dc.contributor.author | LO PRETE, Anna | |
dc.date.accessioned | 2008-02-19T11:13:08Z | |
dc.date.available | 2008-02-19T11:13:08Z | |
dc.date.issued | 2008 | |
dc.identifier.issn | 1830-7728 | |
dc.identifier.uri | https://hdl.handle.net/1814/8121 | |
dc.description.abstract | Institutions meant to reallocate risks that cannot be fully diversified on financial
markets, such as labour income fluctuations, may also affect the response of aggregate
consumption to country-specific income shocks. This paper empirically assesses this
possibility by extending a standard cross-country consumption insurance test to account
for the interaction between macroeconomic shocks and labour and credit market
institutions. In a panel of 15 OECD countries observed over the 1971-2003 period,
institutional heterogeneity is a significant determinant of cross-country differences in
consumption responsiveness to income changes. The estimates are remarkably robust to
the inclusion of unobservable country-level heterogeneity and time-varying institutional
indicators. | en |
dc.format.mimetype | application/pdf | |
dc.language.iso | en | en |
dc.publisher | European University Institute | |
dc.relation.ispartofseries | EUI MWP | en |
dc.relation.ispartofseries | 2008/03 | en |
dc.rights | info:eu-repo/semantics/openAccess | |
dc.subject | Risk-sharing | en |
dc.subject | financial markets | en |
dc.subject | labour and credit market institutions | en |
dc.title | International Consumption Insurance and Within-Country Risk Reallocation | en |
dc.type | Working Paper | en |
dc.neeo.contributor | LO PRETE|Anna|aut| | |
eui.subscribe.skip | true | |