미국의 주별 산업구조가 소비위험 분산에 미치는 영향에 관한 연구

초록

We pursue empirically influential determinants of risk-sharing across various groups in the United States. We consider all the possible combinations out of the eight BEA economic regions and relate the risk-sharing measure for each group to sectoral composition difference under the control of the state-level macroeconomic and financial characteristics. Our results show that more active risk-sharing via cross-ownership market is observed in groups exhibiting more different sectoral composition. The evidence implies that, given other economic and financial conditions equal, economic union tends to share more consumption risk among its members that are more heterogeneous in their sectoral composition . These days, many countries aim to form FTA and other forms of economic integration. We suggest that they should pay attention to sectoral composition for member countries to minimizes income shock in the integrated economy.

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