Partial Consumption Insurance and Financial Openness Across the World

Show simple item record

collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
dc.contributor.author
Hevia, Constantino
dc.contributor.author
Servén, Luis
dc.date.accessioned
2013-09-26T14:02:03Z
dc.date.available
2013-09-26T14:02:03Z
dc.date.issued
2013-06
dc.date.lastModified
2021-04-23T14:03:23Z
dc.description.abstract
This paper examines the extent of international consumption risk sharing for a group of 50 industrial 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. Estimation results show that rich countries exhibit higher degrees of risk sharing than developing countries, and that the gap between both 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 larger stocks of foreign assets or liabilities exhibit larger degrees of risk sharing. Furthermore, countries whose foreign asset stocks are more tilted towards foreign direct investment assets also show higher degrees of consumption risk sharing.
en
dc.identifier
http://documents.worldbank.org/curated/en/2013/06/17848808/partial-consumption-insurance-financial-openness-across-world
dc.identifier.uri
http://hdl.handle.net/10986/15840
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Policy Research Working Paper;No. 6479
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
AGENTS
dc.subject
APPLICATIONS
dc.subject
ASSET HOLDINGS
dc.subject
ASSET PORTFOLIOS
dc.subject
BANK LOANS
dc.subject
BONDS
dc.subject
BORROWING
dc.subject
BUSINESS CYCLES
dc.subject
CAPITAL CONTROLS
dc.subject
CAPITAL MOBILITY
dc.subject
CAPITAL MOVEMENTS
dc.subject
CONSUMERS
dc.subject
CONSUMPTION SMOOTHING
dc.subject
COUNTRY RISK
dc.subject
COUNTRY RISKS
dc.subject
DATA AVAILABILITY
dc.subject
DEBT
dc.subject
DEFAULT RISK
dc.subject
DEGREE OF RISK
dc.subject
DEGREES OF RISK
dc.subject
DERIVATIVES
dc.subject
DEVELOPING COUNTRIES
dc.subject
DEVELOPING COUNTRY
dc.subject
DEVELOPING ECONOMIES
dc.subject
DEVELOPMENT ECONOMICS
dc.subject
DISPOSABLE INCOME
dc.subject
DOMESTIC CREDIT
dc.subject
ECONOMETRICS
dc.subject
ECONOMICS
dc.subject
EMERGING ECONOMIES
dc.subject
ENFORCEABILITY
dc.subject
EQUITY PORTFOLIOS
dc.subject
FINANCIAL INTEGRATION
dc.subject
FINANCIAL OPENNESS
dc.subject
FOREIGN ASSET
dc.subject
FOREIGN ASSET POSITION
dc.subject
FOREIGN ASSETS
dc.subject
FOREIGN CAPITAL
dc.subject
FOREIGN DEBT
dc.subject
FOREIGN DIRECT INVESTMENT
dc.subject
FUTURE GROWTH
dc.subject
GLOBALIZATION
dc.subject
GROWTH RATE
dc.subject
GROWTH RATES
dc.subject
HOME COUNTRY
dc.subject
INCOME
dc.subject
INCOME GROUP
dc.subject
INCOME GROWTH
dc.subject
INCOME SHOCKS
dc.subject
INCOMES
dc.subject
INDUSTRIAL COUNTRIES
dc.subject
INDUSTRIAL COUNTRY
dc.subject
INNOVATION
dc.subject
INNOVATIONS
dc.subject
INSURANCE
dc.subject
INTEREST RATE
dc.subject
INTEREST RATES
dc.subject
INTERNATIONAL BANK
dc.subject
INTERNATIONAL BUSINESS
dc.subject
INTERNATIONAL CAPITAL
dc.subject
INTERNATIONAL ECONOMICS
dc.subject
INTERNATIONAL PORTFOLIO
dc.subject
INTERNATIONAL PORTFOLIOS
dc.subject
INVESTMENT ASSETS
dc.subject
LIABILITY
dc.subject
MARGINAL UTILITIES OF CONSUMPTION
dc.subject
PARTIAL RISK
dc.subject
PERMANENT INCOME HYPOTHESIS
dc.subject
POLITICAL ECONOMY
dc.subject
PORTFOLIO
dc.subject
PORTFOLIOS
dc.subject
PRIVATE SECTOR CREDIT
dc.subject
RISK AVERSION
dc.subject
RISK SHARING
dc.subject
STOCKS
dc.subject
TRADING
dc.subject
TRANSACTION
dc.subject
TRANSACTION COSTS
dc.subject
WORLD DEVELOPMENT INDICATORS
dc.subject
financial globalization
dc.title
Partial Consumption Insurance and Financial Openness Across the World
en
okr.crosscuttingsolutionarea
Jobs
okr.date.disclosure
2013-06-01
okr.doctype
Publications & Research :: Policy Research Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/2013/06/17848808/partial-consumption-insurance-financial-openness-across-world
okr.globalpractice
Social Protection and Labor
okr.globalpractice
Finance and Markets
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-6479
okr.identifier.externaldocumentum
000158349_20130612154443
okr.identifier.internaldocumentum
17848808
okr.identifier.report
WPS6479
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/06/12/000158349_20130612154443/Rendered/PDF/WPS6479.pdf
en
okr.sector
Finance :: General finance sector
okr.theme
Micro, Small and Medium Enterprise support
okr.theme
Financial and private sector development
okr.topic
Finance and Financial Sector Development :: Financial Intermediation
okr.topic
Insurance and Risk Mitigation
okr.topic
Social Protections and Labor :: Labor Policies
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Private Sector Development :: Emerging Markets
okr.unit
DECRG: Macroeconomics & Growth (DECMG)
okr.volume
1 of 1

Show simple item record



This item appears in the following Collection(s)