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22 juin 2016
- handle: 10670/1.eqzdf6
- hal: hal-01533525
- doi: 10.1111/1468-0106.12167
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info:eu-repo/semantics/altIdentifier/doi/10.1111/1468-0106.12167
Mots-clés
risk sharing united statesSujets proches
Measures Recreations Papers Funds Funding Federalism Division of powers Federal systems Federal-state relations Federal-provincial relations Federal government--Law and legislation Market, Capital Capital markets Finance, commerce, confiscations, etc Estimates and costCiter ce document
Vincent Duwicquet et al., « US Interstate Risk Sharing: A Post-Crisis Examination », HAL-SHS : économie et finance, ID : 10.1111/1468-0106.12167
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Résumé
This paper examines the modalities of risk sharing in the United States, and their evolution between the pre-financial crisis period and the post-crisis one. Reassessing the mechanisms at play in the US economy, we document a lower share of adjustment coming from capital markets, in comparison to previous estimates. The measures taken during the crisis have not impacted the absolute degree of risk sharing, although the relative size of its components has changed, with a stronger role for the federal government.