Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 2004
We find that risk sharing in the European Union (EU) has been increasing over the past decade due to increased cross-ownership of assets across countries. Industrial specialization has also been increasing over the last decade and we conjecture that risk sharing plays an important causal effect...