论文标题
风险分享和采用欧元
Risk Sharing and the Adoption of the Euro
论文作者
论文摘要
本文通过经验评估采用共同货币是否改变了欧元区成员国的消费平滑水平。我们通过合成控制方法构建了宏观经济变量的反事实数据集。然后，我们将Asdrubali，Sorensen和Yosha（1996）的输出差异分解对实际和合成数据都进行研究，以研究风险分享以及通过哪些通道发生变化。我们发现，欧元采用率降低了风险共享和消费平滑。我们进一步表明，这种减少主要是由欧元区的外围国家驱动的，欧元区的外围国家通过私人信贷的风险共享下降。
This paper empirically evaluates whether adopting a common currency has changed the level of consumption smoothing of euro area member states. We construct a counterfactual dataset of macroeconomic variables through the synthetic control method. We then use the output variance decomposition of Asdrubali, Sorensen and Yosha (1996) on both the actual and the synthetic data to study if there has been a change in risk sharing and through which channels. We find that the euro adoption has reduced risk sharing and consumption smoothing. We further show that this reduction is mainly driven by the periphery countries of the euro area who have experienced a decrease in risk sharing through private credit.
