Risk Sharing and Institutional Quality: Evidence from OECD and Emerging Economies
In: Scottish Journal of Political Economy, Band 67, Heft 1, S. 53-71
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In: Scottish Journal of Political Economy, Band 67, Heft 1, S. 53-71
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In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 67, Heft 1, S. 53-71
ISSN: 1467-9485
AbstractIn this paper, we investigate the impact of institutional quality on risk sharing across Organisation for Economic Co‐operation and Development (OECD) and emerging economies (EMEs). It has been found that the quality of institutions and risk sharing are significantly interrelated among OECD members (mostly through credit market channel), but not for the EMEs. Our results are consistent when we control for pre‐ and post‐GFC periods. The reason why the impact of institutional quality on risk sharing is limited among EMEs might be due to the significant monetary injections from advanced economies in the form of remittances and financial aid which might understate other factors that influence risk sharing.
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In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 44, Heft 3, S. 532-549
ISSN: 0161-8938
In: Structural change and economic dynamics, Band 53, S. 162-169
ISSN: 1873-6017
In: Regional studies: official journal of the Regional Studies Association, Band 52, Heft 2, S. 285-297
ISSN: 1360-0591
In: Regional Studies, Forthcoming, DOI: 10.1080/00343404.2017.1296944
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In: Journal of common market studies: JCMS, Band 62, Heft 1, S. 142-167
ISSN: 1468-5965
AbstractWe provide the first evidence of the role played by the Cohesion Policy in terms of insurance against income shocks affecting the European Union (EU) regions. By following state‐of‐the‐art modelling, we measured income risk‐sharing amongst 270 NUTS‐2 regions over two concluded programming periods (2000–2006 and 2007–2013), distinguishing across several sub‐groups of regions characterized by different macroeconomic conditions, integration of markets and regional levels of economic disadvantage. We found that, by and large, the income risk‐sharing role of the EU Funds inflow is non‐negligible and it becomes particularly relevant in the second programming period. Further, the Cohesion Policy exerted a significant and positive role in income stabilization after the Global Financial Crisis and the Sovereign Debt Crisis and during the negative phases of the business cycle, particularly for those regions lagging or belonging to less stable countries from the macroeconomic point of view (Less Developed regions and Mediterranean EU). This novel evidence of the short‐run stabilizing effect of the Cohesion Policy aims to contribute to the debate on the role of EU institutions in improving the capacity of regions to tackle economic shocks, which is particularly relevant at the launch of the Next Generation EU.
In: European Journal of Political Economy, Band 55, S. 324-345
In: CAMA Working Paper 1/2015
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In: RESPOL-D-24-00002
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