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P. Canofari, G. Di Bartolomeo and M. Messori: EMU Stability: Direct and Indirect Risk Sharing*

image-09/28/2017 - 10:42This working paper aims to analyze the effectiveness of different risk-sharing mechanisms in providing stability to a monetary union using two stylized tools with extreme and opposite features. Using a stylized periphery-core model of a monetary union, they compare the strengths and weaknesses of these two tools in order to reach some welfare implications in terms of union stability.

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