reinsurance and local labor-market policies," CEPR Discussion Papers 15465, C.E.P.R. Discussion Papers.
  35. Christian Beer & Walpurga Köhler-Töglhofer & Alfred Stiglbauer, 2014. "A Common European Unemployment Insurance – A Much Debated Route toward European Fiscal Union," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 35-52.
  36. Alcidi, Cinzia & D’Imperio, Paolo & Thirion, Gilles, 2023. "Risk-sharing and consumption-smoothing patterns in the US and the Euro Area: A comprehensive comparison," Structural Change and Economic Dynamics, Elsevier, vol. 64(C), pages 58-69.
  37. Helge Berger & Giovanni Dell’Ariccia & Maurice Obstfeld, 2019. "Revisiting the Economic Case for Fiscal Union in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 657-683, September.
  38. De Grauwe, Paul & Ji, Yuemei, 2016. "Flexibility versus stability. A difficult trade-off in the Eurozone," CEPR Discussion Papers 11372, C.E.P.R. Discussion Papers.
  39. Marius Clemens & Stefan Gebauer & Tobias König, 2020. "The Macroeconomic Effects of a European Deposit (Re-) Insurance Scheme," Discussion Papers of DIW Berlin 1873, DIW Berlin, German Institute for Economic Research.
  40. Ramon Marimon & Eva Carceles-Poveda & Arpad Abraham, 2012. "On the optimal design of a Financial Stability Fund," 2012 Meeting Papers 945, Society for Economic Dynamics.
  41. Loes Verstegen & Lex Meijdam, 2016. "The Effectiveness of a Fiscal Transfer Mechanism in a Monetary Union: A DSGE Model for the Euro Area," EcoMod2016 9622, EcoMod.
  42. Dolls, Mathias, 2024. "An unemployment re-insurance scheme for the eurozone? Stabilizing and redistributive effects," European Economic Review, Elsevier, vol. 170(C).
  43. Delbecque, Bernard, 2013. "Proposal for a Stabilisation Fund for the EMU," CEPS Papers 8494, Centre for European Policy Studies.
  44. Francesco Spadafora, 2019. "European integration in the time of mistrust," Questioni di Economia e Finanza (Occasional Papers) 512, Bank of Italy, Economic Research and International Relations Area.
  45. Wi‐Dae Kim, 2024. "A study on a new fiscal risk‐sharing system to make Eurozone an OCA," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2415-2427, April.
  46. Pástor, Luboš & Allen, Franklin, 2018. "The Capital Markets Union: Key Challenges," CEPR Discussion Papers 12761, C.E.P.R. Discussion Papers.
  47. Armando Marozzi, 2021. "The ECB and the Cost of Independence. Unearthing a New Doom-Loop in the European Monetary Union," BAFFI CAREFIN Working Papers 21152, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  48. Esther Gordo & Ivan Kataryniuk, 2019. "Towards a more resilient euro area," Economics and Business Letters, Oviedo University Press, vol. 8(2), pages 106-114.
  49. Árpád Ábrahám & João Brogueira de Sousa & Ramon Marimon & Lukas Mayr, 2022. "On the design of a european unemployment insurance system," Economics Working Papers 1826, Department of Economics and Business, Universitat Pompeu Fabra.
  50. Valentina Milano, 2017. "Risk Sharing in the Euro Zone: the Role of European Institutions," Working Papers CELEG 1701, Dipartimento di Economia e Finanza, LUISS Guido Carli.
  51. repec:ces:ifodic:v:14:y:2016:i:1:p:19204335 is not listed on IDEAS
  52. Gilles Dufrénot & Jean-Baptiste Gossé & Caroline Clerc, 2021. "Risk sharing in Europe: new empirical evidence on the capital markets channel," Applied Economics, Taylor & Francis Journals, vol. 53(2), pages 262-276, January.
  53. Mathias Dolls & Clemens Fuest & Friedrich Heinemann & Andreas Peichl, 2016. "Editor's Choice Reconciling Insurance with Market Discipline: a Blueprint for a European Fiscal Union," CESifo Economic Studies, CESifo Group, vol. 62(2), pages 210-231.
  54. Olga Francová & Ermal Hitaj & John Goossen & Robert Kraemer & Andreja Lenarčič & Georgios Palaiodimos, 2021. "EU fiscal rules: reform considerations," Discussion Papers 17, European Stability Mechanism, revised 25 Oct 2021.
  55. Pilar Poncela & Filippo Pericoli & Anna Manca & Filippo Michela Nardo, 2016. "Risk Sharing in Europe," JRC Research Reports JRC104621, Joint Research Centre.
