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| Author: | Irac, D.M. Minoiu, C. |
| Title: | Risk insurance in a transition economy |
| Journal: | Economics of transition
2007 : VOL. 15:1, p. 153-173 |
| Index terms: | insurance risk consumption household economics transition economies Romania |
| Language: | eng |
| Abstract: | In this paper, Pareto-optimal risk-sharing is tested in a transition economy using a sample of 364 rural households (here as: h-holds) from Romania. Income shocks are identified as instances of adverse weather, crop failure,..., and unemployment spells. The hypothesis of full insurance of total non-durable consumption is failed to be rejected. Survey responses indicate that the main channels of consumption smoothing are self-insurance, public transfers, and family ties. It is found that adverse weather is associated with higher growth rates of non-food expenditures. In addition, richer h-holds are better able to cope with crop failure than poorer h-holds. |
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