Publication:
Assessing the Degree of International Consumption Risk Sharing

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dc.contributor.authorHevia, Constantino
dc.contributor.authorServen, Luis
dc.date.accessioned2016-11-01T18:50:48Z
dc.date.available2016-11-01T18:50:48Z
dc.date.issued2016-10
dc.description.abstractThis paper examines the extent of consumption risk sharing for a group of 50 high-income and developing countries. The analysis is based on the empirical implementation of a model of partial consumption insurance whose parameters have the natural interpretation of coefficients of partial risk sharing even when the 0 hypothesis of perfect risk sharing is rejected. The estimation results show that high-income countries exhibit higher degrees of risk sharing than developing countries, and that the gap between the two country groups appears to have widened over the period of financial globalization. Moreover, the pattern of consumption risk sharing is related to the degree of financial openness: countries with more open capital accounts, and larger stocks of foreign assets and liabilities exhibit larger degrees of risk sharing. Yet, larger countries in terms of gross domestic product show lower degrees of consumption risk sharing.en
dc.identifierhttp://documents.worldbank.org/curated/en/2016/10/26875134/assessing-degree-international-consumption-risk-sharing
dc.identifier.doi10.1596/1813-9450-7867
dc.identifier.urihttps://hdl.handle.net/10986/25312
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7867
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectinsurance
dc.subjectrisk management
dc.subjectrisk sharing
dc.subjectconsumption risk
dc.subjectfinancial globalization
dc.subjectforeign assets
dc.subjectforeign debt
dc.titleAssessing the Degree of International Consumption Risk Sharingen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleAssessing the Degree of International Consumption Risk Sharing
okr.date.disclosure2016-10-19
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2016/10/26875134/assessing-degree-international-consumption-risk-sharing
okr.guid686991476883759248
okr.identifier.doi10.1596/1813-9450-7867
okr.identifier.externaldocumentum090224b0848b8413_3_0
okr.identifier.internaldocumentum26875134
okr.identifier.reportWPS7867
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/686991476883759248/pdf/WPS7867.pdfen
okr.topicFinance and Financial Sector Development::Insurance & Risk Mitigation
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Consumption
okr.topicMacroeconomics and Economic Growth::Economic Conditions and Volatility
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.unitMacroeconomics and Growth Team, Development Research Group
relation.isAuthorOfPublication2c4139d2-7458-5296-9aea-6d3db3e1ae1e
relation.isAuthorOfPublication.latestForDiscovery2c4139d2-7458-5296-9aea-6d3db3e1ae1e
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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