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Autoren: 
Fujii, Eiji
Datum: 
2015
Reihe/Nr.: 
CESifo Working Paper 5563
Zusammenfassung: 
Government is often considered the safe sector of an open economy that provides households with insurance against external risk exposure. Among highly integrated economies, however, households should be able to exploit common financial markets to insure themselves. In this paper we examine the relationship between government size, trade openness, and output volatility across fully integrated economies using Japan’s regional income accounting and public finance data. The contributions of the government- and market-based insurances to inter-regional risk sharing are also estimated. The empirical results reveal some unique aspects of the state-market interactions under full economic integration with vertical fiscal imbalance.
Schlagwörter: 
government size
output volatility
risk-sharing
trade openness
vertical fiscal imbalance
JEL: 
H10
H70
F40
Dokumentart: 
Working Paper
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