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Tekijä:Irac, D.M.
Minoiu, C.
Otsikko:Risk insurance in a transition economy
Lehti:Economics of transition
2007 : VOL. 15:1, p. 153-173
Asiasana:insurance
risk
consumption
household economics
transition economies
Romania
Kieli:eng
Tiivistelmä: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.
SCIMA tietueen numero: 263215
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