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Consumption Insurance: An Evaluation of Risk-Bearing Systems in Low-Income Economies
Open accessAbstract
The hypothesis of full risk sharing can be taken to data from low-income countries and evaluate formal and informal financial systems. In many contexts, idiosyncratic risks are high, so credit/insurance arrangements could be beneficial. Statistical tests reveal that households in southern India take advantage of these possibilities; villages in Cote d'Ivoire and countries in Thailand do not do as well. The paper includes an empirical description of the devices used to smooth consumption and a theoretical discussion of private information and incentives on ideal operating systems. The full information and mechanism design frameworks provide benchmarks for policy analysis.
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Citations
Cited by
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Social and economic impacts of climate
Carleton, T. A., & Hsiang, S. M. (2016) · Science · doi:10.1126/science.aad9837 · Cited by 1,348
Behavioral development economics
Kremer, M., Rao, G., & Schilbach, F. (2019) · Handbook of Behavioral Economics: Applications and Foundations 1 · doi:10.1016/bs.hesbe.2018.12.002 · Cited by 188
Bayesian learning in an infant industry model
Hoff, K. (1997) · Journal of International Economics · doi:10.1016/s0022-1996(97)00007-x · Cited by 41
Metadata
- Authors
- Townsend, R. M.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 1995-08-01
- Volume
- 9
- Issue
- 3
- Pages
- 83-102
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W1987447680
- Cited by
- 601
- References
- 0
- FWCI
- 16.58
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Townsend, R. M. (1995). Consumption Insurance: An Evaluation of Risk-Bearing Systems in Low-Income Economies. Journal of Economic Perspectives. https://doi.org/10.1257/jep.9.3.83
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
