haku: @author Forni, M. / yhteensä: 6
viite: 6 / 6
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| Tekijä: | Forni, M. Reichlin, L. |
| Otsikko: | Risk and potential insurance in Europe |
| Lehti: | European Economic Review
1999 : JUN, VOL. 43:7, p. 1237-1256 |
| Asiasana: | INSURANCE RISK FISCAL POLICY EUROPE |
| Kieli: | eng |
| Tiivistelmä: | This paper argues that risk is related to long-run volatility of income and therefore stabilization policies should target permanent fluctuations. It is shown that such fluctuations can, in principle, be insured away by a multinational fiscal federation which smooths income cross-sectionally and has no ex-ante permanent redistribution effects. A measure of risk and a measure of potential insurable risk is proposed in this paper. These measures are estimated for the European countries and results are compared with the U.S. Results show that potential insurable income risk in Europe is about 45%. Most countries will benefit from an average income tax of 10%, but gains differ widely across coutries. |
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