THE INSTITUTIONALIZATION OF RISK SHARING IN THE EUROPEAN MONETARY UNION

摘要

We rely on Schelkle (2017) to prove that the financial crisis confirmed the capacity of the monetary route of risk sharing. Monetary integration is a manner of sharing risks between geopolitical organizations. The risks to be distributed via monetaryintegration are commonly associated with financial imbalance. Between economies, heterogeneity of risks is the most appropriate account, taking place whenever autonomous and less than thoroughly associated risks are shared via supervised markets and/or public entities.