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Fiscal flows and financial markets: to what extent do they provide risk sharing in Sweden?
[journal article]
Abstract The objective of this paper is to analyze the amount of risk sharing that takes place between regions in Sweden. Based on a similar empirical specification as suggested by ASDRUBALI et al., 1996, we find that the capital market is the largest source of risk sharing of an exogenous change in gross re... view more
The objective of this paper is to analyze the amount of risk sharing that takes place between regions in Sweden. Based on a similar empirical specification as suggested by ASDRUBALI et al., 1996, we find that the capital market is the largest source of risk sharing of an exogenous change in gross regional product in Sweden. Still, roughly 20 percent of a change in regional output is smoothed among the regions through the fiscal system. There is also some evidence that there are regional differences in the sense that regions located in the south rely more on the capital market as a source of insurance against shocks in output, while the tax and transfer systems provide a larger extent of risk sharing for regions located in the north.... view less
Classification
Area Development Planning, Regional Research
Political Economy
Free Keywords
Risk sharing; Taxes; Transfers; Intergovernmental relations; Capital market
Document language
English
Publication Year
2009
Page/Pages
p. 1003-1011
Journal
Regional Studies, 42 (2009) 7
DOI
https://doi.org/10.1080/00343400701654129
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)