Applying the variance decomposition developed by Asdrubali et al. (1996), the paper explores for the first time the role and the extent of smoothing channels at a micro level using a sample of UK households. Our empirical analysis of British Household Panel Survey (BHPS) data concludes that the...

The main research question of this empirical work is whether or not globalization, in its various forms, has had an impact upon international risk sharing. The empirical literature so far has only investigated on one aspect of globalization: economic and financial integration. By decomposing...

This paper investigates the role of public policies in Italy by assessing both the redistribution and risk sharing functions of interregional Net Fiscal Flows over a long time horizon. Its main novelty relies on the comparative approach that allows to contrast results obtained for two periods...