Consumption Insurance: An Evaluation of Risk-Bearing Systems in Low-Income Economies
利用低收入国家数据检验完全风险分担假说，评估正式与非正式金融体系。研究发现印度南部家庭能有效利用信贷/保险安排，而科特迪瓦村庄和泰国地区表现较差。文章还描述了平滑消费的机制，并讨论了私人信息和激励对理想系统的影响。
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.