This paper measures the level of total risk sharing across Italian regions and compares the role of private and public risk sharing mechanisms over the period 2000-2016. Our findings suggest that market mechanisms of risk sharing are the main tool to absorb region-specific output shocks: labour mobility and interregional earnings flows absorbed 38 percent of idiosyncratic shocks against 17 percent of interregional fiscal transfers. Overall, risk-sharing channels smooth about 76 percent of region-specific shocks and their role is even stronger during crisis periods.
Private and public risk sharing across Italian regions / Fiorelli, Cristiana; Giannini, Massimo; Martini, Barbara. - In: JOURNAL OF MACROECONOMICS. - ISSN 0164-0704. - 74:(2022). [10.1016/j.jmacro.2022.103470]
Private and public risk sharing across Italian regions
Cristiana Fiorelli
;
2022
Abstract
This paper measures the level of total risk sharing across Italian regions and compares the role of private and public risk sharing mechanisms over the period 2000-2016. Our findings suggest that market mechanisms of risk sharing are the main tool to absorb region-specific output shocks: labour mobility and interregional earnings flows absorbed 38 percent of idiosyncratic shocks against 17 percent of interregional fiscal transfers. Overall, risk-sharing channels smooth about 76 percent of region-specific shocks and their role is even stronger during crisis periods.File | Dimensione | Formato | |
---|---|---|---|
Fiorelli_Privste_2022.pdf
solo gestori archivio
Tipologia:
Versione editoriale (versione pubblicata con il layout dell'editore)
Licenza:
Tutti i diritti riservati (All rights reserved)
Dimensione
792.26 kB
Formato
Adobe PDF
|
792.26 kB | Adobe PDF | Contatta l'autore |
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.