. Retiendra, en se fondant sur notre extension du travail ingénieux de ASY, est celle-ci : l'Union monétaire devrait encourager le lissage au travers des canaux de marché. Pour autant, il est loin d'être démontré que cette contribution importante au risk-sharing européen produira rapidement une protection suffisante pour compenser l

A. M. Références-bibliographiques, W. Et, and . Zhang, « International business cycles and the ERM: Is there a European business cycle?, International Journal of Finance and Economics, vol.2, pp.1-16, 1997.

A. P. , B. Sørensen, and O. Yosha, « Channels of inter-state risk-sharing: United States 1963-1990, Quarterly Journal of Economics, vol.111, pp.1081-1110, 1996.

A. S. Et and E. Van-wincoop, « Risksharing within the United States: What have financial markets and fiscal federalism accomplished? », working paper, 1998.

A. A. Et and T. Bayoumi, « Do private capital markets insure regional risk? Evidence from the United States and Europe, Open Economies Review, vol.4, pp.303-324, 1993.

B. T. Et and M. Klein, « A Provincial view of economic integration, IMF Staff Papers, vol.44, pp.534-556, 1997.

B. T. and P. M. Asson, « Fiscal flows in the United States and Canada: Lessons for Monetary Union in Europe, European Economic Review, vol.30, pp.253-274, 1995.

C. J. Et and G. Mankiw, Are output fluctuations transitory?, Quarterly Journal of Economics, vol.102, pp.857-880, 1987.

C. T. Et and M. Laberge, The future of Canadian currency union: NAFTA and Quebec independence », article présenté à la conférence de l, pp.24-25, 1998.

F. J. Et and A. Rose, « Is EMU more justifiable ex-post than ex-ante?, European Economic Review, vol.41, pp.753-760, 1995.

M. J. Et and F. Zumer, Interregional and international risk-sharing and lessons for EMU, pp.149-188, 1999.

M. J. Et and F. Zumer, Regional redistribution and stabilization by the center in Canada, France, the UK and the US ? A reassesment and new tests, Journal of Public Economics, 2002.

S. X. Et and J. Sachs, « Fiscal Federalism and optimum currency areas: Evidence for Europe from the United States, Europe for lessons from the U.S, 1992.

S. B. Et and O. Yosha, « International risk sharing and European monetary unification, Journal of International Economics, vol.45, issue.2, pp.211-238, 1998.

S. A. Et and L. Svensson, « Capital flows, investment, and exchange rates, Journal of Monetary Economics, vol.19, pp.171-201, 1987.

V. J. Hagen, 1992 : « Fiscal arrangements in a monetary union ? Some evidence from the US, Fiscal policy, taxes, and the financial system in an increasingly integrated Europe