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This paper addresses the often neglected question of how macroeconomic risk is shared across and within economies, and identifies reforms that could contribute towards achieving more desirable risksharing outcomes. For risk-sharing across countries, the paper discusses possibilities for international insurance as well as shock-spreading and risk-mitigating policies. Within countries, it assesses the possibilities for individuals to protect their wealth, labour and capital income against various forms of macroeconomic risk and discusses the desirable boundaries between private and government-sponsored risk-sharing institutions. The paper then presents new empirical and model-based evidence about how the short-term impact of selected macroeconomic shocks (including financial crises) is shared across different groups of agents, and analyses how such distributional effects are shaped by differences in institutions. For example, individuals on low incomes, and especially young people, seem in general to lose most from adverse macroeconomic shocks. Also, it appears that across countries two broad types of institutions can be identified that facilitate risk sharing between high and low income earners, namely “social protection” and “reallocation-facilitating” institutions. Based on countries’ reliance on these types of institutions, four broad “models” of risk sharing are identified across the OECD and the BRIICS. Le partage du risque macroeconomique : Les perdants (et gagnants) des chocs macroeconomiques L’article analyse comment les risques macroeconomiques sont repartis au niveau international et individuel. Il propose des reformes qui pourraient contribuer a une meilleure redistribution de ces risques. Premierement, au niveau international, le papier analyse l’opportunite des dispositifs d’assurance ainsi que des politiques de partage et de reduction des risques macroeconomiques. Deuxiemement, au niveau individuel, l’article evalue comment les individus peuvent proteger leurs patrimoines et revenus du travail et du capital a l’encontre de differents chocs macroeconomiques. Il analyse les limites et roles souhaitables des dispositifs prives et publics de repartition des risques. Enfin, l’article modelise les effets de court terme de certains chocs macroeconomiques – dont les crises financieres – sur differents groupes d’individus et propose une nouvelle analyse empirique de l’impact des institutions sur la repartition des risques macroeconomiques. Les bas revenus, et en particulier les jeunes, semblent les groupes les plus affectes par les chocs macroeconomiques. Les institutions de protection sociale et elles favorisant les transitions apparaissent contribuer a la redistribution des risques entre niveau de revenus. Cette analyse permet d’identifier quatre grands modeles de repartition des risques parmi les pays de l’OCDE et du BRIICS.

The Sharing of Macroeconomic Risk: Who Loses (and Gains) from Macroeconomic Shocks