Altogether, around 80% of a given  8  de Mooij, Ruud A. and Keen, M. and Orihara, M., Taxation, Bank Leverage, and Financial Crises (February 2013). IMF Working Paper No. 13/48. 9  Asdrubali P; Sørensen, B. E.; Yosha, O. (1996), “Channels of Interstate Risk Sharing: US 1963–1990”, Quarterly Journal of Economics, 111(4), pp. 1081–1110.
4  BIS central bankers’ speeches  economic shock in the US is absorbed before it can affect consumption. Studies for Canada yield similar results. 10 In Europe, the picture looks different. Here, it is mainly credit markets that cushion economic shocks – and they are not very effective in doing so.