  56. Beetsma, Roel & Cimadomo, Jacopo & van Spronsen, Josha, 2024. "One scheme fits all: A central fiscal capacity for the EMU targeting eurozone, national and regional shocks," European Economic Review, Elsevier, vol. 165(C).
  57. Mathias Dolls & Clemens Fuest & Dirk Neumann & Andreas Peichl, 2016. "A Basic Unemployment Insurance Scheme for the Euro Area," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 14(1), pages 55-60, 05.
  58. Ansgar Belke & Daniel Gros, 2015. "Banking Union as a Shock Absorber," ROME Working Papers 201502, ROME Network.
  59. Timothy J. Goodspeed, 2016. "Absorbing Shocks: National Rainy-Day Funds and Cross-Country Transfers in a Fiscal Union," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 72(4), pages 407-420, December.
  60. Mai Dao & Davide Furceri & Mr. Prakash Loungani, 2014. "Regional Labor Market Adjustments in the United States and Europe," IMF Working Papers 2014/026, International Monetary Fund.
  61. Cimadomo, Jacopo & Giuliodori, Massimo & Lengyel, Andras & Mumtaz, Haroon, 2023. "Changing patterns of risk-sharing channels in the United States and the euro area," Working Paper Series 2849, European Central Bank.
  62. Cole, Alexandre Lucas & Guerello, Chiara & Traficante, Guido, 2020. "One Emu Fiscal Policy For The Euro," Macroeconomic Dynamics, Cambridge University Press, vol. 24(6), pages 1437-1477, September.
  63. David Amaglobeli & Laura Jaramillo & Pooja Karnane & Ms. Aleksandra Zdzienicka, 2019. "Tax Reforms and Fiscal Shock Smoothing," IMF Working Papers 2019/113, International Monetary Fund.
  64. De Grauwe Paul & Ji Yuemei, 2018. "Core-Periphery Relations in the Eurozone," The Economists' Voice, De Gruyter, vol. 15(1), pages 1-15, December.
  65. Etienne Farvaque & Florence Huart, 2017. "A policymaker’s guide to a Euro area stabilization fund," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 34(1), pages 11-30, April.
  66. Christian Beer & Walter Waschiczek, 2018. "Capital markets union: a more diverse financial landscape in the EU?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2/18, pages 71-86.
  67. Jollès, Maya & Meyermans, Eric & Vašíček, Bořek, 2023. "Determinants of macroeconomic resilience in the euro area: An empirical assessment of national policy levers," Economic Systems, Elsevier, vol. 47(3).
  68. Cimadomo, Jacopo & Claeys, Peter & Poplawski-Ribeiro, Marcos, 2016. "How do experts forecast sovereign spreads?," European Economic Review, Elsevier, vol. 87(C), pages 216-235.
  69. Martín Fuentes, Natalia & Born, Alexandra & Bremus, Franziska & Kastelein, Wieger & Lambert, Claudia, 2023. "A deep dive into the capital channel of risk sharing in the euro area," Working Paper Series 2864, European Central Bank.
  70. Nitsch, Volker & Berger, Helge, 2015. "Measuring Economic and Institutional Integration," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 79456, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  71. Armando Marozzi, 2021. "The ECB and the Cost of Independence. Unearthing a New Doom-Loop in the European Monetary Union," BAFFI CAREFIN Working Papers 21152, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  72. Ralph Schmitt-Nilson, 2018. "Enhanced Fiscal Integration in the EMU? Proceedings of the joint workshop, organised by the European Commission, the European Stability Mechanism and the German Council of Economic Experts on 19 Septe," European Economy - Discussion Papers 082, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  73. Paolo Canofari & Giovanni Bartolomeo & Marcello Messori, 2017. "EMU Stability: Direct and Indirect Risk Sharing," Open Economies Review, Springer, vol. 28(5), pages 847-862, November.
  74. Roel Beetsma & Brian Burgoon & Francesco Nicoli & Anniek de Ruijter & Frank Vandenbroucke, 2022. "What kind of EU fiscal capacity? Evidence from a randomized survey experiment in five European countries in times of corona," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 37(111), pages 411-459.
  75. European Fiscal Board (EFB), 2020. "2020 annual report of the European Fiscal Board," Annual reports 2020, European Fiscal Board.
  76. Zouri, Stéphane, 2021. "New evidence on international risk-sharing in the Economic Community of West African States (ECOWAS)," International Economics, Elsevier, vol. 165(C), pages 121-139.
  77. Mathias Dolls & Clemens Fuest & Dirk Neumann & Andreas Peichl, 2016. "A Basic Unemployment Insurance Scheme for the Euro Area," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 14(01), pages 55-60, May.
  78. Yann Thommen, 2019. "Réformes structurelles et résilience des marchés du travail en zone euro," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 41(1), pages 21-32, December.
