Optimal Currency Areas and the Euro, Volume III
Risk Sharing and Fiscal Federalism
Buch in deiner Nähe kaufen
Beschreibung
Even before its launch, economists questioned whether the Euro Area had what it takes to become an optimal currency area. The onset of the crisis in 2010 confirmed challenges in its construction that many had partly predicted. But has the Euro Area changed over time, and what key drivers are necessary to strengthen it in the future?
This is the third of three volumes that use optimal currency area theory and applied econometric techniques to provide a compact analysis of the Euro Area, its evolution and future perspectives. This volume is dedicated to a criterion often seen as critical for an optimal currency area: a risk-sharing mechanism. Did the Euro Area’s stabilization mechanisms work as intended? In this timely book, the authors discuss the extent to which the Euro Area has developed fiscal transfers, insurance schemes, and financial markets that allow its members to share macroeconomic risks and smooth asymmetric shocks. The book is of interest to a wide range of researchers in financial economics, macroeconomics and economic policy.Johannes Dreyer is Associate Professor at Roskilde University, Denmark. His fields of research include financial economics, macroeconomics, and the study of Optimal Currency Areas.
Peter Alfons Schmid is Professor at FOM University of Applied Sciences, Germany and contract professor at the Free University of Bolzano, Italy. His fields of research include general business administration, economics, finance and entrepreneurship.
Even before its launch, economists questioned whether the Euro Area had what it takes to become an optimal currency area. The onset of the crisis in 2010 confirmed challenges in its construction that many had partly predicted. But has the Euro Area changed over time, and what key drivers are necessary to strengthen it in the future?
This is the third of three volumes that use optimal currency area theory and applied econometric techniques to provide a compact analysis of the Euro Area, its evolution and future perspectives. This volume is dedicated to a criterion often seen as critical for an optimal currency area: a risk-sharing mechanism. Did the Euro Area’s stabilization mechanisms work as intended? In this timely book, the authors discuss the extent to which the Euro Area has developed fiscal transfers, insurance schemes, and financial markets that allow its members to share macroeconomic risks and smooth asymmetric shocks. The book is of interest to a wide range of researchers in financial economics, macroeconomics and economic policy.
Argues risk sharing mechanisms are frequently seen as a prerequisite for successful currency areas Studies the existing and proposed risk sharing mechanisms in the Euro Area Examines how the European Stability Mechanism provides loans to countries that are affected by an economic shock
Autor*in
Johannes Kabderian Dreyer
Themen in »Optimal Currency Areas and the Euro, Volume III«
Optimal Currency Area Euro Eurozone Crisis Euro Area European economic integration European currency area Optimal currency union Risk sharing system European Stability Mechanism Monetary policy GDP Business cycle synchronization Capital and labor mobility Fiscal transfers