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Channels of Risk Sharing in the Eurozone: What Can Banking and Capital Market Union Achieve?

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dc.contributor.authorHoffmann, Mathias
dc.contributor.authorMaslov, Egor
dc.contributor.authorSorensen, Bent E.
dc.contributor.authorStewen, Iryna
dc.date.accessioned2022-05-05T05:11:15Z
dc.date.issued2019
dc.date.updated2020-12-27T07:25:47Z
dc.description.abstractWe study channels of risk sharing in the EMU before and after 2008, when the Great Recession started. Empirically, higher cross-border equity holdings and more direct bank-to-nonbank lending are associated with more risk sharing while interbank integration is not. Equity market integration in the EMU remains limited while banking integration is dominated by interbank integration. Further, interbank integration proved to be highly procyclical, which contributed to a freeze in risk sharing after 2008. Based on this evidence, and results from simulations of a stylized DSGE model, we discuss implications for banking union. Our results show that direct banking integration and capital market integration are complements and that robust risk sharing in the EMU requires integration on both fronts.en_AU
dc.description.sponsorshipWe could like to thank the editors Sebnem Kalemli-Ozcan, Philippe Martin, and Linda Tesar and our discussants Marcel Fratzscher and Rosen Valchev as well as two anonymous referees for many useful suggestions and comments. We are also grateful to conference and seminar participants in Dublin, at the Bank of Finland, the University of Zurich, and the ASSA meetings 2019 for commentsen_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn2041-4161en_AU
dc.identifier.urihttp://hdl.handle.net/1885/264551
dc.language.isoen_AUen_AU
dc.publisherPalgrave Macmillan Ltd.en_AU
dc.rights© 2019 International Monetary Funden_AU
dc.sourceIMF Economic Reviewen_AU
dc.titleChannels of Risk Sharing in the Eurozone: What Can Banking and Capital Market Union Achieve?en_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.issue3en_AU
local.bibliographicCitation.lastpage495en_AU
local.bibliographicCitation.startpage443en_AU
local.contributor.affiliationHoffmann, Mathias , College of Asia and the Pacific, ANUen_AU
local.contributor.affiliationMaslov, Egor, The University of Zurichen_AU
local.contributor.affiliationSorensen, Bent E., University of Houstonen_AU
local.contributor.affiliationStewen, Iryna, Johannes Gutenberg Universityen_AU
local.contributor.authoruidHoffmann, Mathias , t1817en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor140200 - APPLIED ECONOMICSen_AU
local.identifier.absfor150200 - BANKING, FINANCE AND INVESTMENTen_AU
local.identifier.ariespublicationu3102795xPUB4398en_AU
local.identifier.citationvolume67en_AU
local.identifier.doi10.1057/s41308-019-00083-3en_AU
local.identifier.scopusID2-s2.0-85069636585
local.publisher.urlhttps://link.springer.com/en_AU
local.type.statusPublished Versionen_AU

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