  79. Marcello Minenna, 2018. "Eurozone:original flaws, present problems and challenges for the future," LEM Papers Series 2018/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  80. 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.
  81. Vinci, Francesca & Schang, Christopher, 2024. "Marrying fiscal rules & investment: a central fiscal capacity for Europe," Working Paper Series 2962, European Central Bank.
  82. Ferrari, Alessandro & Rogantini Picco, Anna, 2023. "Risk sharing and the adoption of the Euro," Journal of International Economics, Elsevier, vol. 141(C).
  83. Luigi Bonatti & Andrea Fracasso, 2017. "Addressing the Core-Periphery Imbalances in Europe: Resource Misallocation and Expansionary Fiscal Policies," EconPol Working Paper 6, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
  84. Florian Misch & Martin Rey, 2022. "The case for a loan-based euro area stability fund," Discussion Papers 20, European Stability Mechanism, revised 05 May 2022.
  85. Gandullia, Luca & Praussello, Franco, 2018. "Fixing the Eurozone Setup: On Viable Forms of Fiscal Union," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 71(3), pages 289-316.
  86. Heikki Oksanen, 2016. "Smoothing Asymmetric Shocks vs. Redistribution in the Euro Area: A Simple Proposal for Dealing with Mistrust in the Euro Area," CESifo Working Paper Series 5817, CESifo.
  87. Nicolas Carnot & Magdalena Kizior & Gilles Mourre, 2017. "Fiscal stabilisation in the Euro-Area: A simulation exercise," Working Papers CEB 17-025, ULB -- Universite Libre de Bruxelles.
  88. Magdalena Kąkol, 2017. "Designing a fiscal union for the euro area," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 16(4), pages 413-432, December.
  89. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2017. "Für eine zukunftsorientierte Wirtschaftspolitik. Jahresgutachten 2017/18 [Towards a Forward-Looking Economic Policy. Annual Report 2017/18]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201718, September.
  90. Zdenek Kudrna, 2014. "The future of the Euro: agreements to disagree and prospective scenarios from the 2014 Vienna debate," Working Papers of the Vienna Institute for European integration research (EIF) 3, Institute for European integration research (EIF).
  91. Cimadomo, Jacopo & Gordo Mora, Esther & Palazzo, Alessandra Anna, 2022. "Enhancing private and public risk sharing: lessons from the literature and reflections on the COVID-19 crisis," Occasional Paper Series 306, European Central Bank.
  92. Alcidi, Cinzia & Thirion, Gilles, 2017. "Fiscal Risk Sharing and Resilience to Shocks: Lessons for the euro area from the US," CEPS Papers 12595, Centre for European Policy Studies.
  93. Yann Thommen, 2019. "Réformes structurelles et résilience des marchés du travail en zone euro," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 41(1), pages 21-32, November.
  94. Furceri, Davide & Loungani, Prakash & Pizzuto, Pietro, 2022. "Moving closer? Comparing regional adjustments to shocks in EMU and the United States," Journal of International Money and Finance, Elsevier, vol. 120(C).
  95. Yann Thommen, 2019. "Réformes structurelles et résilience des marchés du travail en zone euro," Post-Print hal-04048450, HAL.
  96. Hauptmeier, Sebastian & Holm-Hadulla, Fédéric & Renault, Théodore, 2022. "Risk sharing and monetary policy transmission," Working Paper Series 2746, European Central Bank.
  97. Massimo Bordignon & Angelo Stefano Baglioni, 2018. "The Future of Fiscal Policy in the Euro Area," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(02), pages 32-37, August.
  98. Balli, Faruk & Pericoli, Filippo M. & Pierucci, Eleonora, 2018. "Globalization and international risk-sharing: The role of social and political integration," European Journal of Political Economy, Elsevier, vol. 55(C), pages 324-345.
  99. repec:zbw:rwirep:0548 is not listed on IDEAS
  100. repec:ces:ifodic:v:16:y:2018:i:2:p:50000000002759 is not listed on IDEAS
  101. P. A. Nazarov & Kazakova, Maria, 2014. "Methodological Principles of Prediction of Tax Revenues of Budgetary System," Published Papers r90219, Russian Presidential Academy of National Economy and Public Administration.
  102. Fiorelli, Cristiana & Giannini, Massimo & Martini, Barbara, 2022. "Private and public risk sharing across Italian regions," Journal of Macroeconomics, Elsevier, vol. 74(C).
  103. Petraglia, Carmelo & Pierucci, Eleonora & Scalera, Domenico, 2020. "Interregional redistribution and risk sharing through public budget. The case of Italy in times of crisis (2000–2016)," Structural Change and Economic Dynamics, Elsevier, vol. 53(C), pages 162-169.
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